Asian Stocks Drop as Energy, Material Producers Fall on Oil
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Most Asian stocks fell, paced by a slide in energy and material producers after crude oil held its biggest loss in three weeks following OPEC’s move to prolong supply cuts.
The MSCI Asia Pacific Index declined 0.1 percent to 152.69 as of 3:23 p.m. in Hong Kong. Japan’s Topix slipped 0.6 percent as Inpex Corp. and other oil explorers slumped after crude in New York slid 4.8 percent on Thursday. BHP Billiton Ltd. and Rio Tinto Ltd. dropped, leading declines in Australia’s equity index. Samsung Electronics and LG Display Co. advanced, lifting South Korea’s Kospi index to another record.