Asian stocks fell after valuations reached the highest level this year and as BHP Billiton Ltd. (BHP) slumped, dragging materials shares to the largest decline on the regional gauge.
The MSCI Asia Pacific Index fell 0.2 percent to 148.59 as of 12:06 p.m. in Hong Kong, with seven of its 10 industry groups declining. The gauge closed yesterday within 1 percent of a six-year high as concern eased over global political conflicts. American data yesterday showed inflation pressures remain limited and housing starts jumped as the Federal Reserve watches economic reports to help gauge the timing of interest-rate increases.
Japan’s Topix index climbed 0.1 percent after exports rose more than estimated in July while imports unexpectedly increased. Hitachi Metals Ltd. added 3.2 percent to 1,789 yen after unveiling plans to pay $1.3 billion to acquire Waupaca Foundry Inc.
Hong Kong’s Hang Seng Index gained less than 0.1 percent, heading for the highest close since May 2008. The Hang Seng China Enterprises Index, which tracks mainland Chinese companies listed in the city, lost 0.5 percent. The Shanghai Composite Index and India’s S&P BSE Sensex Index declined 0.1 percent.
Singapore’s Straits Times Index gained 0.4 percent and Taiwan’s Taiex index added 0.2 percent. South Korea’s Kospi index slipped 0.2 percent. New Zealand’s NZX 50 Index gained 0.6 percent, while Australia’s S&P/ASX 200 Index was little changed.