Most Asian stocks (MXAP) fell amid slow holiday trading, with the regional benchmark winding down its worst year since 2008, as the Bank of Japan warned of downside risks to the economy and South Korean consumer confidence slid.
Nissan Motor Co. (7201), Japan’s third-largest carmaker by market value, fell 0.9 percent. Samsung Electro-Mechanics Co. fell 4.6 percent in Seoul after saying it will sell its stake in a liquid-crystal-display business for less than investors expected. Hibiya Engineer Ltd. led gains among Japanese construction firms after a report the nation will build three bullet train lines.
The MSCI Asia Pacific Index was little changed at 113.86 as of 10:06 a.m. in Tokyo, with more than two stocks falling for each that rose. The measure is headed for a 17 percent decline this year, its biggest annual loss since 2008. Markets in Australia, New Zealand and Hong Kong are closed today.
“Economic uncertainty is deepening around the world, which is making some impact on reports on Japan’s export and production,” said Hitoshi Asaoka, a Tokyo-based senior strategist at Mizuho Trust & Banking Co. “Investors find it hard to move near the year-end.”
To contact the reporter on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.
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