Asian Stocks Fall for a Fourth Day; BHP, Nippon Yusen Decline

By Chen Shiyin

July 2 (Bloomberg) -- Asian stocks fell for a fourth day, led by mining and shipping companies, on concern that the slowdown in global economic growth will hurt raw-materials demand.

BHP Billiton Ltd., the world's largest mining company, dropped after Credit Suisse Group lowered its earnings estimate for rival aluminum producers Alcoa Inc. and Century Aluminum Co. Nippon Yusen K.K., Japan's largest shipping line, slipped after a measure of transporting bulk commodities retreated.

The MSCI Asia Pacific Index lost 0.4 percent to 135.43 at 9:12 a.m. in Tokyo, with two stocks declining for each that gained. Yesterday, the benchmark completed a three-day, 2.2 percent retreat after reports showed Chinese manufacturing growth slowed, South Korea's inflation accelerated and Japanese business confidence sank to the lowest in four years.

Japan's Nikkei 225 Stock Average sank 0.3 percent to 13,430.13, on course for its 10th straight day of losses. Benchmark indexes also fell in Australia and South Korea.

U.S. stocks advanced yesterday, helping the market rebound from its worst month in six years, after better-than-forecast sales at General Motors Corp. overshadowed concern that rising energy costs will damp corporate profits.

To contact the reporter for this story: Chen Shiyin in Singapore at schen37@bloomberg.net.
Last Updated: July 1, 2008 20:29 EDT