By Patrick Rial
Aug. 7 (Bloomberg) -- Asian stocks fell for the third time this week, led by financial companies after writedowns wiped out American International Group Inc.'s profit for a third quarter.
Chuo Mitsui Trust Holdings Inc., a Japanese bank, snapped two days of gains after saying first-quarter profit fell by half because of bad loans. Woori Finance Holdings Co., which controls South Korea's second-largest bank, tumbled from a one-month high. AIG, the world's biggest insurer by assets, announced a $5.36 billion loss for the latest quarter, stemming from writedowns on mortgage and derivative assets.
The MSCI Asia Pacific Index lost 0.5 percent to 128.55 as of 9:39 a.m. in Tokyo. Japan's Nikkei 225 Stock Average slipped 0.8 percent to 13,153.76. Shares climbed in Australia and New Zealand.
U.S. stocks advanced 0.3 percent to a six-week high yesterday. Fourth-quarter profit at Cisco Systems Inc., the world's largest maker of networking equipment, beat analysts' estimates, sparking a rally in technology shares.
To contact the reporter for this story: Patrick Rial in Tokyo at prial@bloomberg.net.
Thursday, August 7, 2008
Asian Stocks Decline After Profits at AIG, Chuo Mitsui Slump
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