By Kana Nishizawa - Dec 2, 2011 12:23 PM GMT+0700
Dec. 2 (Bloomberg) -- Hao Hong, global equity strategist at China International Capital Corp., talks about China stocks and central bank monetary policy. He speaks from Beijing with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
Asian stocks (MXAPJ) outside Japan fell after surging yesterday as China cut reserve requirements for major lenders. Equities in Japan rose as Goldman Sachs Group Inc., Deutsche Bank AG and UBS AG said they’ll rebound.
Jiangxi Copper Co. (358), which surged 13 percent yesterday and is the biggest Chinese producer of the metal, slid 1.1 percent in Hong Kong after metal prices slid. Belle International Holdings Ltd. (1880), a Chinese retailer of women’s shoes, sank 7.5 percent after an investor was said to have sold HK$1 billion ($129 million) of shares. DeNA Co., a social-network website operator, jumped 8 percent in Tokyo after Credit Suisse Group AG rated the shares “outperform” in new coverage.
The MSCI Asia Pacific Index was little changed at 117.21 as of 2:14 p.m. in Tokyo, after rising as much as 0.3 percent and falling as much as 0.4 percent. Benchmark indexes in Hong Kong, China, Singapore and Korea retreated.
“The jump in shares yesterday was something that’s a short-term thing, it was too much,” said Tomomi Yamashita, a senior fund manager in Tokyo at Shinkin Asset Management Co., which oversees $6 billion. “China’s reserve-requirement cut means there’s a risk of slowdown in the economy. It’s too early to be at ease about Europe’s debt crisis. Investors are like kids playing by the seashore, running towards the water when the tide recedes and rushing back when it comes back.”
The Asia-Pacific gauge is headed for a 7.6 percent gain for the week. Four of the 10 industry groups on the measure fell, with about as many shares retreating as advancing. The MSCI AC Asia Pacific excluding Japan Index was little changed after rising 4.1 percent yesterday, the most since Sept. 27.
April 2009
Hong Kong’s Hang Seng Index (HSI) retreated 0.5 percent after yesterday posting its second-biggest gain since April 2009 after China cut its reserve requirement for lenders. China’s Shanghai Stock Exchange Composite Index slid 1.6 percent, while South Korea’s Kospi Index slid 0.2 percent.
Japan’s Nikkei 225 Stock Average (NKY) rose 0.3 percent, and the broader Topix Index gained 0.3 percent to 742.37. Goldman Sachs said the Topix is likely to rise to 800 by the end of 2012 as corporate profits rebound, while UBS said the gauge may rise to about 930 in the year ending March 2013.
Australia’s S&P/ASX 200 index advanced 1.4 percent even after the credit ratings of the nation’s four largest banks were downgraded by Standard & Poor’s.
To contact the reporter on this story: Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net.
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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