By Yoshiaki Nohara - May 23, 2012 7:27 AM GMT+0700
Asian stocks fell, with the regional benchmark index snapping a two-day rally, as concerns mounted Greece may exit the euro zone and Japan’s trade data missed estimates, dimming the outlook for exporters.
Nintendo Co., a maker of video-game players that depends on Europe for a third of its sales, fell 2.4 percent. Mitsui & Co. (8031), a Japanese trading company, slid 0.9 percent. Woodside Petroleum Ltd. (WPL), Australia’s oil and gas producer, lost 1.5 percent as oil fell.
Pedestrians are reflected on an electronic stock board outside a securities firm in Tokyo, Japan. Photographer: Tomohiro Ohsumi/Bloomberg
The MSCI Asia Pacific Index fell 1 percent to 112.63 as of 9:26 a.m. in Tokyo before the Hong Kong market opened. About nine stocks fell for each that rose, and all 10 industry groups on the measure slid.
“If Greece goes get out of the euro, then that will be a significant event for the market,” said Andrew Pease, Sydney- based chief investment strategist for the Asia-Pacific region at Russell Investment Group, which manages about $150 billion. The market wants to see “a political resolution out of Europe that will either prevent Greece from exiting or, if they do exit, will put in place a strong firewall to prevent contagion effects from going to other countries.”
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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