View the article online at http://citywire.co.uk/money/article/a652559
Asian markets reverse gain before Bank of Japan meeting
Utility and consumer discretionary lead decline as investors await the outcome of the BOJ policy meeting.
Most Asian stocks declined on Tuesday in late morning trade, led by utility and consumer discretionary shares, as investors awaited the outcome of the Bank of Japan's policy meeting.
The MSCI Asia Pacific Index fell less than 0.1% to 132 as of 11:47 a.m. in Tokyo. Japan’s Nikkei 225 Stock Average dropped 0.4%, paring an earlier gain of as much as 0.5%.
South Korea’s Kospi Index rose 0.2%, while Australia’s S&P/ASX 200 Index slid 0.1%. Singapore’s Straits Times Index declined 0.2%. Hong Kong’s Hang Seng Index rose was little changed, erasing earlier losses, while China’s Shanghai Composite Index retreated 0.4%.
Investors hope that the BOJ, under pressure from new Prime Minister Shinzo Abe, will raise monetary stimulus to pull the economy out of its third recession in five years. It has pushed the yen 11% lower versus the dollar in the past three months.
According to 21 of 23 economists surveyed by Bloomberg News, the BOJ will today adopt the 2% inflation target that Abe has called for.
Korea Gas Corp., a liquefied-natural-gas distributor, plunged slumped 8.1% in Seoul, after the company scrapped a plan to sell asset- backed securities.
Sunac China Holdings Ltd., a property developer, declined 6.4% in Hong Kong on a share-sale plan.
Kirin Holdings Co., a Japanese drinks maker, added 4.2% after the company said no decision has been made in response to a report it may sell its stake in Fraser & Neave Ltd.
Wall Street was closed on Monday for Martin Luther King Jr. Day.
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
More about this:
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.