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Asian stocks fall to 5-week low

Asian stocks fall to 5-week low

Asian stocks fell yesterday, dragging the regional benchmark index to a five-week low, after Japanese machinery orders and U.S. retail sales dropped at more than double the pace economists had estimated.
Advantest Corp., the world's No. 1 maker of memory-chip testing equipment, lost 9.8 percent after machine orders sank by a record 16.2 percent.
Samsung Electronics Co., the largest television maker globally, fell 6.1 percent after U.S. retail sales declined for a sixth month.
Woori Financial Holdings Co. led South Korean banks lower as the won weakened and a government official said the nation's growth would fall short of estimates. BHP Billiton Ltd. lost 6.6 percent after metals prices slumped.
The MSCI Asia Pacific Index declined 4.2 percent to 83.25 in Tokyo yesterday, set for the lowest close since Dec. 8.
All 10 industry groups on the gauge lost ground. The cost of protecting Asia-Pacific bonds from default rose, while the region's currencies fell as investors fled equities.
"The market looks like it's pointing down for now as investors are afraid of what could happen next," said Hiroshi Chano, who helps manage the equivalent of US$7.3 billion at Yasuda Asset Management Co. in Tokyo. "The market is really not very cheap when examined from an earnings standpoint."


Updated : 2021-04-16 20:01 GMT+08:00