Asian Shares Plummet for the Most Part As Gauge Pares Monthly Gain


Asian Shares Plummet for the Most Part As Gauge Pares Monthly Gain

Most stocks in Asian markets fell, with the regional main gauge paring its biggest gain in a month since September, as producers of materials plunged.

Rio Tinto Group (RIO), the second-largest mining company in the world, dropped 1.3% after metals slid in London. Lynas Corp lost 18% in Sydney after concluding a share placement as discussions over debt-reorganization proceed. Tokyo Electric Power Co surged 5.4% after news that the Japanese government may amend the law that regulates compensation after nuclear incidences.

The MSCI Asia Pacific Index tumbled 0.2% to 141.89 at 4:25 pm in Hong Kong. Around five shares declined for every four that ascended on the gauge. The gauge approaches its third weekly gain to hit a monthly advance of 3.3%.

“There’s room for a correction as valuations are looking stretched following this month’s rally. While Japanese inflation was encouraging, this reduces the potential for further monetary easing,” strategist Desmond Chua of Singapore-based CMC Markets told Bloomberg by phone.

The Topix gauge of Japan was up 0.1%, reversing loses of up to 0.2%. Japan’s main inflation rate surged to 3.2% in April, the biggest acceleration in 23 years, the statistics bureau showed in data today.

South Korea’s Kospi index descended 0.9%. The country’s manufacturing jumped 2.4% in April from the previous year, falling short of a median projection of 3.1% worked out in a survey of 18 economists commissioned by Bloomberg.


S&P/ASX 200 Index of Australia dropped 0.5% while NZX 50 Index of New Zealand plunged 0.1%. Singapore’s Straits Times Index also lost 1%.

India’s S&P BSE Sensex Index was flat. Shanghai Composite Index of China went down 0.1% and Taiex gauge of Taiwan slid 0.4%.

According to the Street, Nikkei 225 of Japan plunged 0.34% to 14,632. Hang Seng of Hong Kong added 0.31% to 23,081.65.

To register for a free 2-week subscription to ForexMinute Premium Plan, visit

To contact the reporter of this story; Jonathan Millet at