Asian stocks extend monthly loss

Date

11/30/2015 11:34:49 PM

(MENAFN- Khaleej Times)

Asian stocks fell as Chinese shares were whipsawed after their biggest one-day selloff in three months. Consumer-staple and utility companies led losses on the benchmark index at the start of a pivotal week for the region's markets.

The MSCI Asia-Pacific Index dropped one per cent as of 7:10pm in Hong Kong headed for a monthly loss of two per cent its sixth such decline in seven months. The Shanghai Composite Index erased a loss of as much as 3.2 per cent to close 0.3 per cent higheras a gauge of volatility traded near its highest level in two months.

That follows a 5.5 per cent plunge on Friday its largest since the depths of a market rout in August as regulators clamped down on brokerages.

The regulator's move was "a positive because they were investigating brokers which is a sign they don't want another bubble to form" said Mark Matthews head of Asia research and a managing director at Bank Julius Baer & Co in Singapore. The Chinese stock market "if it's not controlled moves in these boom-and-bust cycles and it was definitely heading for another boom".

Banks and property developers led gains in a gauge of financial companies that has the heaviest weighing in the CSI 300 Index.

Japan's Topix index declined 0.9 per cent with insurance companies and shippers leading losses. Dai-ichi Life Insurance dropped 2.9 per cent while Mitsui OSK Lines slumped three per cent.

South Korea's Kospi index dropped 1.8 per cent. Hong Kong's Hang Seng Index fell 0.3 per cent and Australia's S&P/ASX 200 Index lost 0.7 per cent.

E-mini futures on the Standard & Poor's 500 Index rose 0.1 per cent after the underlying gauge climbed 0.1 per cent in a shortened session onFriday. - Bloomberg

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