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Most Asian Stocks Retreat as Investors Await China Factory Data

Written By Kontak Perkasa Futures on Tuesday, March 24, 2015 | 8:26 AM

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KPF Jogja - Most Asian stocks fell, following a drop in U.S. equities, as industrial companies declined and investors awaited manufacturing data from China.
 
About three shares dropped for every two that rose on the MSCI Asia Pacific Index, which traded little changed at 148.77 as of 9:03 a.m. in Tokyo. The measure closed yesterday at its highest since Sept. 4, and traded at 15 times estimated earnings, the highest multiple in almost five years. Preliminary manufacturing data due today in the region may be mixed, with a private report from China expected to show growth is slowing and a purchasing managers’ index from Japan likely to signal accelerating expansion.

Japan’s Topix index slid 0.3 percent. South Korea’s Kospi index sank 0.2 percent. New Zealand’s NZX 50 Index fell 0.2 percent. Australia’s S&P/ASX 200 Index gained 0.3 percent. Markets in China and Hong Kong have yet to open.

Chinese equities were cut to neutral from overweight by strategists at Bank of America Corp.’s Merrill Lynch led by Ajay Kapur, who said the weakening property market and intensifying anti-corruption campaign will crimp consumer spending. The Shanghai Composite Index advanced 2 percent Monday, gaining for a ninth day to cap the longest winning streak since April 2007.
Source: Bloomberg
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 8:26 AM
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