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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