Updated on
Summary
Asian stocks fell for a second straight day, driving the MSCI Asia Pacific Index to its first back-to-back drop in three weeks, after brokerages cut ratings on Bridgestone Corp. and Singapore Airlines Ltd. The MSCI Asia Pacific Index fell 0.2 percent to 133.67 as in Tokyo, with more than three stocks declining for every two that advanced. The gauge climbed to a 2 1/2-year high this week as US economic reports boosted confidence in a global recovery, easing concerns that Europes debt crisis and Chinas measures to slow inflation will hurt growth. Japans Nikkei 225 Stock Average closed little changed, while Hong Kongs Hang Seng Index declined 1.3 percent and Chinas Shanghai Composite Index sank 0.5 percent. South Koreas Kospi Index fell 0.4 percent, while Australias S&P/ASX 200 Index gained 0.3 percent.
