Asia’s benchmark stock index swung between gains and losses as raw-material companies declined and Sharp Corp. slumped, while telecommunications shares advanced.
The MSCI Asia Pacific Index was little changed at 137.89 as of 10:02 a.m. in Tokyo, having swung between gains and losses of 0.2 percent, after last week declining 1 percent. before. Futures on the Standard & Poor’s 500 Index slipped 0.2 percent, indicating the U.S. equities benchmark index will extend last week’s biggest slide since June 2012 in which the gauge erased its gains for the year.
“Our view remains that a 10 to 15 percent correction in shares is to be expected at some point along the way this year,” said Shane Oliver, who helps oversee about $130 billion as Sydney-based head of investment strategy at AMP Capital Investors Ltd. “But it would be just a correction in a still rising trend. Any such dip should be seen as a buying opportunity.”