Asian Equities Fall from Six Year High

Asian stocks fell, with the regional benchmark index declining from the highest level in six years as technology companies and shipbuilders retreated.

Aeon Co. sank 5.1 percent in Tokyo, the largest loss on the regional index, after the supermarket operator’s first-quarter profit plunged. Daewoo Shipbuilding & Marine Engineering Co. slid 4.5 percent in Seoul as a brokerage cut its estimate on the shares, citing slowing new orders. TPK Holding Co., a maker of computer screens, fell 4.5 percent in Taipei.

The MSCI Asia Pacific Index lost 0.1 percent to 147.39 as of 2:20 p.m. in Hong Kong as eight of its 10 industry groups fell. Futures on the Standard & Poor’s 500 Index slid 0.2 percent, with U.S. trading recommencing today after a holiday. International Monetary Fund Managing Director Christine Lagarde signaled a cut in the institution’s global economic growth forecasts, saying investment is still weak and that risks remain in the U.S. even as its rebound accelerates.

Bloomberg

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