Asian Equities Mixed as Valuations Climb

Asia’s benchmark stock index swung between gains and losses after valuations on the regional gauge climbed to the highest level this year. Energy shares rose, while utilities declined.

Boart Longyear Ltd. (BLY) fell 14 percent, the most in a month, after the Australian mining-services firm posted a first-half loss. Dena Co., a Japanese website owner, surged 3.4 percent. Hyundai Motor Co. climbed 1.1 percent in Seoul, accounting for the largest increase on South Korea’s Kospi index. China Modern Dairy Holdings Ltd. climbed 6.1 percent in Hong Kong after sales topped analyst estimates.

The MSCI Asia Pacific Index (MXAP) slid 0.1 percent to 148.51 as of 11:49 a.m in Hong Kong. The gauge traded within a narrow range of gains and losses of 0.1 percent. Two weeks of increases pushed the price-earnings ratio on the measure to 13.7 yesterday, the highest since December, as concern eased about conflicts in Iraq, Israel and Ukraine. The Standard & Poor’s 500 Index climbed 0.5 percent yesterday to a record, touching the 2,000 level for the first time.

Bloomberg

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