Asian stocks fell, extending last week’s drop, as U.S. lawmakers wrangle over the debt limit and partial government shutdown. Materials companies and utilities led declines.
Blumont Group Ltd., which invests in minerals and energy, plummeted 75 percent after the company scrapped a deal to buy Australia’s Cokal Ltd. and Singapore’s exchange put trading restrictions on the securities. Sun Hung Kai Properties Ltd. declined 2.4 percent on a report that the developer offered to sell some of the remaining units at a Hong Kong residential project at a discount. Tokyo Electric Power Co., the owner of the crippled Fukushima Dai-Ichi nuclear power plant, sank 7.6 percent, leading the decline among utilities.
The MSCI Asia Pacific Index fell 0.8 percent to 137.93 as of 12:06 p.m. in Tokyo, with all 10 industry groups dropping. The gauge lost 1.2 percent last week, the first weekly drop in more than a month, as the partial U.S. government shutdown stoked concern lawmakers won’t be able to agree on raising the nation’s $16.7 trillion borrowing limit later this month.
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