Asian stocks fell, extending the regional gauge’s first weekly decline in three weeks, as forecasts from Canon Inc. to Posco disappointed investors.
Posco, South Korea’s biggest steelmaker, sank 1.2 percent in Seoul after cutting its 2013 sales forecast. LG Electronics Inc. (066570) lost 3.7 percent after its third-quarter operating profit and sales missed estimates. Canon retreated 1.4 percent in Tokyo as the camera maker trimmed its earnings outlook. AMP Ltd. tumbled 3.1 percent in Sydney after Australia’s largest life insurer and pension manager said fourth-quarter operating profit will fall by as much as A$65 million ($62.5 million).
The MSCI Asia Pacific Index sank 0.9 percent to 141.67 as of 1:24 p.m. in Tokyo, extending this week’s fall to 1.2 percent. The gauge climbed to a five-month high on Oct. 22 amid speculation the Federal Reserve would delay tapering stimulus, pushing its earnings multiple to 13.8 times estimated profit, according to data compiled by Bloomberg.
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