Asian Stocks Fall From Six-Month High as Telecom Companies Slide
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Asian stocks fell from a six-month high, tracking declines in European and U.S. equities, as telecom companies led losses. Japan’s Topix index retreated from its highest since 2007 as the yen held gains against the dollar.
China Unicom (Hong Kong) Ltd., the nation’s second-largest wireless carrier, fell 1.5 percent after earnings missed estimates. Lawson Inc. dropped 1.8 percent after Nomura Holdings Inc. cut its rating on the convenience-store operator. Fortescue Metals Group Ltd., an iron-ore producer, sank 5.4 percent in Sydney, the biggest decline on the Asian equities gauge. Hanergy Thin Film Power Group Ltd., China’s most valuable solar-equipment manufacturer, surged 22 percent in Hong Kong after saying it expects profit to jump.