Jan. 19 (Bloomberg) -- Asian stocks fell for a second day, led by shares of banks and technology shares, on concern about earnings growth. Commodities rose and the dollar declined.
The MSCI Asia Pacific Index lost 0.5 percent to 125.65 as of 1:50 p.m. in Tokyo. A measure of financial stocks on the gauge dropped 0.5 percent, while technology shares declined 1.2 percent. Platinum for immediate delivery gained as much as 1.3 percent, while palladium climbed 1 percent.
Stocks on the MSCI World Index are trading near the highest level versus earnings since 2002, raising concerns valuations may have outpaced profit growth. Citigroup Inc. is due to report earnings later today after JPMorgan Chase & Co.’s results disappointed investors last week. Declines were limited as the region’s economies showed signs of strength.
“Markets are pausing for a breath,” said Prasad Patkar, who helps manage $1.6 billion at Platypus Asset Management in Sydney. “Expected corporate earnings are now factoring in the economic recovery. For markets to press on from here upwards, we’ll need to see the earnings growth come through.” |
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