Asian stock markets in turmoil, between increases (for technology and communications companies) and decreases (utilities). The regional index is starting to close for the third week (out of four) with an increase. Notably, the MSCI Asia Pacific index was narrowly changed at 142.25 as of 9:42 am in Tokyo, having gained 0,1% and subsequently lost 0,2%. The measure is up 0,7% since Oct. 25 and is up 2,7% month-to-date thanks to its first monthly rally since April. Among the headline stocks, Panasonic gained 6% in Tokyo after doubling its full-year profit forecast. SoftBank advanced 4,1% after quarterly earnings of Japan's third-largest wireless company beat analyst forecasts. Less fortunate day for Kansai Electric Power, down (2,3%) like most utility stocks. Sydney Airport also fell 2,9% after its major shareholder Macquarie Group revealed plans to sell part of its stake.
"Investors are focusing on the earnings season that isn't over yet," said Matthew Sherwood, head of investment markets research at Perpetual Investments in Sydney. "Results are mixed, but the average looks positive."
South Korea's Kospi gained 0,4% and Japan's Topix added 0,1 percent. New Zealand's NZX 50 and Australia's S&P/ASX 200 fell 0,1 percent.
http://www.bloomberg.com/news/2013-11-01/asian-stock-index-heads-for-third-weekly-advance-in-four-weeks.html
