ASIAN EXCHANGES UNCERTAIN, RECOVER THE TOPIX
Asian stocks uncertain at the start of the week. Worth noting is the decline of groups linked to commodities and the advancement of telecommunications companies.
Among the stocks in focus, Sharp fell 8,4% in Tokyo after the supplier of Apple's iPhone and iPad displays said it was considering capital raising options. Nippon Meat Packers rose 3,2% after UBS's buy recommendation. Rio Tinto fell 0,8% in Sydney, accompanied by declines in other companies in the mining sector, while KDDI grew 1,1% in Tokyo and led the rise in telecommunications.
The MSCI Asia Pacific index was little changed, trading at 137.89 as of 10:02 a.m. in Tokyo, after swinging between gains and losses of 0,2 percent. Last week the index fell by 1 percent.
“We believe you should expect a 10-15% stock market correction at some point this year,” says Shane Oliver, head of investment strategy at AMP Capital Investors in Sydney. “However, it will be a correction within a growing trend. A decline of this magnitude will represent a buying opportunity”.
Japan's Topix was up 0,3%, after losing 13% year-to-date, marking the worst performance among developed markets. Australia's S&P/ASX 200 was down 0,3% and New Zealand's NZX 50 was down 0,6%.
http://www.bloomberg.com/news/print/2014-04-14/asian-stocks-extend-drop-as-yen-gain-weighs-on-japan.html
