Asian stocks fell, erasing gains made during the week on news of losses by consumer electronics giant Sony. The declarations of the European Central Bank also weighed on the trend, according to which the strengthening of the euro could be an obstacle to the recovery of the economies of the eurozone.
Sony slipped 6,2% on the stock market after making a negative eighth quarter and cutting revenue forecasts for televisions, consoles and compact cameras. GS Engineering & Construction Corp fell 8,8% in Seoul, posting one of the largest declines in the Asian benchmark after posting losses in the fourth quarter. Fujitsu gained 2,2% after announcing it was cutting 5 jobs and merging its LSI chip business with Panasonic.
Overall, the MSCI Asia Pacific index was down 0,3% to 132.71 as of 9:44am in Tokyo, before markets opened in China and Hong Kong.
The Nikkei lost 0,7%, trimming its weekly gain to 0,7 percent. Australia's S&P/ASX 200, on the other hand, gained 0,3%, while South Korea's Kospi advanced 0,1 percent. “We expect shivers and worries on the European front – comments E. William Stone, chief investment strategist of PNC Wealth Management – It is better to be less aggressive at the moment”.
