Asian Stocks Swing as Utilities Rise, Energy Declines Jun 24, 2014 Asia’s benchmark stock index swung between gains and losses as utilities advanced and regional energy explorers fell after Iraqi army victories damped concern the nation’s oil supplies will be disrupted. Korea Electric Power Corp. gained 3.6 percent in Seoul, leading power companies higher. Inpex Corp., a Japanese oil explorer, tumbled 3.1 percent as crude slid. Coolpad Group Ltd. jumped 8.9 percent in Hong Kong after the smartphone maker said profit this year through May increased from a year earlier. SPT Energy Group Inc., an energy services company, plunged 6.9 percent in Hong Kong after a block trade of the stock crossed at a 6.9 percent discount to its last close. The MSCI Asia Pacific Index (MXAP) gained 0.2 percent to 144.97 as of 12:45 p.m. in Tokyo, after falling as much as 0.3 percent. The gauge fell the past two trading days after reaching a six-year high on June 19. “It was about time the market got a correction,” said Masaru Hamasaki, a senior strategist at Tokyo-based Sumitomo Mitsui Asset Management Co., which oversees about 13.4 trillion yen ($132 billion). “If the conflict stays within Iraq, I don’t think that will push up oil prices a lot.” Brent for August settlement dropped as much as 50 cents to $113.62 a barrel on the London-based ICE Futures Europe exchange and was at $113.88 at 1:20 p.m. Sydney time.
Posted on: Tue, 24 Jun 2014 05:59:38 +0000
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