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Asian Stocks Set for Worst Week in 16 Years
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Here we go boys. Lets see if they can pimp it into the close.
[link to quote.bloomberg.com]
SNIP
Asian Stocks Set for Worst Week in 16 Years; Takeda Slumps
June 9 (Bloomberg) -- Asian stocks fell, headed for their biggest weekly slide in 16 years. Japanese drugmakers including Takeda Pharmaceutical Co. and Daiichi Sankyo Co. slumped as investors judged the stocks to be expensive.
``Major drugmakers such as Takeda have become quite expensive after they attracted some buying in May as defensive stocks,'' said Tamisuke Yamashita, who helps oversee $61 billion at Mitsubishi UFJ Asset Management Co. in Tokyo. Investors aren't confident enough ``to keep on increasing their holdings of relatively expensive shares.''
The Morgan Stanley Capital International Asia Pacific Index, a dollar-based measure of 14 markets in the region, slid 0.1 percent to 119.09 as of 1:01 p.m. in Tokyo after earlier gaining as much as 1.4 percent. It slumped 3.6 percent yesterday, the largest slide since May 10, 2004, and has dropped 17 percent from its May 8 record.
Today's drop took this week's loss to 8.6 percent, which would be the most since the period ended Sept. 28, 1990.
Japan's Nikkei 225 Stock Average lost 0.8 percent to 14,522.15, while the Topix index slid 0.4 percent. Measures also slid in New Zealand, South Korea, Malaysia, Thailand, Hong Kong and China, while those elsewhere in the region advanced.
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