TOKYO (Bloomberg) -- Asian stocks dropped as falling commodity prices dragged mining shares lower and the failure of homebuilder Morimoto Co. drove bankruptcies by listed companies to a postwar record in Japan.
BHP Billiton Ltd., the world’s largest mining company, lost 3.6 percent in Sydney, while Mitsubishi Estate Co., Japan’s second-biggest property developer, declined 5.6 percent. Sime Darby Bhd., which sells luxury cars in Hong Kong, motorcycles in China and homes across Malaysia, tumbled 12 percent in Kuala Lumpur after slashing its profit forecast. Sichuan Changhong Electric Co. rose 9.9 percent in Shanghai as government plans to boost growth overshadowed a record contraction in manufacturing. The MSCI Asia Pacific Index declined 0.5 percent to 82.27 as of 4:02 p.m. in Tokyo, ending a four-day, 7.6 percent advance. The gauge has tumbled 48 percent this year during the worst financial crisis since the Great Depression. The index is valued at 12 times estimated profit, down from 17 at the start of 2008.
BHP Billiton Ltd., the world’s largest mining company, lost 3.6 percent in Sydney, while Mitsubishi Estate Co., Japan’s second-biggest property developer, declined 5.6 percent. Sime Darby Bhd., which sells luxury cars in Hong Kong, motorcycles in China and homes across Malaysia, tumbled 12 percent in Kuala Lumpur after slashing its profit forecast. Sichuan Changhong Electric Co. rose 9.9 percent in Shanghai as government plans to boost growth overshadowed a record contraction in manufacturing. The MSCI Asia Pacific Index declined 0.5 percent to 82.27 as of 4:02 p.m. in Tokyo, ending a four-day, 7.6 percent advance. The gauge has tumbled 48 percent this year during the worst financial crisis since the Great Depression. The index is valued at 12 times estimated profit, down from 17 at the start of 2008.
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