Asian Shares Decline for a Sixth Week Amid Global Equity Slump


09/02/2014 08:52 AST

Asian shares fell this week, with the benchmark index extending its longest streak of weekly declines since June 2011, as investors shunned risk in a global rout that wiped $1.7 trillion from equities this year.

Honda Motor Co., a Japanese carmaker that gets almost half its revenue in North America, lost 5.5 percent. Lenovo Group Ltd. plunged 16 percent in Hong Kong after the stock was downgraded by at least five brokerages. (992) NGK Insulators Ltd. surged 10 percent in Tokyo after the ceramic product maker boosted its profit forecast.

The MSCI Asia Pacific Index lost 1.1 percent to 133.27 this week, its sixth week of declines and its longest consecutive drop since the seven-week rout through June 17, 2011. The measure fell 4.6 percent in January for its worst start to a year since 2009 as economic data from China missed estimates and emerging-market currencies slumped.

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