Asian stocks erased gains as Sun Hung Kai Properties Ltd. (16) led a decline in Hong Kong shares after a director of the world’s largest real estate company was arrested as part of a bribery investigation. Exporters rose as confidence among U.S. homebuilders improved.
Sun Hung Kai slipped 1.6 percent in Hong Kong following the arrest of Thomas Chan Kui-Yuen, an executive director at one of the company’s units, by the Independent Commission Against Corruption. Samsung Electronics Co. (005930), Asia’s biggest consumer- electronics maker, gained 1.1 percent in Seoul. LG Display Co. (034220), a manufacturer of liquid crystal displays that gets about 16 percent of its sales from the U.S., rose 1.4 percent.
Profit-booking pulls down Muscat shares
After the strong recovery in the past few sessions, the MSM 30 Index pulled back 0.56 per cent to close at 5,871.60 points. The MSM Sharia Index closed at 921.13 points, down by 0.18 per cent.