Asian stocks swung between gains and losses after conflicting economic data from the U.S. and Europe clouded the earnings outlook for Asia’s exporters.
Samsung Electronics Co. (005930), South Korea’s biggest exporter of consumer electronics, rose 1.5 percent. BHP Billiton Ltd. (BHP), Australia’s biggest mining company lost 2.3 percent as metal prices slid after Chinese Premier Wen Jiabao yesterday cut the growth target for the world’s second-largest economy. Bridgestone Corp. (5108), the world’s largest tiremaker, jumped 1.5 percent after saying it will build a plant in Thailand.
The MSCI Asia Pacific Index was little changed at 126.88 as of 9:56 a.m. in Tokyo after swinging between gains and losses at least four times. The measure lost 1 percent yesterday.
EPF may set up Islamic fund,
The Employees Provident Fund (EPF) has hired consultants to study the possibility of establishing one of the world’s first state-backed pension funds focusing entirely on syariah-compliant investment