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.
SR5b airport projects OK’d
Prince Fahd Bin Abdullah, president of the General Authority of Civil Aviation (GACA), has approved a number of airport development projects worth a total of more than SR5 billion, the Saudi Press Ag