Japanese stocks fell for the first time in five days, paring the Nikkei 225 (NKY) Stock Average’s biggest weekly gain since February, as companies including Trend Micro (4704) Inc. reported lower earnings. Shares extended declines after China’s trade expanded less than economists expected.
Trend Micro sank 9.1 percent after earnings fell at the maker of anti-virus software. Advantest Corp., a manufacturer of memory-chip testers that gets more than 20 percent of its sales in China, slid 1.2 percent. Canon Inc. (7751), a camera maker that depends on Europe for almost a third of revenue, fell 2.4 percent as the euro weakened. DeNA Co. soared 22 percent after the social gaming company’s operating profit beat estimates.
“Investors are selling shares to lock in profit from this week’s gain,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co. in Tokyo., which oversees about $6.7 billion. “Earnings at domestic-demand focused companies aren’t bad, but those depending on external demand are being hurt by the yen’s appreciation and European debt problems.”
Qatar banks record high loan growth
Powered by an increasing public sector spending, banks in Qatar witnessed the highest rate of loan growth in the GCC in third quarter of this year. The loan book of Qatar-based banks grew 25.4 percen
FBM KLCI closes at new high of 1,843.85
Share prices on Bursa Malaysia continued the bullish performance today, with the FTSE Bursa Malaysia KLCI (FBM KLCI) closing at a new high of 1,843.85, on follow-through buying amid foreign fund infl