2014.07.3101:34:27UTC+00Asian stocks fluctuate, Samsung lags

Asian stocks swung between gains and losses as the regional benchmark index declined with Hong Kong’s Hang Seng Index retreating from its three-year high on news that Samsung paced the decline among information technology shares.

The MSCI Pacific Index shed 0.1% to 149.33, 11:53 am, Hong Kong time following a 2.6% rise for the month up until yesterday, closing the trade to its highest since June of 2008. The MSCI Asia Pacific Index that excluded Japan decreased by 0.4% or 510.32. The monthly advance of the gauge was cut down to 3.3 percent.

Japan’s Nikkei 225 Index and Australia’s S&P/ASX 200 are hiked by 0.35% or 54.15 pips to 15,700.38 and 0.14% or 8.11 pips to 5631.00 respectively. Hong Kong’s Hang Seng Index and South Korea’s KOSPI Index fell by 0.12% or 30.93 pips to 24,701.28 and 0.41% or 8.64 pips to 2073.97 respectively. China’s Shanghai Composite Index and the CNBC 100 decreased by 0.01% or 0.13 pips to 2181.11 and 0.37% or 28.12 pips to 7,604.69 respectively. Taiwan’s Taiex lost 1.1% coming from a 3.84% expansion for last year’s second-quarter as per preliminary figures done by statistic bureau.

The world’s largest maker of smartphones, Seoul’s Samsung Electronic Co. shed 3.9% following its earnings report that disappointed profit forecasts for the company as it battles the ongoing pressure from competitor Apple Inc. Tokyo’s Mitsubishi Corp. added 2.3% as it surpassed analysts estimates for its earnings report. China’s PetroChina extended its decline, losing 1% as it ratings got cut by Societe Generale SA.

Strategist at CMC Markets, Desmond Chua commented that the market is due “for a slight pullback.” Chua adds that there are existing concerns regarding the geopolitical situation in Ukraine and the looming US interest hike with the Fed almost at the end of its monetary policy easing.