2014.09.0503:15:13UTC+00Asian stocks fall dragged by material shares

Asian stock are down as its regional benchmark index is set to lose its rally for the week dragged by a drop in material producers.

The MSCI Asia Pacific Index shed 0.6% to 147.91, 12:39 pm, Hong Kong time. The trend showed that for every share climbing, two fell with the gauge looking to erase gains for the week from positive stimulus from US manufacturing and Chinese industries data to end just a little different from last week. Hong Kong’s Hang Seng Index and South Korea’s KOSPI Index declined by 0.27% or 67.75 points to 25,230.17 and 0.357 or 7.69 points to 2,048.31 respectively. Australia’s S&P/ASX 200 and the CNBC 100 ASIA IDX shed 0.41% or 30.57 points to 7,492.02 respectively. Japan’s Nikkei 225 Index and China’s Shanghai Composite Index advanced in the trade with a gain of 0.10% or 16.37 points or 15,692.55 respectively.

Australia’s Newcrest Mining Ltd. plummeted by 3.8% while Japan’s Sekisui House Ltd. gained by 1.9%.

Market strategist at IG Ltd., Ryan Huang, commented to Bloomberg that the market is witnessing a bit of profit-taking currently after the bouts of advances. Huang adds that the next risk event anticipated is the US jobs report due tonight and the Chinese exports data next week.