Commodities Up, Tech Up, Financials Down, In Asian Trade

A mixed bag of sorts

By Shani Raja

June 24 (Bloomberg) — Asian stocks fluctuated as gains among technology and energy shares overshadowed declines by finance companies.

Hynix Semiconductor Inc. gained 2.2 percent on optimism industry demand may pick up after Oracle Corp., the world’s second-largest software maker, reported profit that beat analyst estimates. Showa Shell Sekiyu KK, a Japanese refiner and solar- equipment maker, jumped 7.5 percent on plans to build solar power plants in Saudi Arabia. Mizuho Financial Group Inc., Japan’s third-largest bank by market value, fell 1.3 percent after saying it will sell preferred securities to boost capital.

The MSCI Asia Pacific Index was little changed at 99.65 as of 10:55 a.m. in Tokyo. The gauge retreated by the most since May 14 yesterday as a World Bank forecast for a deeper global recession triggered a decline in commodities. Stocks in the index traded at 22.83 times estimated earnings yesterday, the lowest level since May 26, according to Bloomberg data.

“We’re going through a period of reflection,” said Matt Riordan, who helps manage about $3.2 billion at Paradice Investment Management in Sydney. “People are trying to work out whether you’re likely to see the recovery continue, or whether things just got ahead of themselves.”

Japan’s Nikkei 225 Stock Average lost 0.2 percent as a government report showed the country’s exports sank at a faster pace in May. Australia’s S&P/ASX 200 Index retreated 0.5 percent, while New Zealand’s NZX 50 Index dropped 0.6 percent.

Futures on the Standard & Poor’s 500 Index lost 0.2 percent. The gauge added 0.2 percent yesterday, paced by commodity- related shares on surges in oil and copper prices. The Dow Jones Industrial Average slipped 0.2 percent, dragged down by Boeing Co. after the aircraft maker postponed the first flight of its 787 Dreamliner.