“Asian stocks fell, with the regional benchmark index poised to slide for the first time in three days, on concern Italy’s elections may reignite Europe’s debt crisis. Hong Kong’s Hang Seng Index erased its gains this year on a report Beijing may introduce more property curbs.
Sony Corp. (6758), a Japanese consumer electronics maker that gets a fifth of its revenue in Europe, lost 3.7 percent. Shimao Property Holdings Ltd. sank 4.8 percent in Hong Kong. Hanwha Life Insurance Co. plunged 9.8 percent in Seoul after Hanwha Chemical Corp. sold its shares. Global Logistic Properties Ltd. slumped 6.9 percent in Singapore after a sovereign wealth fund in the city-state said it’s selling a stake in the biggest owner of industrial properties in Japan.
The MSCI Asia Pacific Index fell 0.6 to 133.47 as of 5:10 p.m. in Tokyo with more than five shares dropping for each that increased. The gauge has climbed 0.2 percent in February, headed for a fourth month of gains, the longest such streak since September 2009.
“Uncertainty about the Italian election result has sparked fears that they may abandon their austerity drive, possibly sparking another bout of volatility in Europe,” said Matthew Sherwood, head of investment market research in Sydney at Perpetual Investments, which manages about $25 billion. This may “make governing and implementing much-needed economic reforms almost impossible.”
