Asian stocks fell driving the benchmark index to its first drop in four days

Asian stocks fell driving the benchmark index to its first drop in four days until the lower metal prices dragged mining companies and Japanese exporters fell after the yen gained yesterday as Tokyo markets were closed.

BHP Billiton Ltd., the world's No. 1 mining company, lost 0.9 percent in Sydney. Nissan
Motor Co., a Japanese automaker earns about 75 percent of its sales abroad, fell 1.3 percent in Tokyo. Advantest Corp., the world's largest maker of chip testing equipment, fell 1.8 percent in Tokyo after reviewing a takeover bid. Hyundai Merchant Marine Co. fell 5.7 percent in Seoul after the sale of new shares at a discount.

"The market seems to be taking a little breather today after a month quite strong," said Matt Riordan, who helps manage about $ 7 billion in Sydney at Paradice Investment Management Pty. "The economic data has been looking quite reasonable and there is no data-wise or prudent news, which is particularly bad. Probably there is some profit taking going on at the end of the calendar year. "

The MSCI Asia Pacific Index fell 0.2 percent to 135.25 as of 19:36 in Tokyo, with more than two stocks declining for every one advanced. The meter is ready for a gain of 5 percent this month as U.S. reports showed gross domestic product expanded more rapidly than expected and the country's retail sales rose last week, reinforcing confidence in a global economic recovery.

Retirement rates

Japan's Nikkei 225 Stock Average fell 0.7 percent yesterday after being closed for a holiday. Australia S & P / ASX 200 fell 0.5 percent. South Korea's Kospi index dipped 0.4 percent. Hong Kong Hang Seng Index lost 0.3 percent, led by Chinese automakers in the government restricts the concern of car sales. Shanghai, China Composite Index fell 0.7 percent.

Markets in Australia, Hong Kong and Singapore closed early on Christmas Eve.

The MSCI Asia Pacific Index advanced 13 percent this year through yesterday on speculation that growth in corporate profits is the climate of Europe's debt crisis, China's measures to curb inflation of property prices and concern about the pace of U.S. recovery economic. Which coincides with the gain 500 of Standard & Poor's in the U.S. and exceeds the 11 percent increase in the Stoxx Europe 600 Index.

The benchmark index of Asia fell 43 percent in 2008 and recovered 34 percent last year, its biggest gain since 2003.

Shares in the MSCI index is valued at 14.8 times estimated earnings on average at the end of yesterday, compared with 14.7 times for the S & P 500 and 12.5 times for the Stoxx 600.

Metal prices, currency

Materials related to businesses and consumers fell most today among the 10 industry groups in the MSCI index of Asia Pacific. BHP Billiton fell 0.9 percent to $ 46.04 in Sydney. Rio Tinto Group, the world's third largest mining, fell 1 percent to $ 86.36.

Copper futures for March delivery fell 0.4 percent yesterday in New York. The London Metal Exchange index of six metals such as copper and aluminum fell 0.8 percent yesterday, falling for a second day.

Nissan lost 1.3 percent to 785 yen in Tokyo. Mazda Motor Corp., with about 24 percent of sales in North America and 17 percent in Europe, sank 2.5 percent to 239 yen.

The dollar fell to a low of 82.86 against the yen yesterday in New York, the lowest level since 14 December. The euro fell to a low of 108.46 against the yen yesterday, near the lowest level this month. This reduces the value of foreign earnings in Japanese companies when converted into local currency.

"Close-profit '

"The stronger yen is likely to lead investors to sell shares to take profits," said Juichi Wako, senior strategist at Tokyo-based Nomura Holdings Inc.

Advantest fell 1.8 percent to 1.853 yen after Verigy Ltd., a manufacturer of test equipment for semiconductor manufacturers, said Advantest raised its bid by 23 percent. Advantest said it amended its offer, without giving further details.

In Seoul, Hyundai Merchant Marine fell 5.7 percent to ₩ 37,150. Hyundai Elevator Co. agreed to the purchase of 1,800,000 new shares of the shipping company for 32,000 won each, according to a regulatory filing.

Dongfeng Motor Group Co., the Chinese partner of Nissan fell 7.9 percent to $ 13.08 in Hong Kong in Hong Kong. Geely Automobile Holdings Ltd., whose father bought Volvo Cars, lost 6 percent to HK $ 3.43. The city of Beijing has introduced measures such as limiting the number of new passenger vehicles in China's capital to alleviate the congested roads.