Asian Stocks Drop to Five-Year Low; Nomura Slumps on Share Sale
Originally posted on Bloomberg
Asian stocks fell, dragging the regional benchmark to the lowest in more than five years, as the global recession hurts company earnings and forces share sales to bolster balance sheets.
Nomura Holdings Inc., Japan’s largest brokerage, slumped 8.6 percent on concern it will sell $3.1 billion of stock at a discount. PetroChina Co., China’s largest oil producer, lost 5.4 percent in Hong Kong after crude oil dropped. Baoshan Iron & Steel Co., China’s largest steelmaker, slid 3.8 percent after UBS AG said producers had overestimated demand.
“Pessimism about company earnings hasn’t yet run its course,” said Naoyuki Torii, general manager of equities at Fukoku Mutual Life Insurance Co., which manages about $59 billion. “As massive losses are eating into companies’ capital, investors are expecting more businesses will sell new shares and dilute shareholders’ equity.”
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