KUALA LUMPUR: Asian stocks fell, led by financial companies, on expectations the US Federal Reserve will raise interest rates next year and after Hong Kong’s central bank said the city is at risk of “sharp corrections” in asset prices.
According to Bloomberg report, the MSCI Asia Pacific Index dropped 0.8% to 118.72 as of 1:55 p.m. in Tokyo, erasing an earlier 0.1 percent advance. “With the improving economic data, investors are looking at the possibility that the stimulus packages will be pulled out earlier than expected and that interest rate increases would follow,” said Marvin Fausto, who helps manage US$9.56bil as chief investment officer at Banco de Oro Unibank Inc in Manila.
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