Most Asian stocks fall on Fed comments

Most Asian stocks fell as U.S. Federal Reserve comments that growth slowed in some areas of the economy overshadowed signs of increased corporate earnings.

Samsung Electronics Co., which gets a fifth of its revenue in America, sank 1.2 percent in Seoul. Panasonic Corp. slumped 7.7 percent in Tokyo on speculation the company will sell stock to buy out two units. Taiwanese handset maker HTC Corp. climbed 6.9 percent after Citigroup Inc. raised its share-price estimate. Nippon Yusen K.K., Japan’s largest shipping line by sales, jumped 5 percent after almost doubling its forecast for profit.

The MSCI Asia Pacific Index was little changed at 119.46 as of 4:43 p.m. in Tokyo. About five stocks declined for every four that advanced. The gauge has slumped 7.4 percent from its high this year on April 15 on concern Europe’s debt crisis and Chinese steps to curb property prices will slow global growth.

“The economic outlook is unclear and we don’t know how long this will continue,” said Kiyoshi Ishigane, a strategist in Tokyo at Mitsubishi UFJ Asset Management Co., which oversees about $65 billion.

Japan’s Nikkei 225 Stock Average fell 0.6 percent and Hong Kong’s Hang Seng Index lost 0.1 percent. Australia’s S&P/ASX 200 Index slipped 0.1 percent, while South Korea’s Kospi Index slid 0.2 percent. China’s Shanghai Composite Index gained 0.6 percent.

Futures on the U.S. Standard & Poor’s 500 gained 0.4 percent. The gauge slipped 0.7 percent yesterday in New York after the Fed said U.S. economic growth slowed in some areas in the past two months, dragged down by commercial real estate and the expiration of a tax credit for homebuyers.

Samsung Electronics fell 1.2 percent to 827,000 won in Seoul. James Hardie Industries SE, the biggest seller of home siding in the U.S., lost 1.5 percent to A$6.56 in Sydney. Nintendo Co., the world’s biggest maker of portable video-game players, lost 1.5 percent to 24,620 yen.

“Economic activity has continued to increase, on balance, since the previous survey,” the Fed said in its Beige Book business survey, while noting that two of the Fed’s 12 districts reported the economy “held steady” and two said the expansion slowed.

Economic data from the U.S. this month have fueled concerns the world’s biggest economy is stalling. Sales at U.S. retailers declined in June for a second month, the Commerce Department reported on July 14. The Conference Board reported on July 27 that its index of consumer confidence fell in July from June.

Speculation global economic growth may falter dragged down the MSCI Asia Pacific Index by as much as 9.6 percent this year, and the average price of stocks in the gauge dropped this month to its lowest level since December 2008. The index’s companies now trade at 14.4 times estimated profit, compared with 13.4 times for the S&P 500 Index.

In Taipei, HTC climbed 6.9 percent to NT$570 after Citigroup analyst Kevin Chang raised his share-price estimate to NT$663 from NT$571.43.

China Southern

Japan’s Nippon Yusen rose 5 percent to 358 yen after it doubled its net income forecast for this fiscal year amid higher demand for transporting goods by container. Kawasaki Kisen Kaisha Ltd., the third-biggest shipping lines by sales, gained 2.7 percent to 378 yen. The company also raised its full-year profit target.

China Southern Airlines Co., the nation’s biggest carrier by fleet size, gained 4.4 percent to HK$3.80 in Hong Kong after saying first-half profit may have risen 5,000 percent.

In Shanghai, Anhui Conch Cement Co., China’s biggest cement maker, increased 3.3 percent to 20.22 yuan and Gansu Qilianshan Cement Group Co. surged 4.5 percent to 16.12 yuan. Citic Securities Co. raised its recommendation on China’s cement industry to “overweight,” citing the construction of low- income housing and government-backed industry mergers in a report today.

In Tokyo, NEC Corp., Japan’s largest maker of personal computers, tumbled 3.7 percent to 235 yen after reporting a wider first-quarter net loss. Nomura Research Institute Ltd. slumped 12 percent to 1,723 yen after the information-technology provider said first-quarter net income fell 33 percent.