ASIA PA­CIFIC

The Star Early Edition - - MARKETS -

STOCKS fell a sec­ond day yes­ter­day ma­te­ri­als shares dropped after the price of iron ore con­tin­ued to slide and as Fed­eral Re­serve min­utes re­flected con­cern about low US in­fla­tion.

BHP Bil­li­ton sank 2.7 per­cent in Syd­ney as iron ore re­treated to a five-year low. Shan­dong Weigao Group Med­i­cal Poly­mer plunged 15 per­cent in Hong Kong as bro­ker­ages cut their rat­ings on the med­i­cale­quip­ment maker after profit missed es­ti­mates. To­ray In­dus­tries jumped to its high­est since Au­gust 2007 after Toy­ota Mo­tor adopted the car­bon-fi­bre maker’s ma­te­rial for a fuel-cell car and Iwai Cosmo Se­cu­ri­ties raised its out­look on the stock.

The MSCI Asia Pa­cific in­dex slipped 0.6 per­cent to 138.90 as of 4.09pm in Hong Kong after drop­ping 0.7 per­cent yes­ter­day. Iron ore’s golden spend­ing era was his­tory, An­drew MacKen­zie, the chief ex­ec­u­tive of BHP, said yes­ter­day, as surg­ing sup­ply co­in­cided with a slow­down in China. – Bloomberg

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