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