HONG KONG, Nov. 20 – Asian stocks fell for a fourth day, the longest losing streak since July, after tech companies including Dell and Sony posted lower-than-expected results, disappointing investors.
The MSCI Asia Pacific Index fell 0.5 percent to 116.95 in Tokyo, led by Sony and Advantest Corp., the world’s biggest maker of memory-chip testers.
Hong Kong Exchanges & Clearing Ltd.’s Chairman Ronald Arculli believes the risk of new asset bubbles in global economies and markets is rising. The governor of China’s central bank, Zhou Xiaochuan, said that the country must remain vigilant against excessive production capacity Bloomberg reported.
The MSCI Asia Pacific Index has climbed 66 percent since March amid signs the global economy is recovering from its worst slowdown since World War II. The measure is valued at 22 times estimated earnings for this year, more than twice the level 12 months ago.