Asian Stocks Swing; Technology Shares Gain on Apple's Forecast

(Bloomberg) -- Asian stocks fluctuated, with technology shares buoyed by Apple Inc.'s forecast while raw-material producers followed commodity prices lower.

The MSCI Asia Pacific Index fell 0.1% to 161.27 as of 4:38 p.m. in Hong Kong after swinging between gains and losses at least 20 times. Taiwan Semiconductor Manufacturing Co. and Hon Hai Precision Industry Co. paced gains in technology shares after Apple's outlook signaled resilient demand for the iPhone, with a gauge of regional peers headed for its highest level since 2000.

Hong Kong stocks built on a two-year high with Apple supplier AAC Technologies Holdings Inc. leading the charge., while PetroChina Co. and BHP Billiton Ltd. led declines in commodities-based names after oil extended its drop below $49 a barrel.

“Signs of rising demand have prompted most producers of electronic parts to boost their production,” said Smith Banomyong, chief executive officer of SCB Asset Management Co., which oversees about $39 billion of assets. “Commodity and energy shares will continue to be volatile with fluctuations in oil prices.”

Later Wednesday, India's central bank is expected to lower borrowing costs and announce steps to absorb excess bank liquidity after consumer prices slowed. Policy makers will probably cut the benchmark rate by 25 basis points to 6 percent, economists predict.

Summary

• Topix +0.4%, Nikkei 225 +0.5%
  • Topix Rises to Two-Year High as Apple Suppliers, Automakers Gain
  • Sleepy Japan Stocks Are Set for Rude Awakening, Strategists Say
• Hang Seng Index +0.2%, Hang Seng China Enterprises Index +0.3%
  • Hong Kong Brokerages Surge on Rising Daily Market Turnover
  • S&P BSE Sensex -0.1%
    • India's Nifty Fluctuates Ahead of Central Bank's Rate Decision
    • Kospi +0.2%, Kospi 200 Index +0.2%
    • Shanghai Composite Index -0.2%, Taiwan's Taiex Index +0.8%
    • Australia's S&P/ASX 200 Index -0.5, New Zealand's NZX 50 +0.2%
    • Straits Times Index +0.2%, FTSE Bursa Malaysia KLCI Index +0.3%, Philippine Stock Exchange PSEi Index -0.4, Jakarta Composite Index +0.2%, SET Index +0.3%, Vietnam's VN Index -0.1%

    To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net.

    To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Margo Towie

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