Asian stocks fell, dragging the MSCI Asia Pacific Index lower
Tania Sukhani
Jul. 7, 2010

The MSCI Asia Pacific Index fell 1.1 percent to 112.59 as of 1:23 p.m. in Tokyo.

The slower-than-estimated expansion by U.S. service industries underscored concern global growth is faltering.

The MSCI Asia Pacific Index has slumped 13 percent from its high this year on April 20 on concern Europe’s debt crisis and Chinese steps to curb property prices will hurt global growth. Companies in the gauge trade at 13.5 times estimated earnings, the lowest level since December 2008.

Hong Kong’s Hang Seng Index sank 1.6 percent and China’s Shanghai Composite Index declined 0.4 percent. Japan’s Nikkei 225 Stock Average lost 1.3 percent, while South Korea’s Kospi Index dropped 0.7 percent.

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