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Asian stocks fell for a second day amid concern shares rose too fast in a three-week rally that drove the regional benchmark index to a 19-month high. Chinese developers declined.
Nikkei 225 12,239.66 -75.15 -0.61%
Hang Seng 22,556.65 -333.95 -1.46%
S&P/ASX 200 5,092.4 -25.47 -0.50%
Shanghai Composite 2,263.97 -22.64 -0.99%
China Overseas Land & Investment Ltd., the biggest builder traded in Hong Kong, sank 2.7 percent after a report the southern city of Shenzhen banned developers from raising new home prices.
Canon Inc., the world’s largest camera maker, slipped 2.8 percent as the yen strengthened, cutting the overseas earnings outlook for Japan’s exporters.National Australia Bank Ltd. lost 1.9 percent as the country’s largest lender by assets announced cost cuts after full-year profit fell for the first time since 2009.
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