Reply #9: Asian Stocks Fall; Samsung Electronics Slides

[Ghost Dog]

http://www.bloomberg.com/apps/news?pid=20601080&sid=aFH2qbJ.GVsA&refer=asia

July 16 (Bloomberg) -- Asian stocks fell, dragging a regional benchmark from a record, as a slide in technology shares countered gains in energy-related companies.

Samsung Electronics Co., which ended last week at a 15-month high, plunged the most in three years after memory-chip prices fell. Hon Hai Precision Industry Co., the world's largest contract electronics manufacturer, slid the most in four months after a newspaper said it may buy a stake in LG.Philips LCD Co.

``Tech stocks are pulling back because people are taking profit on the recent jumps, not because there's a problem with their fundamentals,'' said Jeon Jeong Woo, who manages $540 million at Daehan Investment Trust Management Co. in Seoul.

PTT Pcl, Thailand's largest energy company, and Keppel Corp., the world's No. 1 builder of oil rigs, rose as crude prices traded near an 11-month high.

Benchmarks in South Korea and Taiwan, the markets with the highest technology weightings in Asia, both fell for the first time in three days. India, Singapore and Thailand were the only regional markets to post gains. Japan is shut for a holiday.

The Morgan Stanley Capital International Asia Pacific excluding Japan Index lost 0.4 percent, to 494.33 at 3:06 p.m. in Hong Kong, after ending last week at a high.

China Steel Corp., Taiwan's largest steelmaker, jumped on speculation industry takeovers will gather pace, while Rio Tinto Group fell after brokerages including Citigroup Inc. cut their ratings on the shares.

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