Asian Stocks Decline for a Second Day

升呢

Asian stocks dropped for a second day, led by Mitsui Fudosan Co. and Mitsubishi Estate Co. on speculation Japan's real-estate boom may be almost over.

Mitsui Fudosan, the country's biggest property developer by sales, and Mitsubishi Estate, the largest by market value, fell the most in more than two weeks after the chairman of the nation's No. 2 homebuilder said a property ``bubble'' may burst.

``Investors do not want to put their money into real estate, which is why they may underperform even if the overall market recovers,'' said Soichiro Monji, who helps oversee $47 billion at Daiwa SB Investments Ltd. in Tokyo.

Hong Kong's Hang Seng Index rose to a record, led by China Mobile Ltd., after the China Securities Journal said mainland individuals will be allowed to trade Hong Kong stocks within two months. Hynix Semiconductor Inc. advanced on an industry report that said global chip sales rose.

The Morgan Stanley Capital International Asia-Pacific Index slipped 0.3 percent to 151.33 at 2:19 p.m. in Tokyo. Japan's Nikkei 225 Stock Average dropped 0.8 percent. Markets in Australia, China, Indonesia, South Korea and Vietnam also fell.

J. Front Retailing Co. Ltd., Japan's biggest department store operator, surged on a Goldman, Sachs & Co. ``buy'' recommendation. Coates Hire Ltd., Australia's biggest machinery rental company, jumped on a takeover offer.

The three major U.S. stock benchmarks gained yesterday, with the Nasdaq Composite Index rising more than 1 percent to complete its biggest four-day rally in four years.

Concerns that a lack of liquidity in credit markets, prompted by rising defaults by higher-risk borrowers, will slow global economic growth sparked a sell-off in July that wiped at least $5.5 trillion from the value of equities worldwide.