Another mixed day for Asian markets (Bloomberg) (03-09-2008)

Sept. 3 (Bloomberg) -- Most Asian stocks fell, sending the region's benchmark index to a two-year low, after a slump in oil and gold dragged down commodities producers.

Offshore oil explorer Cnooc Ltd., and gold producer Sumitomo Metal Mining Co., lost over 5 percent. Nippon Steel Corp. declined after ArcelorMittal said it will cut South African steel prices, while China Huiyuan Juice Group Ltd. leapt 167 percent in Hong Kong after Coca-Cola Co. offered to buy it.

The MSCI Asia Pacific Index declined 0.4 percent to 120.58 at 3:45 p.m. in Tokyo, headed for the lowest close since July 19, 2006. Raw-materials and energy shares had the biggest losses among the index's 10 groups, while utility companies led gains.

Australia's S&P/ASX 200 Index dropped 1.1 percent after the country's economic expansion slowed in the second quarter to 0.3 percent, the weakest pace in two years. Newcrest Mining Ltd. fell.

Japan's Nikkei 225 Stock Average added 0.6 percent to 12,689.59. Bridgestone Corp., the world's largest tiremaker, gained 5.6 percent as raw-material costs declined. South Korea's Kospi Index rose 1.4 percent. Hyundai Motor Co. advanced after workers agreed to a pay increase, signaling an end to stoppages.

Most Asian markets open for trading declined, while India's markets are closed for a holiday. U.S. stocks declined yesterday as a slump in commodity producers overshadowed gains in airlines and consumer companies, sending the Standard & Poor's 500 Index down 0.4 percent. S&P 500 futures were little changed today.

Coca-Cola Takeover

Huiyuan Juice, China's biggest maker of pure fruit juice, jumped 167 percent to HK$11.06. Coca-Cola offered to buy the company for HK$17.9 billion ($2.3 billion), Beijing-based Huiyuan said in a statement.

Source: Bloomberg