Asian Stocks Decline for Third Day This Week on Commodities; ASX Advances

Asian stocks fell, dragging a benchmark regional index lower for a third day this week, on concern U.S. unemployment and efforts by emerging countries to tame inflation will hamper a global economic recovery.

PetroChina Co., the nation’s biggest energy producer, fell 3 percent in Hong Kong after announcing an asset purchase as oil and metal prices dropped. China Resources Land Ltd., a property developer, sank 3.6 percent. ASX Ltd., the operator of Australia’s main stock exchange, jumped 4.7 percent on speculation yesterday’s merger announcements by overseas bourses make it more likely that Australian regulators will approve its takeover by Singapore Exchange Ltd.

“Investors are worried that if inflation continues to accelerate, Asian central banks may be more aggressive in tightening monetary policy,” said Lee King Fuei, a Singapore- based fund manager at Schroders Plc which held about $292 billion as of September. “It’s also happening at a time when the global economy is not yet stable.”

The MSCI Asia Pacific Index fell 1 percent to 136.98 as of 7:48 p.m. in Tokyo, with more than twice as many shares declining as advancing. All 10 industry groups dropped.

The index, which rose 0.1 percent earlier today, climbed 1.4 percent last week for the sharpest weekly gain this year as improving earnings outweighed concern over anti-government protests in Egypt.