04.09.201404:10:46UTC+00Asian stocks fall as developer shares drop

Asian stocks are down with the benchmark index dropping as developer shares dragged the index down after a one-month high.

The MSCI Asia Pacific Index shed 0.2% to 148.80, 2:07 pm, Hong Kong time. The trend shows that for every two shares climbing, three fell. The index has just recently recovered from a 15% slump in February bolstered by signs of a rebounding US economy and the slew of Chinese stimulus from policymakers. Japan’s Nikkei 225 Index and Hong Kong’s Hang Seng Index declined by 0.33% or 52.17 to 15,676.18 and 0.02% or 4.41 points to 25,313.74 respectively. Australia’s S&P/ASX 200 and the CNBC 100 ASIA IDX are also down, losing 0.44% or 24.80 points to 5,631.30 and 0.12% or 9.01 points to 7,521.27. China’s Shanghai Composite Index and South Korea’s KOSPI Index advanced by 0.76% or 17.34 points to 2,306.00 and 0.25% or 5.06 points to 2,056.26.

Hong Kong’s Yuexiu Property Co. shed 3% while South Korea’s Samsung Electronics soared by 1.8%. In China, Poly Real Estate and China Vanke advanced by 0.8% and 2% respectively. Japan’s Nissan Motor had a 1% increase.

Ukrainian President Petro Poroshenko came down with an agreement with Russian President Vladimir Putin to over the phone regarding tension in the east of Ukraine. A truce was agreed upon by Putin saying that his nation isn’t directly involved in the turmoil according to the spokesman of Kremlin, Dmitry Peskov.