Asian Stocks Fluctuate as Mining Companies Fall; Shippers Rise

Jan. 12 (Bloomberg) -- Asian stocks fluctuated, as mining companies fell after Alcoa Inc.’s profits missed analyst estimates, countering gains by Japanese shipping lines.

Alumina Ltd., which operates a venture with Alcoa, slumped 3.9 percent in Sydney. BHP Billiton Ltd., the world’s biggest mining company, dropped 1.6 percent. CSR Ltd. surged 3.8 percent after receiving an offer for its sugar and renewable energy unit from a Chinese food producer. Nippon Yusen K.K., Japan’s biggest shipping line by sales, climbed 3.3 percent as a measure of shipping costs for commodities rose for the first time in four days.

The MSCI Asia Pacific Index was little changed at 125.56 as of 9:55 a.m. in Tokyo. Stocks that rose about matched the number that declined. The gauge has surged 41 percent in the past 12 months as government spending and lower borrowing costs dragged economies around the world out of recession.

“Investors at present are nervous, with many thinking we’ve had a rally that’s not yet deserved,” said Angus Gluskie, who oversees $300 million at White Funds Management Pty in Sydney. “Most indicators continue to track in a positive direction, but we’ll need to see more economic data to confirm this in investor minds. The below-consensus result from Alcoa is being used as a reason to take money off the table.”

The Nikkei 225 Stock Average added 0.1 percent today in Japan, where markets resumed trading after a holiday. Australia’s S&P/ASX 200 Index sank 0.6 percent.

Economic Recovery

Futures on the Standard & Poor’s 500 Index were little changed. The gauge gained 0.2 percent yesterday as China’s customs bureau reported record imports, adding to evidence that the global economy is gathering pace.

The MSCI Asia Pacific Index increased 34 percent last year, outpacing gains of 23 percent by the S&P 500 and 28 percent for Europe’s Dow Jones Stoxx 600 Index. Stocks in the MSCI benchmark are valued at 20 times estimated earnings, compared with 15 times for the S&P 500 and 13 times for the Stoxx 600.

Alumina shares slumped 3.9 percent to A$1.98. The company owns 40 percent of a venture with Alcoa that is the world’s largest producer of the material.

Alcoa, the largest U.S. aluminum producer, reported fourth- quarter profit that trailed analysts’ estimates as the company faced higher energy and currency costs. The company’s shares fell 4.3 percent in after-hours U.S. trading.