Bearish spell hits Asian stocks

Asian stocks fell for a second straight day, driving the MSCI Asia Pacific Index to its first back-to-back drop in three weeks, after brokerages cut ratings on Bridgestone Corp. and Singapore Airlines Ltd.
The MSCI Asia Pacific Index fell 0.2 percent to 133.67 as in Tokyo, with more than three stocks declining for every two that advanced. The gauge climbed to a 2 1/2-year high this week as US economic reports boosted confidence in a global recovery, easing concerns that Europe’s debt crisis and China’s measures to slow inflation will hurt growth. Japan’s Nikkei 225 Stock Average closed little changed, while Hong Kong’s Hang Seng Index declined 1.3 percent and China’s Shanghai Composite Index sank 0.5 percent. South Korea’s Kospi Index fell 0.4 percent, while Australia’s S&P/ASX 200 Index gained 0.3 percent.
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