Most Asian stocks declined after India unexpectedly raised its key interest rate. Japanese exporters gained as the yen weakened, while the regional benchmark index held at a four-month high.
DLF Ltd., India's biggest developer, tumbled 11 per cent in Mumbai. CapitaLand Ltd, Southeast Asia's largest homebuilder, slipped 2.5 per cent in Singapore after proposing a convertible bond offering. Nikon Corp, a camera maker that gets 85 per cent of sales outside Japan, climbed 6.4 per cent in Tokyo. Shiseido Co surged 5.8 per cent after the cosmetics makers' shares were recommended by Citigroup Inc.
The MSCI Asia Pacific Index added less than 0.1 per cent to 141.11 as of 6:28 pm in Tokyo, with about four shares falling for every three that rose. India's central bank Governor Raghuram Rajan surprised analysts today by raising the benchmark interest rate to rein in inflation.
