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Asian Stocks Drop in U.S. Trading; China Telecom, Sinopec Fall
By Lu Wang

Aug. 28 (Bloomberg) -- Asian stocks trading in the U.S. fell the most in a month after U.S. consumer confidence had its biggest decline in two years.

China Telecom Corp. paced declines after its profit missed analysts' estimates while Sinopec Shanghai Petrochemical Co. slipped after it posted losses processing crude oil.
The Bank of New York Co.'s Asia ADR Index, tracking the region's American depositary receipts, dropped 3.2 percent to 155.20, the biggest loss since July 26. The China ADR index slumped 7.9 percent after a seven-day, 29 percent rally.

An index of U.S. consumer confidence declined to 105 from 111.9 in July, New York-based Conference Board reported. Economists surveyed by Bloomberg News forecast the index would slip to 104 from an originally reported July reading of 112.6.

China Telecom dropped $4.89 to $54.33. The nation's biggest fixed-line phone operator reported second-quarter profit of 5.68 billion yuan ($751 million), missing analyst's expectation for 5.9 billion yuan, after mobile-phone operators lured users by cutting fees. Smaller rival China Netcom Group Corp. (Hong Kong) Ltd. slipped $4.46 to $46.52.
Shares of mobile-phone companies also fell. China Mobile Ltd. tumbled $5.30 to $61.73 while China Unicom Ltd. slumped $1.76 to $17.18.

Sinopec Shanghai tumbled $7.95 to $67.80. The unit of Asia's biggest oil refiner said it made losses processing crude oil in June and July because of higher raw material costs and government caps on fuel prices. China Petroleum & Chemical Corp., the parent company, fell $7.84 to $102.65.

Cnooc Ltd., China's largest offshore oil producer, slipped $10.38 to $113.85. PetroChina Co. declined $10.34 to $139.39.

Nikkei 225 Stock Average futures expiring in September were at 15,900 in Chicago and 16,270 in both Singapore and Osaka.

To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net Last Updated: August 28, 2007 17:07 EDT