20.06.201407:44:12UTC+00Asian stocks fall from six-week high

Asian stocks are down, ending a its sixth weekly gain short as materials and technology companies fail to deliver.

The MSCI Asia Pacific Index declined by 0.1% to 145.26, 9:49 am Hong Kong time. The index is set to increase by 0.8% this week following the announcement of Federal Reserve Chair, Janet Yellen where she indicated that she expects US interest rates to stay near zero for a considerable time.

South Korean chemical processor, Lotte Chemical Corp. had the largest decline in the regional gauge, losing 3.5%. On the technology sector, Samsung Electronics Co. led the downtrend with a 1.7% loss in Seoul and 3.4% later on following a sell-out by an investor worth a block of five million shares. HTC Corp. successfully deflected a claim that the phonemaker infringed micro-controlling patents leading them to an increase of 3% in Taipei.

Chief strategist at CMC Markets, Ric Spooner commented that investors should be questioning the Fed and Yellen on whether they will prove to be as stubbornly dovish on monetary policy as much as the current commentary assumes. He added that If US economic growth and inflation rates continue to improve in the upcoming month, the market should get to thinking. Spooner ended his comment, saying that today might be a usual quiet session for the markets with little on the slate in terms of economic release.