Asian stocks fell for a second day as industrial companies led declines and China Resources Power Holdings Co. slumped amid a graft investigation.
Japan’s Nikkei 225 plunged 123.61 points, or 0.9%, to 14,388.77
Hong Kong’s Hang Seng Index returned from a long weekend to lose 29.56 points, or 0.1%, to 22,730.68
Yaskawa Electric Corp. slumped 5.1% in Tokyo after the servomotor producer forecast full-year profit that missed analysts’ estimates.
Rio Tinto Group, the world’s second-largest mining company, lost 1% in Sydney as copper futures dropped.
Jiangxi Copper Co., China’s biggest producer of the metal, lost 1% in Hong Kong.
China Resources Power plunged 9.6%. The company’s profit may be erased due to the possible writedown of 10 billion yuan ($1.6 billion U.S.) in coal-mine assets related to a probe and removal of China Resources Holdings Co. Chairman Song Long, according to analysts.
China Resources Enterprise Ltd. slid 4.2%.
Yue Yuen Industrial Holdings Ltd., a maker of footwear for Nike Inc., sank 5%, the most since July. The company said it plans to increase factory workers’ compensation in a bid to end a strike.
CHINA
The Shanghai CSI 300 regained 9.55 points, or 0.4%, to 2,196.80
Great Wall Motor Co., China’s biggest maker of sport-utility vehicles, fell 6.3%, the most since January after first-quarter earnings disappointed analysts at Deutsche Bank AG. The carmaker’s first-quarter earnings were disappointing, according to one analyst, citing lower profit margins as expenses related to new product research and development climbed.
In other markets;
The Shanghai CSI 300 regained 9.55 points, or 0.4%, to 2,196.80
Taiwan’s Taiex Index added 23.52 points, or 0.3%, to 8.974.71
Singapore’s Straits Times Index improved 21.70 points, or 0.7%, to 3,277.53
Korea’s Kospi Index tacked on five, or 0.3%, to 2,004.22
New Zealand NZX 50 index returned from holiday to nose up 1.59 points to 5,104.94
Australia’s S&P/ASX 200 also returned from the Easter weekend up 25.08 points, or 0.5%, to 5,479.31
