Most Asian markets rose Thursday after key U.S. indexes clinched another record finish overnight, although Japanese stocks skidded as a firmer yen led investors to lock in recent gains despite strong economic growth data and upbeat results from banks.
The Nikkei 225 retreated 58.79 points, or 0.4%, to 15,037.24
In Hong Kong, the Hang Seng Index picked up 38.44 points, or 0.2%, to 23,082.65
Stock gains in Hong Kong were led by heavyweight HSBC Holdings PLC, which climbed 1% a day after it unveiled a plan to cut costs by up to $3 billion U.S. by 2016. The bank is planning to cut as many as 14,000 jobs across the world.
Shares of Internet services major Tencent Holdings Ltd. jumped 6.5% after the company announced strong growth in quarterly profit.
Those gains help offset losses in the energy sector as a strengthening dollar weakened the outlook for prices of commodities, including crude oil.
Shares of PetroChina Co. lost 2.1% and Cnooc Ltd. shed 1.4%.
Commodity producers also lost ground in other regional markets, weighing in particular on Australia, where BHP Billiton Ltd. dropped 0.8%, gold miner Newcrest Mining Ltd. tumbled 5.3% and Oil Search Ltd. lost 0.8%.
A weakened Australian dollar, which recently fell below parity against the U.S. currency, also damped sentiment.
In Tokyo, meanwhile, the drop came despite data released earlier in the day showing the Japanese economy expanded at a better-than-expected rate of 0.9% in the January to March period from the quarter ended Dec. 31.
Banking stocks led the drop even after the country’s three largest banks posted strong results, with the Nikkei newspaper reporting that their combined net profit for the fiscal year ended March 31 climbed 11% due to increased lending and upbeat stock and bond markets.
Shares of Sumitomo Mitsui Financial Group Inc. dropped 4%, Mitsubishi UFJ Financial Group Inc. lost 3.6% and Mizuho Financial Group Inc. shed 3.1%.
Some exporters also weakened as the yen firmed up against the U.S. dollar. NEC Corp. and Komatsu Ltd. fell 0.4% each.
In other markets;
In Shanghai, the CSI 300 Index moved higher 45.78 points, or 1.8%, to 2,552.71
Singapore’s Straits Times Index gained 10.75 points, or 0.3%, to 3,452.28
Taiwan’s Taiex Index advanced 71.46 points, or 0.9%, to 8,390.05
Korea’s Kospi Index grew 15.55 points, or 0.8%, to 1,986.81
The New Zealand Exchange 50 Gross Index gave back 10.30 points, or 0.2%, to 4,636.03
Australia’s S&P/ASX subtracted 26 points, or 0.5%, to 5,165.66
