Japanese stocks stabilized Monday after heavy selling last week, while markets in Australia and Shanghai moved lower in a mixed session for Asia.
Japan’s Nikkei 225 saw its losing streak continue, dumping 49.89 points, or 0.4%, to end the session at 13,910.16
The Hang Seng Index in Hong Kong regained 35.16 points, or 0.2%, to 23,038.80
The yen was a touch higher at ¥101.54 to the U.S. dollar, compared with ¥101.62 late Friday in New York.
Last week, the Nikkei suffered its worst week in three years, as investors questioned the viability of the country’s economic recovery. Its 7.3% decline was triggered by some of its largest constituents--such as Fast Retailing Co. Ltd., which sank 7.9% on Friday.
The company behind the Uniqlo clothing store lost another 2.7% Monday following disappointing earnings results late last week.
Japan’s Sharp Corp. plunged 8% after an Asahi Shimbun newspaper report said the company is considering a ¥200-billion share issue to replenish its depleted capital base.
In Hong Kong, Citic Securities lost 1.6% after the company bought a stake in U.S. brokerage BTIG LLC, which it made through its Hong Kong-based brokerage CLSA Asia-Pacific Markets. This is the company’s latest move to grow outside China by buying a holding in a Western investment firm.
Several other markets in Asia fell after Ukraine mobilized troops as pro-Russian activists and militants extended their grip over the east of the country. Markets also responded to Wall Street’s decline on Friday, with technology stocks extending a recent selloff.
Singapore was in positive territory, after an announcement that first quarter gross domestic product climbed 5.1% from a year earlier.
In corporate news, Coca-Cola Amatil fell 4.7% in Sydney after it issued a warning on half-year profit. The company, which is 29%-owned by Coca-Cola Co., blamed weakness in Australia, where it has struggled to recover costs in a price war with rivals.
CHINA
The Shanghai CSI 300 doffed 2.05 points, or 0.1%, to 2,268.61, ahead of Wednesday’s first quarter growth numbers, which will provide an update on the health of the Chinese economy, and will come alongside industrial output figures and retail sales numbers.
In other markets;
Taiwan’s Taiex Index docked 50.63 points, or 0.6%, to 8.857.42
Singapore’s Straits Times Index took on 16.61 points, or 0.5%, to 3,214.83
Korea’s Kospi Index faded 0.42 points to 1,997.02
The New Zealand Exchange 50 index slid 27.89 points, or 0.6%, to 5,063.54
In Australia, the S&P/ASX 200 fell 69.70 points, or 1.3%, to 5,358.95
