Most Asian markets ended lower Monday on worries about the impact of high oil prices on global economic growth, with Japanese shares reversing early gains as the yen’s rebound after recent losses led investors to lock in profits.
In Japan, the Nikkei 225 Index fell 13.45 points, or 0.1%, to close at 9,633.93
In Hong Kong, the Hang Seng Index collapsed 189 points, or 0.9%, to 21,217.90
The retreat in Tokyo came as the U.S. dollar gave up some of its recent gains against the yen, prompting investors to take profits. Shares of Fanuc Corp. dropped 1.5%, Komatsu Ltd. fell 0.6% and Nikon Corp. shed 1.7%.
In Seoul, shares of Hyundai Motor Co. gave up 3% and Asiana Airlines Inc. dropped 2.2%, while Cathay Pacific Airways Ltd. fell 4.4% in Hong Kong.
Some energy producers also fell on a pullback in oil prices, with Woodside Petroleum Ltd. and Santos Ltd. each falling 0.5% in Sydney.
Inpex Corp. lost 2.5% in Tokyo and PetroChina Co. fell 0.5% in Hong Kong.
Shares in Caltex Australia Ltd. dropped 0.6% in Sydney as the firm swung to a steep annual loss after writing down the value of its two refineries.
In Hong Kong, BYD Co. climbed 2.6% and Geely Automobile Holdings Ltd. gained 3.8%.
The fall for Australian stocks traded came even as some political uncertainty dissipated after Prime Minister Julia Gillard defeated her predecessor Kevin Rudd in a leadership challenge.
Stronger metal prices on Friday supported some commodity-linked stocks across Asia, with
Fortescue Metals Group Ltd. rising 0.4% and Eldorado Gold Corp. added 2%.
Gold producer Newcrest Mining Ltd. sank 3% after some brokers downgraded the stock
CHINA
Mainland Chinese stocks extended its string of gains amid improved liquidity after Beijing’s monetary easing earlier this month, with automobile companies leading the charge.
The Shanghai CSI 300 picked up 8.56 points, or 0.3%, to 2,656.57
Shares of mainland car companies bucked the broad weakness, following news that only Chinese-branded vehicles would qualify for use by the government under a preliminary 2012 list of procurement choices released during the weekend.
Anhui Jianghuai Automobile Co. rose by the day’s 10% limit in Shanghai, while FAW Car Co. gained 2% in Shenzhen.
In other markets;
Markets in Taiwan had the day off
Korea’s Kospi Index slid 28.73 points, or 1.4%, to 1,991.16
Singapore’s Straits Times Index ditched 31.30 points, or 1.1%, to 2,946.78
New Zealand’s NZX 50 Index slipped 16.31 points, or 0.5%, to 3,303.45
Australia’s S&P/ASX 200 Index moved lower by 39.41 points, or 0.9%, to 4,267.37
