Asian stock markets fell Monday, with resource and technology shares losing ground after China issued a lower economic growth forecast for this year and as geopolitical tensions prompted investor caution.
In Japan, the Nikkei 225 Index stumbled 78.44 points, or 0.8%, to close Monday at 9,698.58
In Hong Kong, the Hang Seng Index collapsed 296.95 points, or 1.4%, to 21,265.30
In Tokyo, end-of-the-week losses for Nasdaq and a firm Japanese yen also weighed on some technology majors.
Sony Corp dropped 3.3%, Panasonic Corp. lost 2.2%, and Advantest Corp. dropped 3.1%.
Shares of Tokyo Electron Ltd. gave up 3.5% after the tech major said ahead of the market open that it would buy the solar business of Switzerland’s Oerlikon Group.
Among other movers, Mitsubishi Motors Corp. gave up 1% amid reports the car maker will cut production of mini-vehicles at its main domestic plant after sales failed to meet expectations.
In Seoul, shares of Samsung Electronics Co. dropped 0.7% and LG Display Co. fell 3.4%.
The decline in Asian equities also tracked a drop for U.S. stocks Friday, and as Dow Jones Industrial Average fell 31 points in electronic trading.
Several resource sector shares declined, with Jiangxi Copper Co. losing 4.1% and Angang Steel Co. falling 4% in Hong Kong; on mainland bourses, they fell 0.1 and 1.2%, respectively.
Energy stocks were hit by Friday’s fall in crude-oil prices, with Tokyo-listed Inpex Corp. retreating 2.1% and Woodside Petroleum Ltd. shedding 0.7% in Sydney, while PetroChina Co. lost 1.1% in Shanghai and 2.7% in Hong Kong.
In Sydney, mining giants BHP Billiton Ltd. and Rio Tinto Ltd. dropped 0.8% and 1.3%, respectively.
In Hong Kong, shares of insurance major AIA Group Ltd. were placed on a trading suspension
Monday, pending an announcement of a potential stake sale by American International Group Inc. AIG plans to raise about $6 billion U.S. by selling down its stake in AIA, according to media reports.
CHINA
At China’s annual Parliamentary session, or the National People’s Congress in Beijing, meanwhile, Premier Wen Jiabao lowered the nation’s country’s growth target for 2012 to 7.5% from the 8% expansion aimed in recent years. The annual inflation target was set at 4%.
The Shanghai CSI 300 slipped 17.24 points, or 0.6%, to 2,662.70
The new growth forecasts, although in line with expectations, led to profit-taking in some exporters relying on Chinese and overseas demand.
In other markets;
Korea’s Kospi Index flopped 18.57 points, or 0.9%, to 2,016.06
The Taiex index in Taiwan subtracted 109.70 points, or 1.4%, to 8,004.74
Singapore’s Straits Times Index ditched 1.69 points to 2,991.80
New Zealand’s NZX 50 Index moved up 12.03 points, or 0.4%, to 3,387.84
Australia’s S&P/ASX 200 Index shed 10.14 points, or 0.2%, to 4,262.97
