Asia stocks fell on Wednesday, with banks and resource firms among the worst performers, as fresh fears of a chaotic Greek default combined with global growth worries to erode investor confidence.
In Japan, the Nikkei 225 Index faltered another 61.57 points, or 0.6%, to 9,576.06
In Hong Kong, the Hang Seng Index gave back 178.47 points, or 0.9%, to 20,627.80
Anxiety surrounding a Greek debt restructure gripped global markets on Tuesday -- with the Dow Jones Industrial Average suffering its biggest one-day drop this year -- while concerns over slowing global growth, after China cut its growth target, also worked to dissolve risk appetite.
Private investors have until Thursday to participate in a bond swap with the Greek government, which is necessary for the debt-stricken nation to secure its second round of bailout funds and avert a disorderly default.
Financial firms matched heavy losses for their U.S. peers across Asia.
In Hong Kong, China Life Insurance Co. sank 6.5%, a day after the insurer issued a profit warning.
Index heavyweight HSBC Holdings PLC declined 1.5% and the Industrial & Commercial Bank of China Ltd. shed 1.1%, while in Sydney investment bank Macquarie Group Ltd. gave up 2.7%.
Tokyo-listed Nomura Holdings Inc. shed 2%, Daiwa Securities Group Inc. fell 2.4% and Sony Financial Holdings Inc. declined 1.7%.
Among major Japanese exporters losing ground, Sony Corp. dropped 2.4%, Nikon Corp. declined 0.7% and Mazda Motor Corp. lost 3.8%.
Korean exporters also stumbled. Hyundai Motor Co. fell 1.6% and Kia Motors Corp. traded 1.4% lower.
Concerns about global growth pushed commodity prices lower in New York on Tuesday and weighed on resource stocks across Asia on Wednesday.
In Hong Kong, China Coal Energy Co. shed 1% and Jiangxi Copper Co. eased back 1.9%.
Global miner BHP Billiton Ltd. fell 1.5% and rival Rio Tinto Ltd. lost 1.9%, while iron-ore producer Fortescue Metals Group Ltd. tumbled 3.3% and gold miner Newcrest Mining Ltd. traded down 3.8%.
The falls came amid data showing the Australian economy grew at a slower pace than expected during the December quarter.
In other markets;
The Shanghai CSI 300 fell 18.05 points, or 0.7%, to 2,603
Korea’s Kospi Index slipped 18.21 points, or 0.9%, to 1,982.15
The Taiex index in Taiwan slumped 34.89 points, or 0.4%, to 7,903.08
Singapore’s Straits Times Index 18.85 points, or 0.6%, to 2,913.16
New Zealand’s NZX 50 Index gained 1.22 points to 3,403.05
Australia’s S&P/ASX 200 Index chucked 61.07 points, or 1.5%, to 4,143.66
