Mainland Chinese and South Korean stocks tumbled to lead Asian markets lower Monday on unrelenting worries about the euro-zone debt crisis, with commodity shares losing ground across most of the region.
Japan’s Nikkei 225 Index subsided 63.73 points, or 0.7%, to end Monday at 8,734.62
The Hang Seng Index in Hong Kong fell another 97.68 points, or 0.5%, to 18,897.45
The European Central Bank move came with Spain expected to formally request aid for its banking sector Monday, and ahead of this week’s crucial two-day European Union leaders summit, due to start Thursday.
Reports said over the weekend that Greece’s Prime Minister Antonis Samaras and Finance Minister Vassilis Rapanos will not attend the summit due to health issues. Greece, which will reportedly be represented by its foreign minister and acting finance minister, will present a plan at the summit that includes tax cuts and a request for more time to lower its debt levels, according to Reuters.
Australian-listed miners fell on Monday, with diversified minerals giant BHP Billiton Ltd. losing 1.4% and gold extractor Newcrest Mining Ltd. dropping 3%, while Nippon Light Metal Co. gave up 1% in Tokyo.
In Hong Kong, China Coal Energy Co. shed 2.8% and Aluminum Corp. of China Ltd. fell 2.4%; in Shanghai, the stocks lost 2.1% and 2.9%, respectively.
Japanese oil companies dragged on the Nikkei Average, with Inpex Corp declining 4% and JX Holdings Inc. slipping 1.2%.
Shares of NEC Corp.dropped 3.2% after a Kyodo News report that tax regulators found the firm concealed income in 2007-2010.
In Seoul, Samsung Electronics Co. tumbled 4.2% as several brokerages cut its earnings estimates. Rival SK hynix Inc. sank 4.4%.
Some Japanese exporters managed to gain ground, as the dollar held over 80 yen in Asian trading hours.
Fuji Heavy Industries Ltd. climbed 0.9% and Panasonic Corp. advanced 0.6% after Citigroup raised its rating on the shares from neutral to buy.
On the move higher in Hong Kong, Evergrande Real Estate Group Ltd. jumped 2.6%, recouping some more of last week’s steep losses after several brokerages voiced skepticism over fraud allegations against Evergrande from stock-commentary website Citron.
In other markets
Shanghai’s CSI 300 index dipped 55.67 points, or 2.2%, to 2,456.52, as the markets reopened after a long weekend.
Korea’s Kospi Index shed 22.01 points, or 1.2%, to 1,825.38
Singapore's Straits Times Index jettisoned 12.83 points, or 0.5%, to 2,815.26
Taiwan’s Taiex Index dumped 55.67 points, or 0.8%, to 7,166.38
New Zealand’s NZX index nipped up 1.93 points to 3,401.13
Australia’s ASX Index let go of 20.40 points, or 0.5%, to 4,026.81
