Asian markets mostly lost ground Thursday with Shanghai-listed stocks particularly weak, led by steel shares after Baoshan Iron & Steel Co. reported a drop in profit.
The Nikkei 225 Stock Average declined 0.8 percent to 12,604.6 after slipping 0.3 percent the day before. Hong Kong's Hang Seng Index inched up 0.2 percent to 22,664.22.
Financial shares dropped in the wake of weakness overnight on Wall Street, with Mizuho dropping 3.3 percent and Citigroup Inc. sinking 7.6 percent in Tokyo.
China's main benchmark tumbled 5.4 percent to its lowest level in nearly a year, dragged down by dramatic declines in PetroChina and other large cap stocks. The Shanghai Composite Index fell 195.36 points to close at 3,411.49 points.
Shares of Baoshan Iron & Steel, the mainland's largest steelmaker, tumbled 9%, after it reported a 3% decline in 2007 net income on higher costs, disappointing the market.
Shares of other steelmakers also dropped, with Wuhan Iron & Steel Co. sinking 8.9% and Maanshan Iron & Steel Co. losing 5.4%.
Elsewhere:
Australia's S&P/ASX 200 slipped 0.2% to 5,371.60.
South Korea's Kospi fell 0.2% to 1,676.24.
New Zealand's NZX 50 index shed 0.6% to 3,404.55.
Taiwan's Weighted index lost 1.9% to end at 8,605.95.
with files from other wire services
