Mainland Chinese stocks stumbled to their lowest level since February 2009 to lead Asian markets lower Thursday after data showed a further deterioration in manufacturing activity in the country.
The Nikkei 225 Index dipped 145.23 points, or 1.6%, to 9,086.98
The Hang Seng Index in Hong Kong jettisoned 250.99 points, or 1.2%, to 20,590.92
Resource stocks were among the worst performers. Rio Tinto Ltd. shrank 2.1%, BHP Billiton Ltd. fell 1.5% and iron-ore extractor Fortescue Metals Group Ltd. gave up 2.4% in Sydney.
With oil futures hovering around $91 U.S. a barrel in Asian electronic trading, Inpex Holdings Inc. lost 3.5% in Tokyo, while Linc Energy Ltd. dropped 6.4% and Woodside Petroleum Ltd. dropped 2.2% in Sydney.
Cnooc Ltd. lost 3.5% in Hong Kong, while PetroChina Ltd. lost 1.8% in Hong Kong and 1.7% in Shanghai.
Japanese exporters gave up gains from the previous session, with Sony Corp. down 4.6% and Nissan Motor Co. losing 3.4%, while Olympus Corp. retreated 2.3%.
Data released earlier in the day showed Japan’s August trade deficit widened to ¥754.1 billion ($9.62 billion U.S.) from ¥517.4 billion in July, although it came in below expectations for a ¥797.9-billion deficit
Among gainers Thursday, reported plans by Nippon Telegraph & Telephone Corp. to buy back up to $1.9 billion U.S. of its shares boosted the stock 7.1%.
CHINA
Resource companies with exposure to China were hurt, in particular, while regional energy stocks were also hit as Nymex crude-oil prices sank further after tumbling overnight in New York.
Shanghai’s CSI 300 index fell 50.29 points, or 2.2%, to 2,195.95, after an initial reading of HSBC’s September survey on manufacturing conditions came in at 47.8. The figure, although up from a final reading of 47.6 in August, was well below the 50-point mark that separates expansion from contraction, and represented a deterioration for the 11th straight month.
In Shanghai, with Jiangxi Copper Co. sank 3.8% and Aluminium Corp. of China Ltd., or Chalco, dropped 2.8%
In other markets
Korea’s Kospi index capsized 17.55 points, or 0.9%, to 1,990.33
The Singapore Straits Times Index backtracked 13.02 points, or 0.4%, to 3,062.61
Taiwan’s Taiex Index subtracted 54.36 points, or 0.7%, to 7,727.55
New Zealand’s NZX index again bucked the trend and gained 21.38 points, or 0.6%, to 3,819.28
Australia’s ASX Index lost 21.13 points, or 0.5%, to 4,397.23
