Asia stocks traded mostly weaker Wednesday, while Hong Kong and Shanghai gained after preliminary data showed Chinese manufacturing activity recovering in October.
Japan’s Nikkei 225 Index lost 59.95 points, or 0.7%, to 8,954.30
In Hong Kong, the Hang Seng index returned from holiday to post a gain of 66.23 points, or 0.3%, to 21,763.78.
In Australia, BHP Billiton Ltd. retreated 1.4% and Rio Tinto Ltd. lost 1%.
Likewise, Tokyo saw losses for commodity-linked firms, with JX Holdings Inc. down 0.5% and Inpex Corp. lower by 2.1%. In Seoul, SK Innovation Co. fell 2.5%.
Hong Kong resource-sector firms also saw selling pressure, with CNOOC Ltd. down 1.7%, Aluminum Corp. of China also falling 1.1%, and PetroChina Co. retreating 2.4%.
Elsewhere in Hong Kong, apparel retailer Esprit Holdings Ltd. tumbled 9.5% after announcing a heavily discounted rights issue late Monday.
Asian companies are in the early stages of releasing their own earnings reports. Tokyo-listed Kawasaki Heavy Industries Ltd. dropped 5.7% after it cut its first-half net-profit view to 12.4 billion yen ($155 million) from an earlier forecast of ¥14 billion late Tuesday.
Other heavy industrial firms also fell in Japan, with Komatsu Ltd. down 2.5% and Mitsui Engineering & Shipbuilding Co. surrendering 3.1%.
South Korean steel giant Posco declined 1.4% to extend losses made in the previous session. The firm stated late Tuesday that its third-quarter operating profit fell 18% and is expected to fall further in the fourth quarter.
But there was good news on the earnings front. Chip maker SK Hynix Inc. rallied 4.1% in Seoul after the firm reported it swung to a profit and was seeing strong demand for mobile memory chips, which it believed was likely to continue.
And LG Electronics Inc. rose 1.4% after swinging to a third-quarter net profit of $138.6 million U.S.
Hong-Kong listed telecom China Mobile Ltd. climbed 2.2% as investors reacted to a third-quarter profit gain that represented a big improvement from its second-quarter results.
All Nippon Airways Co. climbed 1.3% in Tokyo after a Nikkei report that the airline’s half-year operating profit likely surged 40% to around ¥40 billion.
The dollar changed hands for ¥79.78 Wednesday, down from ¥79.85 in late North American trading Tuesday, and exporters were seeing some selling pressure.
Among the weak spots, Honda Motor Co. declined 2.2% while Mazda Motor Corp. fell 2.9%.
Australian companies linked to consumer spending also fell on Wednesday, after data showed third-quarter consumer prices rose at a faster pace than economists expected and raised doubt about another Australian interest-rate cut this year.
APN News & Media Ltd. dropped 4.1% and Ten Network Holdings Ltd.fell 8.2% in the media sector.
Department-store operator Myer Holdings Ltd. retreated 1.3% and rival David Jones Ltd. gave up 0.8%.
In other Hong Kong trading, several property companies set 52-week highs, including blue chip Cheung Kong (Holdings) Ltd., shares of which rose 4.4% during the session
CHINA
Markets drew support from the preliminary reading of HSBC’s China manufacturing Purchasing Managers’ Index for October, which printed at a three-month high, but just below expansionary levels
The Shanghai CSI 300 Composite Index dipped 4.30 points, or 0.2%, to 2,307.78
The preliminary or "flash" version of the PMI rose to 49.1 on a 100-point scale, up from September’s final reading of 47.9, the bank said Wednesday.
Among other Asian carriers, Air China Ltd. rose 1.6% in Shanghai trading, while China Eastern Airlines Corp. jumped 1.5%, contributing to gains on the Chinese mainland.
In other markets
The Singapore Straits Times Index staggered 6.20 points, or 0.2%, to 3,044.73
Korea’s Kospi index fell 12.85 points, or 0.7%, to 1,913.96
Taiwan’s Taiex Index stepped back 22.60 points, or 0.3%, to 7,314.88
The NZX 50 Index subtracted 2.81 points to 4,001.45
Australia’s ASX Index backtracked 37.25 points, or 0.8%, to 4,505.82.
