Asian stocks fell Thursday in the wake of an overnight decline in stocks and commodities, with shares of Canon Inc. and Sands China Ltd. sliding after the companies reported earnings.
Japan’s Nikkei 225 dropped 47.23 points, or 0.3%, higher to 14,731.28
Hong Kong’s Hang Seng Index gained 53.51 points, or 0.2%, to 21,968.93
Among the day’s notable stock decliners, Canon Inc. tumbled 5.4% after it cut its outlook for the full fiscal year, despite posting forecast-beating profit for the second quarter.
Shares of rival camera maker Nikon Corp. skidded 4.7%.
Weak earnings from U.S. construction-equpment maker Caterpillar Inc. weighed on its Japanese peers. Komatsu Ltd. lost 2.4%, and Hitachi Construction Machinery Co. shed 2.3%.
Gold producer Zijin Mining Group Co. retreated 2.8% in Hong Kong and 1.2% in Shanghai, Korea Zinc Co. lost 0.9% in Seoul, and Sumitomo Metal Mining Co. shed 2.4% in Tokyo.
Shares of Newcrest Mining Ltd. slid 1.3% in Sydney after the company said its quarterly gold and copper output rose 25% and 20%, respectively, although it projected lower production in the current quarter.
Sands China Ltd. dropped 2% in Hong Kong despite reporting a 40% rise in second-quarter revenue and a more than tripling in profit, paring some of its weekly gains. At Thursday’s close, the stock is still up 3.8% this week.
Shares of the world’s No. 2 chip maker SK Hynix Inc. rose 0.2% in Seoul after its second-quarter operating profit hit a record high, beating forecasts.
STX Offshore & Shipbuilding Co. shot 15% higher after Reuters reported its creditors were nearing a decision inject additional capital.
CHINA
The Shanghai Shenzhen CSI 300 dipped 16.69 points, or 0.7%, to 2,249.15.
The drop came even as Beijing unveiled new stimulus measures late on Wednesday, including tax cuts for small businesses and increased investments in railways.
Shares of companies connected to Chinese railways rallied to outperform the broader markets on the government’s plans to boost investment.
China Railway Construction Corp. climbed 2.5% and CSR Corp. added 2.4% in Hong Kong; in Shanghai, the stocks rose 2.9% and 3.1%, respectively.
In other markets;
Taiwan’s Taiex Index tailed off 18.46 points, or 0.2%, to 8,214.65
In Singapore, the Straits Times Index added a further 21 points, or 0.7%, to 3,274.76
Korea’s Kospi Index prospered 7.93 points, or 0.4%, to 1,912.08
In New Zealand, the Exchange 50 Gross Index tacked on 18.61 points, or 0.4%, to 4,599.20
In Australia, the S&P/ASX 200 hiked 17.96 points, or 0.4%, to 5,035.07
