Asian markets closed mostly lower Tuesday, led down by financial companies such as HSBC Holdings amid concerns the U.S. plan to rescue the banking sector might not be enough to head off a global recession.
In Japan, the markets remained closed on account of Autumn Equinox holiday while the benchmark Hang Seng index closed down 759.35 points or 3.87% at 18,872.85.
The Chinese stock market closed lower, on profit taking, after the key index surged more than 17% over the previous two sessions. Property developers and liquor producers led the losers. However, index heavyweight PetroChina posted sharp gains on news that its parent company bought 60 million shares, equivalent to a 0.03% stake. The benchmark Shanghai Composite Index closed down 34.90 points or 1.56% at 2,201.51.
In the property sector, Poly Real Estate shed 5.3% and China Vanke tumbled 7.6%. Among liquor makers, Luzhou Laojiao plunged 10% and Kweichow Moutai plummeted 9.4%. PetroChina jumped 3.9%, extending its gains for the third trading session. The refiner said its parent would continue to increase its stake in the listed entity over the next 12 months. Meanwhile, China Petroleum & Chemical or Sinopec shed 4.8%.
Airlines tumbled after crude oil for October settlement settled up $16.37 at $120.92 a barrel on the New York Mercantile Exchange on Monday. Air China fell 4.4%, China Eastern Airlines plunged 7.7%, and China Southern Airlines shed 5.3%. But higher oil prices boosted energy stocks, particularly coal producers. China Shenhua Energy jumped 4.9% and China Coal Energy gained 2.8%.
Banks closed mixed after the sector rose by the 10% daily limit in the two previous trading sessions. Industrial and Commercial Bank of China jumped 4.6%, China Construction Bank rose 1.1%, and Bank of China declined 0.5%. Bank of Communications gave away 4.9% and China CITIC Bank tumbled 6.7%. Brokerages posted sharp gains, with Pacific Securities jumping 10%, Haitong Securities advancing 2.9%, and CITIC Securities climbing 2.4%.
In the property space, Agile Property plummeted 7.3%, Guangzhou R& Properties slumped 12.0%, and China Overseas Land fell 7.8%. Among local property developers, losers included Cheung Kong 5.7%, Sun Hung Kai Properties 5.9%, and Sino Land 5.8%.
Air China fell 5.4%, China Eastern lost 3.7% and China Southern dropped 5.6%. Hong Kong's flagship carrier Cathay Pacific shed 2.7%. Oil producer CNOOC gave away 2.6%.
Gainers among gold miners included Zijin Mining 5.3%, Lingbao Gold 14.0%, and Zhaojin Mining 6.8%.
Elsewhere:
Taiwan's Taiex closed up 1.2% at 6,182.
Malaysia's KLCI closed down 0.2% at 1,026.
Indonesia's Jakarta Composite index closed down 1.3% at 1,873
Singapore's Straits Times index gave up 2.7% to 2,476.51.
South Korea's Kospi shrugged off regional gloom to end 1.4% higher.
Malaysia's KLSE fell 0.2%.
New Zealand's NZX 50 index gave up 0.9%.
Australia's S&P/ASX 200 index closed 1.9% lower at 4,923.50.
with files from other wire services
