Investors rushed into safe-haven assets and sold stocks as an escalating crisis in Ukraine sent a chill through global markets.
Japan’s Nikkei 225 index slipped 188.84 points, or 1.3%, to 14,652.23
The Hang Seng Index in Hong Kong plummeted 336.29 points, or 1.5%, to 22,500.67
The Japanese yen, a traditional safe-haven in times of political uncertainty, rose sharply against the U.S. dollar in initial Asian trade. The greenback last bought ¥101.39 versus ¥101.78 late in New York Friday.
Mazda Motor Corp., an automaker that gets 73% of sales overseas, tumbled 3.5% in Tokyo as the yen touched an almost one-month high against the dollar. Toyota Motor Corp. declined 1.1%
Rio Tinto Ltd., the world’s second-largest mining firm, lost 1.6% in Sydney as raw-materials shares declined.
Commodity markets were among the busiest in Asia as Brent crude-oil futures surged 1.5%, earlier hitting their highest level since late December. Russia is one of the world’s largest producers of oil and traders worry supply may be disrupted if the Ukraine conflict escalates further. Gold futures jumped 1.6%.
Gold producers climbed as investors sought assets considered a haven. Newcrest Mining Ltd. gained 5.7% to A$11.99. Zijin Mining Group Co. advanced 3% to HK$1.74.
Sun Hung Kai Properties Ltd., Hong Kong’s second-largest developer, dropped 2.7% to HK$96.65 after saying it may raise as much as HK$22.2 billion ($2.9 billion U.S.) from issuing convertible warrants.
Sun Art Retail Group Ltd. climbed 7.1% to HK$9.45, after China’s largest hypermarket operator posted a 15% gain in full-year profit.
CHINA
A privately compiled reading on China’s factory sector released Monday that indicated a drop in February activity wasn’t as bad as initially expected helped reverse some of Asia’s losses.
The Shanghai CSI 300 Index gathered 11.40 points, or 0.5%, to 2,190.37
The HSBC China Manufacturing Purchasing Managers’ Index, a gauge of nationwide manufacturing activity, was released with a final figure of 48.5 for February, down from 49.5 in January but above a preliminary figure announced Feb. 20.
A reading below 50 reflects a contraction in manufacturing activity from the previous month, whereas a reading above indicates expansion.
In other markets;
Markets in Taiwan returned from a long weekend, as the Taiex slumped 37.60 points, or 0.4%, to 8,601.98
Singapore’s Straits Times Index subtracted 23.31 points, or 0.8%, to 3,087.47
Korea’s Kospi Index stepped back 15.30 points, or 0.8%, to 1,964.69
The New Zealand Exchange 50 index gained 17.36 points, or 0.4%, to 5,007.40
In Australia, the S&P/ASX 200 fell 20.49 points, or 0.4%, to 5,384.33
