Steelmakers such as Posco and Angang Steel Co. led Asian metals and mining shares lower Monday, on reports Japan's Nippon Steel Corp. was expected to further cut production and ahead of likely weak earnings from Alcoa Inc.
Japanese markets were closed for a holiday while the benchmark Hang Seng Index slid 406.44 points, or 2.83% to settle below the psychologically important 14,000 mark, at 13,971.00.
Market heavyweight HSBC plc declined 1.27% and China Mobile slipped 2.39%.
Banking stocks continued to extend losses from last week as stake sales by major foreign shareholders pressured prices. Bank of China shed 6.1%, China Construction Bank lost 4.84% and ICBC slumped 5.20%.
China Eastern Airlines plunged 7.14% after it warned of a large loss in 2008 due to losses on fuel price hedging contracts and slumping traffic. Meanwhile, Air China shed 9.42% and China Southern Airlines fell 6.72%
Among property stocks, Sun Hung Kai Properties declined 2.71%, Cheung Kong lost 1.12% and Hopson Development plunged 9.75%. Offshore oil producer CNOOC slid 4.69%, Sinopec dipped 4.44% and PetroChina lost 4.84%.
Elsewhere:
China's Shanghai Composite Index declined 5 points, or 0.24%, to close at 1,900.
India's BSE 30 Index lost 296 points, or 3.15%, to end at 9110.
Indonesia's Jakarta Composite Index gave away 10 points, or 0.71%, to end at 1,407.
Taiwan's Weighted Index declined 14 points, or 0.31%, to settle at 4,454.
Malaysia's KLSE Composite Index added 5 points to close at 924.
The benchmark S&P/ASX 200 index declined 52.40 points, or 1.40% to close at 3,683.30.
with files from other wire services
