Markets in China, Japan and Hong Kong tumbled Monday, with renewed concerns over China's economic fundamentals and the deluge of economic data due this week dragging stocks.
The Nikkei 225 trimmed 161.65 points, or 1%, to end the day and the month at 16,026.76. Last week, the index added about 1.4%
In Hong Kong, the Hang Seng index dumped 252.22 points, or 1.3%, to 19,111.93
Shares of troubled Japanese electronics maker Sharp closed down 2.3% Its shares fell 26% last week.
Sharp shares fell after its takeover deal from Taiwan's Foxconn, which was announced Thursday, was put on hold. The latter said it would not sign the deal until Sharp clarified previously undisclosed contingent liabilities, reported Reuters. On Monday, Sharp said there was no deadline for finalizing a deal, following a report over the weekend from the Nikkei setting March 7 as the timeline for an agreement.
In the currency market, the yen strengthened against the U.S. dollar, falling to the 112 handle, with the pair trading down 1% at 112.83. A stronger yen is a negative for Japan's exporters as it hurts earnings when overseas profits are translated back into the home currency.
Among exporters, Toyota fell 0.2% and Honda shed 0.33%.
In Australia, the heavily-weighted financials sector gave up early gains to trade down 0.4%, while the gold sector fell 1.7%.
Energy plays were mixed in Asia, with Santos closing up by 2.8%, Woodside Petroleum losing 2.4% and Inpex lower by 2.1%.
Economic data due this week include Australia's fourth-quarter gross domestic product (GDP) and Chinese factory activity data.
CHINA
The Shanghai CSI 300 index lost 70.56 points, or 2.4%, to 2,877.47
Chinese mainland energy plays closed mixed, with China Oilfield shedding 2.9% and Petrochina adding 0.3%
The recovery in China's property market may be driving some of the stock selloff, Dow Jones reported, saying capital may be fleeing the stock market as interest in home buying increases.
In other markets;
Markets in Taiwan were shuttered for holiday
In Korea, the Kospi index inched down 3.5 points, or 0.2%, to 1,916.66
In Singapore, the Straits Times Index moved higher 17.13 points, or 0.7%, to 2,666.51
The NZX 50 in New Zealand eked up 5.89 points, or 0.1%, to 6,230.87.
In Australia, the ASX 200 inched ahead 0.94 points to 4,880.90
