Most Asian stocks declined, led by mining companies and banks, after U.S. President Barack Obama said unemployment in the world’s largest economy may reach 10%.
Japan's Nikkei 225 index regained 87.97 points, or 0.9%, to end the day at 9,840.05.
In Hong Kong, the Hang Seng Index had another down day, losing 80.90 points, or 0.5%, to 18,084.60, with China Resources Gas Group Ltd. tumbling 8.5 percent as investors offered to sell their stakes.
Li & Fung Ltd., the biggest supplier of clothes and toys to Wal-Mart Stores Inc. and Target Corp., dropped 3%.
Jiangxi Copper Co., China’s biggest producer of the metal, sank 2.6% after metal prices dropped. Australia & New Zealand Banking Group Ltd. lost 2.1% after a government official said it’s too soon to say Australia avoided a recession.
Sekisui House Ltd. jumped 3.2% as Japan’s central bank raised its assessment of the economy for a second month.
Australia’s main index fell, weighed down by ports and rail operator Asciano Group, which slumped 15% after increasing the size of a share sale. Mitsubishi Corp., which gets more than half of its profit from commodities, lost 0.5% in Tokyo. Alumina Ltd. sank 4.3% in Sydney.
BHP Billiton Ltd., the world’s biggest mining company, fell 2.2% in Sydney. Its credit-default swaps, the cost of protecting its debt, had their biggest gain since Oct. 22 on speculation it’s planning an acquisition.
Westpac Banking Corp., Australia’s biggest lender by market value, dropped 1.3%. Commonwealth Bank of Australia, the nation’s largest mortgage lender, lost 1.1%.
Japan’s Sumitomo Forestry Co. surged 11%, Morgan Stanley upgraded the stock to "overweight" and lifted its outlook on the country’s real estate sector to "attractive," saying home orders probably bottomed in the first quarter and should benefit from tax breaks.
GS Yuasa Corp., which owns a battery-production venture with Honda Motor Co., soared 13% ahead of the start of a green technology fund by Nomura Holdings Inc. Sanyo Electric Co., Japan’s biggest maker of rechargeable batteries, leapt 14%.
CHINA
In Shanghai, Poly Real Estate Group Co., China’s second-largest developer by market value, surged 8.2%. Gemdale Corp., the country’s fourth biggest developer, jumped 8.2%.
The government may draft rules allowing the formation of REITs, China Business News said. China will stick to an appropriately loose monetary policy, Vice Premier Li Keqiang said yesterday.
Elsewhere:
China’s Shanghai Composite Index added 49.37 points, or 1.7%, to 3,010.59
Singapore’s Straits Times Index lost 16.71 points, or 0.7%, to 2,271.45
South Korea’s Kospi index slid 7.98 points, or 0.6%, to 1,391.17
Taiwan’s Taiex moved 24.90 points, or 0.4%, lower to 6,195.91
New Zealand’s NZX 50 Index gave back 8.11 points, or 0.3% to 2,778.04
Australia’s S&P/ASX 200 subsided 58.40 points, or 1.5%, to 3,904.10
