Asian equity markets ended mostly lower Tuesday as weaker metal and oil prices dragged on commodity and shipping related stocks.
Japan's Nikkei 225 index lost 33.08 points, or 0.3%, to slump to 9,647.79, the fifth straight decline for the Tokyo market.
In Hong Kong, the Hang Seng Index tumbled 117.14 points, or 0.7% to 17,862.27.
A decline in crude-oil and gold prices hurt resource-related stocks, with Japan Petroleum Exploration Co. shedding 2.8% in Tokyo, while Rio Tinto fell 2.4% and New Crest Mining slid 2% in Sydney. PetroChina Co. lost 2.2% in Shanghai and 2% in Hong Kong, while gold miner Zijin Mining gave up 2% in Hong Kong.
Among shipping companies, Mitsui O.S.K. Lines lost 2.7% in Tokyo, while STX Pan Ocean skidded 3.1% in Seoul and 0.9% in Singapore trading.
Nymex crude for August delivery lost $2.68 to end at $64.05 U.S. a barrel on the New York Mercantile Exchange. The contract was recently down 45 cents at $63.60 U.S. on Globex, where copper futures were also trading lower.
Spot gold prices, meanwhile, gave up $2.50 to $922.40 U.S. a troy ounce.
Telecommunications shares were broadly higher across the region with Singapore Telecommunications climbing 2.1% recently. NTT DoCoMo rose 1.6% in Tokyo, China Unicom (Hong Kong) gained 2.4%, and Far EasTone Telecommunications gained 1.8% in Taipei.
Credit Suisse analysts wrote in a report that telecom shares were the most undervalued among defensive sectors in Asia, with the biggest valuation discounts among telecoms found in China, Singapore and Taiwan.
Cathay Pacific Airways soared 6.2% in Hong Kong after J.P. Morgan upgraded the stock to overweight from underweight, saying the airline has passed the bottom of its earnings cycle.
Similar upgrades by the brokerage lifted shares of Singapore Airlines 1.6% and Korean Air shares 0.7%, while Air China shares gained 3.7% in Hong Kong and China Airlines stock rose 3.3% in Taipei.
Technology stocks were holding up the Korean market on optimism for second-quarter earnings after strong earnings guidance from Samsung Electronics Monday. Samsung itself ended up 2.5%, while Hynix Semiconductor Inc. rose 2.3% and LG Electronics jumped 5.3%.
Shares of China Mengniu Dairy gained 1.2% on news Chinese state-owned firm Cofco and private equity firm Hopu Investment Management were teaming up to invest around $780 million U.S. for a 20% stake in the company.
The euro was lower, at 132.53 yen from 133.34 yen in late New York trade, and at $1.3936 U.S. from $1.3980 U.S. The dollar was buying 95.07 yen, from 95.33 yen
Elsewhere:
China’s Shanghai Composite Index ended its win streak at four, dropping 34.26 points, or 1%, to 3,340.49
Singapore’s Straits Times Index eked out a gain of 6.17 points, or 0.3%, to 2,272.26
South Korea’s Kospi index advanced 5.26 points, or 0.4%, to 1,434.20
Taiwan’s Taiex moved ahead 65.31 points, or 1%, to 6,715.22
New Zealand’s NZX 50 Index tacked on 3.27 points, or 0.1%, to 2,746.24
Australia’s S&P/ASX 200 settled back 16.80 points, or 0.4%, to 3,766.90
