Asian stocks fell for a third day, led by technology and mining companies, as economist Nouriel Roubini said share prices may drop and a report showed the U.S. lost more jobs than estimated.
In Tokyo, the Nikkei 225 shed 57.38 points, or 0.6%, to 9,674.49. Samsung Electronics Co., which gets 19% of sales from America, slumped 5.7% in Seoul. Mitsui & Co., which counts commodities as its biggest source of profit, lost 3.4% after oil and metal prices decreased.
Hana Financial Group Inc., South Korea’s fourth-largest financial company, tumbled 14 percent after saying it may sell shares.
In Hong Kong, the Hang Seng index rebounded 53.58 points, or 0.3%, to end the week’s first session at 20.429.07.
Bearing maker Nachi-Fujikoshi Corp. and tool manufacturer Mori Seki Co. fell more than 3% on loss reports. Among stocks that gained, Nomura Holdings Inc., Japan’s biggest brokerage, rose 11% as it finalized details of a share-sale. Fast Retailing Co. climbed 15% after sales surged.
Asian exporters fell on concern U.S. demand will falter. Samsung Electronics, the world’s largest maker of computer-memory chips, declined 5.7%.
Honda Motor Co., which generates 47% of its revenue in North America, retreated 2.8%. Li & Fung Ltd., the biggest supplier of clothes and toys to Wal-Mart Stores Inc. and Target Corp., declined 4.7%.
Mitsui’s larger rival Mitsubishi Corp., which derives almost half of its sales from commodities, declined 2.9%. Korea Zinc Co. slumped 7.4%.
Following the U.S. data from Oct. 2, Group of Seven finance chiefs said after a weekend meeting that "disorderly" swings in currencies threaten economic growth. Policy makers from France to Canada have signaled worry that a sliding dollar risks impeding their recoveries from the deepest global recession since World War II.
Recent data spurred concern the economic recovery in the U.S. is faltering. Reports released in the past two weeks showed manufacturing, orders for goods made to last several years and sales of new homes missed estimates.
Fast Retailing, Japan’s biggest casual-clothing retailer, jumped 15%. The company said sales at Uniqlo in Japan advanced 32% last month, the biggest increase in 10 months, on higher demand for jeans and jackets.
Aristocrat Leisure Ltd., the world’s second largest maker of slot machines, surged 7.4%.
JPMorgan Chase & Co. upgraded the stock to "overweight" from "neutral" and raised its 12-month share-price target to A$6.40 from A$4.
Shanghai markets had the day off.
Elsewhere:
Taiwan’s Taiex index regained 26.10 points, or 0.4%, to 7,437.98
Singapore’s Straits Times index stumbled 20.80 points, or 0.8%, to 2,583.73
New Zealand’s NZX 50 Index lost 10.14 points, or 0.3%, to 3,138.72
Australia’s S&P/ASX 200 finished 28.40 points, or 0.6%, lower at 4,573.30.
