Asian markets ended mostly lower Tuesday as technology shares fell broadly on caution ahead of Intel's earnings report. Aluminum-producer stocks also fell after Alcoa results fell a tad short of expectations. But Chinese banks paced an advance in Shanghai as concerns over credit tightening receded.
In Tokyo, the Nikkei 225 skidded 90.67 points, or 0.8%, to 11,161.23
In Hong Kong, the Hang Seng index gave back 34.64 points, or 0.2%, to 22,103.53.
After Monday's market close in the U.S., Alcoa reported a first-quarter loss, leading to a 0.6% fall in its shares in after-hours trade.
Regional aluminum producers declined following the results, with Alcoa's joint-venture partner, Alumina, tumbling 5.6% in Sydney, weighed by the company's comment that while alumina prices were being driven higher by strong Chinese demand, costs were also on the rise.
Shares of Aluminum Corp. of Chinalost 2.7% in Hong Kong and Nippon Light Metal dropped 0.8% in Tokyo, while Hindalco Industries shed 0.9%.
Regional technology plays were mostly lower. Samsung Electronics shed 0.2% in Seoul, Inotera Memories contracted 2.8% and Nanya Technology Corp. fell 2.9% in Taipei.
Rakon shed 1% in Wellington and Japan's Nikon lost 0.4%.
Bucking the trend, Japan's Sanyo Electric added 1.3% after the Nikkei reported that the group's operating profit was likely to rise 50% to upwards of 45 billion yen ($482.6 million U.S.) for the year ending March 2011 now that it can tap the sales networks of parent Panasonic and its group firms.
Materials plays led declines in Australia after strong gains Monday, with BHP Billiton shedding 1.4% and Rio Tinto losing 1.4% among heavyweights.
In foreign-exchange markets, the euro was at $1.3585 U.S. compared with $1.3584 U.S. late Monday in New York. Against the Japanese currency, the dollar was trading at 93.21 yen from 93.26 yen, while the euro was fetching 126.61 yen from 126.67 yen.
CHINA
Banks led gains in Shanghai after data released by the central bank Monday showed that financial institutions on the mainland extended 510.7 billion yuan ($74.82 billion) worth of new local-currency loans in March, down from 700.1 billion yuan in February.
Shanghai’s CSI 300 Index advanced 40.24 points, or 1.2%, to 3,391.72.
Industrial & Commercial Bank of China rose 1.4%, China Citic Bank climbed 3% and Shanghai Pudong Development Bank gained 2.7%.
Other Asian currencies were mostly weaker against the dollar, pressured by weak stocks as well as eased expectations of Chinese yuan strength.
Chinese President Hu Jintao told his U.S. counterpart Barack Obama during talks Monday that letting the Chinese currency appreciate against the dollar wouldn't solve the trade imbalances between the two countries.
At a time when speculation has risen about an imminent revaluation of the yuan, Mr. Hu said a yuan revaluation wouldn't solve the unemployment problem in the U.S., either.
Elsewhere;
Korea’s Kospi index inched up 0.29 points, to 1,710.59
Singapore’s Straits Times Index slid 5.57 points, or 0.2%, to 2,971.60
Taiwan’s Taiex index fell back 88.02 points or 1.1% to 8,029.73
New Zealand’s NZX 50 Index eased 4.21 points, or 0.1%, to 3,309.93
Australia’s S&P/ASX 200 dropped 32.70 points, or 0.7%, to 4,951.60
