Asian shares declined on Wednesday, with the Nikkei pressured by exporters such as Toyota Motor Corp. and Canon Inc. while Hong Kong's benchmark slipped ahead of futures expiration on Thursday.
In Tokyo, Nikkei 225 index shed 216.83 points, or 1.20 percent, on the Tokyo Stock Exchange to 17,849.28 while in Hong Kong, the blue chip Hang Seng Index fell 98.01 points, or 0.45 percent, to 21,705.56.
The market was under selling pressure as weaker commodity prices and investor concerns about geopolitical risk over energy projects in Russia and Venezuela took their toll on export-import companies such as Mitsui & Co. and Marubeni Corp.
Mitsui dropped 3.59 percent to 2,420 yen (US$19.67) and Marubeni fell 3.24 percent to 985 yen (US$8.01). Trading house shares were sold due to overnight falls in raw materials prices. Further pressure from Moscow over a liquefied natural gas project on Sakhalin Island, plus rumblings in Venezuela that U.S. oil firms relinquish majority stakes in two major oil projects sent their shares lower.
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MANILA: Philippine shares plunged to a two-week low Wednesday ahead of the U.S. Federal Reserve's meeting on interest rates that could affect the local economy. The benchmark 30-company Philippine Stock Exchange Index lost 69.91 points, or 1.9 percent, at 3,587.21, after rising 0.1 percent Tuesday. It hit a record close last week.
SHANGHAI: Chinese shares rose Wednesday as investors sought bargains among recently oversold companies, but trading was lukewarm after reports said the government might end an interest tax for bank savings. The benchmark Shanghai Composite Index gained 2.7 percent to 4,078.60. The Shenzhen Composite Index also rose 2.7 percent, to 1,176.39.
TAIPEI: Taiwan shares fell slightly on Wednesday amid weakness in regional markets. The Weighted Price Index of the Taiwan Stock Exchange dropped 21.53 points, or 0.2 percent, to close at 8844.22 points on normal volume. It was the second straight losing session in Taipei after it hit a seven-year high Monday.
With files from wire services
