Most Asian stocks fell Thursday on worries that high crude-oil prices driven by the Libyan political crisis would fuel inflation and stifle economic growth.
The Nikkei 225 index in Tokyo dropped yet another 126.39 points, or 1.2%, to close at 10,452.70
Hong Kong’s Hang Seng Index collapsed 305.86 points, or 1.3%, to 22,601.
The broad losses came after April crude-oil futures topped $100-U.S.-a-barrel overnight in New York.
A violent struggle for power in oil-rich Libya has boosted crude-oil prices recently, prompting concerns that the economic recoveries in the U.S. and Europe could get derailed, and potentially hurt Asian growth.
In Japan, the market continued to push lower, weighed by the Mideast crisis and a stronger yen. Honda Motor Co. dropped 1.4% and Sony Corp. fell 1.5%.
Tobu Railway Co. slumped 12.1% and Toyobo Co. sank 8.8% — both on dilution concerns. Tobu said Wednesday it will raise up to ¥93.20 billion ($1.14 billion U.S.) via equity financing and Toyobo was looking to raise ¥18.72 billion by issuing new shares to overseas investors.
Bridgestone Corp. fell 3.6% on concerns about rising crude prices and the firmer yen.
Measuring-instrument maker Anritsu was down 5.6% after electronics maker NEC Corp. said it will lower its stake in the company. NEC fell 1.3%.
CSK Corp. soared 14.6% on news Sumitomo Corp. and a subsidiary will conduct a tender offer to buy a majority stake in the information-service company. Sumitomo Corp. was down 2.7%.
In Sydney, BHP Billiton dropped 1.3% following weakness in copper prices on the London Metals Exchange.
Origin Energy shed 3.5% on disappointing first-half earnings, and after it downgraded full-year earnings. Pacific Brands and Transpacific Industries Group shed 10.9% and 7.4%, respectively, on disappointing earnings.
Airline stocks continued to drop across the region on worries high fuel costs would hurt earnings. All Nippon Airways fell 1.6% in Tokyo, Qantas Airways lost 3.3% in Sydney and Cathay Pacific Airways slid 1.4% in Hong Kong; in afternoon trade, Singapore Airlines fell 1.4%.
In Taipei, shares of Inotera Memories Inc. rose 1.6%, China Airlines gained 3.3% and EVA Airways Corp. added 1.4% on bargain buying after a string of losses recently. All three stocks are still down at least 15% so far in February.
In foreign-exchange markets, the Libyan crisis kept the Swiss franc well supported on its safe-haven appeal. The U.S. dollar dropped to a new record low against the Swiss franc, below the CHF0.9301 level marked in December. The dollar was more recently buying CHF0.9281, after touching CHF0.9264 earlier.
CHINA
Oil-linked plays supported the market in China.
The Shanghai CSI 300 Index gained 16.19 points, or 0.5%, to 3,190.94.
Heavyweight PetroChina Co. rose 0.7%. Coal firms also gained on expectations of higher coal prices on the back of stronger oil prices; China Shenhua Energy Co. added 2.1% and China Coal Energy Co. rose 1.9%.
In other markets;
Taiwan’s Taiex Index tacked on 12.70 points, or 0.2%, to 8,541.64
Korea’s Kospi Index sifted off 11.75 points, or 0.6%, to 1,949.88
Singapore’s Straits Times Index slipped 28.77 points, or 1%, to 2,973.08
New Zealand’s NZX 50 dipped 3.72 points, or 0.1%, to 3,368.35
Australia’s S&P/ASX 200 gave back 36.60 points, or 0.8%, to 4,809.30
