Asian markets were lower Tuesday amid somewhat mixed news.
Markets in Japan observed a public holiday.
Hong Kong’s Hang Seng Index returned from a long weekend to shave off 87.56 points, or 0.4%, to close Tuesday at 23,633.20
Stocks in Hong Kong ended in line with the broad weakness in regional markets. Shares of merchandise trading firm Li & Fung Ltd. dropped 3.4%, China Resources Land Ltd. gave up 1.8% and China Coal Energy Co. shed 1.7%.
In Sydney, the stock market shrugged off the Reserve Bank of Australia’s (RBA) decision to keep interest rates unchanged at 4.75%.
But it was weighed down by lenders, after Australia & New Zealand Banking Group Ltd. warned its lending growth will slow as higher interest rates and the strong Australian dollar pressure on local retailers and exporters.
ANZ shares fell 2.1%, and served to pressure shares of National Australia Bank Ltd. and Commonwealth Bank of Australia by 0.8% and 0.7%, respectively.
The RBA’s remarks -- that inflation remains close to its target and that the local currency’s strength was helping to hold down consumer prices -- were less hawkish than expected. The Australian dollar fell to $1.0883 from $1.0920 U.S.
Fairfax Media Ltd. slumped 8% after the company forecast a 6.1% drop in annual operating earnings.
Resources plays were also lower in line with broad weakness in the commodities space, with BHP Billiton Ltd. dropping 1.4% and Newcrest Mining Ltd falling 1.5%.
South Korean stocks lost ground after touching a record Monday, with profit-taking hitting auto and chemical plays. Hyundai Motor Co. lost 4.9% and Hanwha Chemical Corp. tumbled 6.6%.
Posco advanced 0.2% in the downbeat market after it received Indian regulatory approval Monday for a $12-billion U.S. steel factory there.
In foreign-exchange markets, the U.S. dollar extended gains against major rivals in late afternoon trading. The single currency was fetching $1.4789 against $1.4830 late Monday in New York, and 119.77 yen versus ¥120.44. The dollar was at ¥80.97, compared with ¥81.24.
CHINA
Mainland Chinese stocks defied the trend to edge higher after a three-day weekend as monetary-tightening measures anticipated during the holiday failed to materialize.
Shanghai’s CSI 300 Composite Index pointed upwards 18.41 points, or 0.6%, to 3,211.13
China’s official Purchasing Managers Index fell to 52.9 in April from 53.4 in March. A reading above 50 indicates manufacturing activity expanded.
Ranking among the gainers, Bank of China Ltd. rose 0.9%, Anhui Conch Cement Co. added 2.3% and Chongqing Brewery Co. advanced 2.9%.
Gold miners lost ground, with Zijin Mining Group Co. falling 1.6% in Hong Kong and 2.1% in Shanghai.
In other markets;
Korea’s Kospi Index backtracked 28.23 points, or 1.3%, to 2,200.73
Singapore’s Straits Times index returned from holiday to post a loss of 26.29 points, or 0.8%, to 3,153.57
Taiwan's Taiex Index fell 61.79 points, or 0.7%, to 8,946.08
New Zealand’s NZX 50 slipped 2.75 points to 3,495.11
Australia’s S&P/ASX 200 stumbled 40.70 points, or 0.8%, to 4,784,60
