Asian share markets traded mostly lower on Wednesday as comments from U.S. Federal Reserve Chairman Ben Bernanke did little to assuage worries about U.S. economic growth for investors also fretting about the possibility of more tightening moves from China.
In Japan, the Nikkei 225 average inched up 6.51 points to 9,449.46
Hong Kong’s Hang Seng Index dove 207.04 points, or 0.9%, to 22,661.60
Bernanke said that the U.S. economy will pick up in the second half of the year. But he also admitted that the economic recovery was proving to be "uneven" and "frustratingly slow."
Bernanke’s comments followed some weak U.S. data, notably last Friday’s jobs report.
Banking giant HSBC Holdings PLC declined 0.9%, while in the Hong Kong-listed energy sector, shares of oil firm CNOOC Ltd. fell 0.2% as light sweet crude futures traded down 87 cents at $98.22 U.S. a barrel.
Australian-listed energy companies were also weak Wednesday along with oil prices, with Woodside Petroluem Ltd. shares down 2.6%.
South Korean shares were under notable selling pressure, with Hyundai Motor Co. shares down 2.7%.
The Bank of Korea said that real gross domestic product in the first quarter of 2011 rose 1.3%, compared to the previous quarter, a 0.1-percentage-point downgrade from an earlier estimate.
Japanese car makers were mixed, with Honda Motor Co., ending the day down 1.3% but Toyota Motor Co. ending the session up 0.2%.
Sony shares managed to gain as well, rising 0.3% and paring week-to-date losses to 4.3%. The firm has been the subject of hacking attacks recently, but it said online activity has returned to near-normal levels.
However, Tokyo Electric Power Co., or Tepco, dropped 7.4%. Other utilities were also pressured, with Kansai Electric Power Co., down 0.7%, and Chubu Electric Power Co. down 2.1%.
Tepco shares have had a volatile time lately after a report earlier this week that the firm faces massive fiscal-year losses sparked worries about possible bankruptcy. Tepco is the operator of the disaster-crippled Fukushima Daiichi nuclear-power plant, where workers are still struggling to control radiation.
Fortescue Metals Group Ltd. shares gained 1.9% in Sydney after Morgan Stanley upgraded the firm to overweight, with the broker saying that the firm’s share price is discounting long-term production of around 130 million tons per annum, compared to the broker’s forecast of 150 mtpa and guidance of 155 mtpa, "implying the stock is undervalued."
In other markets;
Shanghai’s CSI 300 Index picked up 4.39 points, or 0.2%, to 3,008.65
Korea’s Kospi Index eased 16.36 points, or 0.8%, to 2,083.35
Taiwan’s Taiex Index faded 49.57 points, or 0.6%, to 9,007.53
Singapore’s Straits Times Index retreated 12.97 points, or 0.4%, to 3,102.98
New Zealand’s NZX 50 Index regained 19.78 points, or 0.6%, to 3,525.39
Australia’s S&P/ASX 200 dipped 29.50 points, or 0.7%, to 4,536.80
