Asia’s major stock markets traded mostly lower on Thursday, with concerns over the U.S. economy back in focus after a cautious outlook from Federal Reserve Chairman Ben Bernanke.
In Japan, the Nikkei 225 average eased 32.69 points, or 0.3%, to 9,596.74
Hong Kong’s Hang Seng Index dropped 100.83 points, or 0.5%, to 21,759.10
Asian shares had gained over the previous two sessions as the threat of a Greek sovereign default appeared to ease.
However, optimism evaporated somewhat Thursday, after Bernanke said that some factors driving the recent slowdown in the U.S. economy may persist into 2012.
In Tokyo, some export-focused tech shares were under pressure in the wake of the Bernanke comments, with Elpida Memory Incoff by 2.2% and Toshiba Corp. falling 2.5%.
Nintendo Co. dropped 4.4%, and Renesas Electronics Corp. gave up 1.1%.
Hong Kong-listed bank shares were likewise mostly lower, with HSBC Holdings PLC down 0.9%, Industrial & Commercial Bank of China Ltd. losing 1.4%, and China Construction Bank Corp. falling 2%.
Among the minority of Hong Kong gainers, Henderson Land Development Co. jumped 2.6% in the wake of recent share purchases by its chairman, Lee Shau Kee. Similarly, Cheung Kong Holdings Ltd. rose 0.4%, and Hutchison Whampoa Ltd. added 0.3% after the two firms’ own chairman, Li Ka-shing, also bought more shares.
On the data front, HSBC released a preliminary reading of its gauge of Chinese manufacturing activity, which fell to an 11-month low of 50.1 in June, compared to 51.6 in May.
In Sydney trading, shares in telecom heavyweight Telstra Ltd. gave up 2.3%, helping pressure the broader Australian market.
The firm announced Thursday it signed an $11.6-billion U.S. deal with the Australian federal government as part of plans to create a national broadband network.
CHINA
With slowing growth making tighter monetary policy in China less urgent, some interest-rate-sensitive issues rose sharply in Shanghai.
Shanghai’s CSI 300 Index moved higher 49.05 points, or 1.7%, to 3,044.72
Property major China Vanke Co. gained 3.5%, while Bank of China Ltd. ended 2.3% higher, even as its Hong Kong shares fell 0.5%.
In other markets;
Korea’s Kospi Index slid 8.04 points, or 0.4%, to 2,055.86
Taiwan’s Taiex Index subtracted 53.76 points, or 0.6%, to 8,567.28
Singapore’s Straits Times Index eked up 1.89 points to 3,044.72
New Zealand’s NZX 50 Index regained 4.35 points, or 0.1%, to 3,461.81
Australia’s S&P/ASX 200 Index deducted 32.10 points, or 0.7%, to 4,500.50
