Most Asian markets fell Monday as caution prevailed ahead of this week’s Greek parliamentary vote on austerity measures, with energy stocks shrinking on weaker oil prices and some banks dropping on concern about a harsher regulatory climate.
In Japan, the Nikkei 225 average dumped 100.40 points, or 1%, to 9,578.31
Hong Kong’s Hang Seng Index slumped 130.18 points, or 0.6%, to 22,041.80
The world’s top central bankers said after a meeting over the weekend that larger, systemically important banks should carry an extra capital buffer. That weighed on some regional banks, due to fears about the possible impact on the world’s major lenders.
HSBC Holdings PLC, fell 1.5% in Hong Kong, Commonwealth Bank of Australia gave up 1.3% in Sydney and KB Financial Group Inc. shed 1.4% in Seoul.
Some Japanese banks came off their early weakness, however, with Mitsubishi UFJ Financial Group Inc. ending little changed, while Sumitomo Mitsui Financial Group Inc adding 0.2%.
Analysts at Deutsche Bank said that Japan’s three largest banks were likely to comply with the stricter capital norms by 2019, without having to issue new capital.
Tech firms trading in the red in Tokyo included Sony Corp., down 2.1%, and Elpida Memory Inc., trading 2% lower. In Seoul, Samsung Electronics Co. dropped 2%. Inotera Memories Inc. slid 3.7% and Taiwan Semiconductor Manufacturing Co. shed 1.2% in Taipei.
The losses in Tokyo came amid concern that the Bank of Japan’s quarterly tankan survey, to be released Friday, was likely to show a sharp deterioration in business sentiment.
Meanwhile, a drop in crude-oil prices sent energy shares downward. Japan Petroleum Exploration Co. lost 2.4% and Inpex Corp. lost 1% in Tokyo. Cnooc Ltd. slipped 1.3% in Hong Kong, and Santos Ltd. was down 2.5% in Sydney.
Some regional airlines also gained on the lower oil prices, with Air China Ltd. jumping 5% and China Eastern Airlines Corp. advancing 4.4% in Hong Kong, Jet Airways India Ltd gaining 0.9% and Qantas Airways Ltd. adding 1.9% in Sydney
In other markets;
Shanghai’s CSI 300 Index moved higher 9.02 points, or 0.3%, to 3,036.49
Korea’s Kospi Index slipped 20.52 points, or 1%, to 2,070.29
Taiwan’s Taiex Index subtracted 32.67 points, or 0.4%, to 8,500.16
Singapore’s Straits Times Index faltered 18.57 points, or 0.6%, to 3,048.28
New Zealand’s NZX 50 Index declined 17.52 points, or 0.5%, to 3,438.08
Australia’s S&P/ASX 200 Index fell 46.30 points, or 1%, to 4,461.80
