Most Asian stock markets skidded on Tuesday after a massive selloff in the U.S. Monday undermined already-fragile confidence, although a number of indexes managed to claw back some or all of the losses.
In Japan, the Nikkei 225 average toppled 153.08 points, or 1.7%, to 8,944.48
Hong Kong’s Hang Seng Index shed 1,159.87 points, or 5.7%, to 19,330.70
Japan, Korea and Taiwan ended well off their lows -- Seoul shares had in particular dropped as much as 10% earlier in the day, before sharply narrowing losses. The Kospi has now lost between 2% and 4% for six straight sessions.
Asian banks extended their heavy losses during the session after their U.S. counterparts were beaten down on Wall Street Monday.
In Hong Kong, HSBC Holdings Ltd. fell 7.3%, Standard Chartered PLC dropped 5.6% and Bank of China Ltd. lost 7.2%.
In Tokyo, Nomura Holdings Inc. skidded 3.8% and Mitsubishi UFJ Financial Group Inc. traded down 2.4%.
Korean exporters were among those hit hard by heavy foreign selling, with LG Electronics Inc losing 8.1% and Hyundai Motor Co. shrinking 2.8%.
With benchmark Nymex crude-oil futures dropping sharply and trading around $79 a barrel in electronic trading on worries about demand trends, energy and resource companies mostly struggled.
Japan’s Inpex Corp. fell 5.5% in Tokyo. In Hong Kong, Cnooc Ltd. lost 8.2% of its value, while stock in Angang Steel Co. plunged 12.7%.
However, investors circled back into some Australian resource and energy firms with Woodside Petroleum Ltd. recovering from early steep losses to finish 3% higher.
Mining giant BHP Billiton Ltd., also staging a rebound, finished 1.2% higher. Among Australian financials, National Australia Bank Ltd. rose 2.9%, and Macquarie Group Ltd. gained 2.8%.
CHINA
China’s July CPI reached a higher-than-expected 6.5%, accelerating from a 6.4% year-on-year rise in June
Shanghai’s CSI 300 Index actually improved 4.29 points, or 0.2%, to 2,798.19
Both Shanghai and Hong Kong indexes are now in a so-called bear market, having lost 20% or more from their 52-week highs recorded in November.
In other markets
Korea’s Kospi Index dipped 68.10 points, or 3.6%, to 1,801.35
Taiwan’s Taiex Index gave back 59.68 points, or 0.8%, to 7,493.12
Singapore’s Straits Times Index had the day off
New Zealand’s NZX 50 Index stumbled 87.67 points, or 2.8%, to 3,097.78
Australia’s S&P/ASX 200 Index gained 48.70 points, or 1.2%, to 4,034.80
