Japanese and Korean shares extended their recent losses Wednesday, with foreign selling reportedly high, but gains for resource shares lifted the Australian market.
In Tokyo, the Nikkei 225 Index faded 73.14 points, or 0.9%, to 8,382.98
Stock markets around the world have come under pressure in recent session over concerns surrounding the finances of Europe’s governments and banks. But on Tuesday, U.S. shares saw a sharp, late-day turnaround on reports of possible capital injections for euro-zone lenders.
But selling returned shortly after the Asian open, with experts saying more concrete measures out of Europe would be needed to support Asian shares.
Japanese financials traded mostly lower, with Sumitomo Mitsui Financial Group Inc. losing 2.3%, Nomura Holdings Inc. down 1.1%, and Daiwa Securities Group Inc. falling 3.4%.
Tokyo-listed exporters with large exposure to Europe were also down, as Sony Corp gave up 1.8%, Toshiba Corp. surrendered 2.3%, and Hitachi Ltd. dropped 2.2%.
In Korea, shipbuilders -- often sensitive to global-growth concerns -- helped lead the losses with Hyundai Mipo Dockyard Co. down 6.1% and STX Offshore & Shipbuilding Co. falling 7%.
Many Korean construction shares suffered even heavier losses, with GS Engineering & Construction Co. plunging 14.9% and Samsung Engineering Co. down 10.1%.
But a rally in commodities lifted the resource-heavy Australian market. Miners BHP Billiton Ltd. and Fortescue Metals Group Ltd. rose 3.8% and 4.7% respectively, while energy major Woodside Petroleum Ltd. closed with a 4.1% gain.
Among other Asian movers Wednesday, shares of Fast Retailing Co. dropped 4% in Tokyo on Wednesday after the owner of the Uniqlo clothing chain said that its September same-store sales fell 10.7% from a year earlier.
But retailer Seven & I Holdings Co. gained 5.1% after reporting a rise in second-quarter profit and hiking its outlook for the year.
Apple Inc.’s confirmation that KDDI Corp. would sell the new iPhone 4S in Japan failed to help its shares, which traded down 0.9%, though the news hurt rival Softbank Corp. -- previously the exclusive provider of Japanese iPhones -- with its shares dropping 4.4%.
In other markets;
Hong Kong markets were shuttered Wednesday, and those in mainland Chinese remained closed for a week-long holiday.
Taiwan’s Taiex Index dipped 58.72 points, or 0.8%, to 6,989.15
Korea’s Kospi slid 39.67 points, or 2.3%, to 1,666.52
Singapore’s Straits Times Index hesitated 2.31 points, or 0.1%, to 2,528.71
New Zealand’s NZX 50 Index moved higher by 7.73 points, or 0.2%, to 3,328.12
Australia’s S&P/ASX 200 Index regained 54.40 points, or 1.4%, to 3,926.50.
