Asian stocks moved off opening losses Thursday, with many indexes finishing in positive territory, though the Hong Kong market ended solidly lower as European debt concerns depressed financials.
Japan’s Nikkei 225 Index regained 16.47 points, or 0.2%, to 8,479.63
In Hong Kong, the Hang Seng Index dropped another 143.43 points, or 0.8%, to 18,817.50
Hong Kong took another session of losses, as the European uncertainties kept banks in check.
Industrial & Commercial Bank of China Ltd. ended down 1.5%, Bank of China Ltd. fell 2.6%, China Merchants Bank Co. lost 3.1%, and Agricultural Bank of China Ltd. dropped 1.7%.
Some Hong Kong-listed property stocks also took sharp falls, with China Resources Land Ltd. dropping 4.1% and Agile Property Holdings Ltd. falling 2.3%.
Among other Hong Kong decliners, Europe-exposed Esprit Holdings Ltd. lost 6.1%. The stock fell sharply in the previous session after it was removed from the MSCI Hong Kong Index, and Thursday’s move brought its month-to-date losses to just under 21%.
Asia-listed shares had been hit this week by further worries about Europe’s debt crisis expanding to other members of the euro zone, as bond yields for some nations rose.
U.S. stocks dropped sharply on Wednesday after ratings firm Fitch warned of trouble for U.S. banks should Europe’s debt trouble worsen.
Technology firms were among the notable gainers in much of Asia. Shares of Hynix Semiconductor Inc. rose 3.8% in Seoul after it and U.S. peer Micron Technology Inc. won a price-fixing suit filed against them by Rambus Inc.
TDK Corp. jumped 8.8% in Tokyo after signing a supply deal with Western Digital Corp.
Also in Japan, Sharp Corp. rose 3.9%, and Advantest Corp. added 3.1%, while Seoul-listed LG Display Co. finished 3.1% higher.
Resources saw gains as well, with Japanese energy major Inpex Corp., up 1.2%, and Japan Petroleum Exploration Co., rising 3.6%, as benchmark Nymex crude-oil futures traded over the key $100-U.S. a-barrel mark.
In Australia’s key mining sector, BHP Billiton Ltd. climbed 1.1%, and rival Rio Tinto Ltd. rose 0.6%.
In other markets;
Shanghai’s CSI 300 index let go of 8.10 points, or 0.3%, to 2,662.02
Taiwan’s Taiex Index took on 0.29 points to 7,387.81
Korea’s Kospi Index gained 20.60 points, or 1.1%, to 1,876.67
Singapore’s Straits Times Index dipped 29.19 points, or 1%, to 2,778.25
New Zealand’s NZX 50 Index lopped off 0.69 points to 3,280.74
Australia’s S&P/ASX 200 Index regained 10.80 points, or 0.3%, to 4,258.20
