Most Asian share markets traded with sizeable losses Wednesday after a poor manufacturing survey from China added to worries about the trajectory of global growth.
Japanese markets had the day off
In Hong Kong, the Hang Seng Index tumbled 387.16 points, or 2.1%, to 17,864.40
Further adding to the downbeat sentiment, the U.S. revised its third-quarter economic growth lower Tuesday, from 2.5% to 2.0%, helping send U.S. stock indexes to losses.
Against this background of global economic concerns, banks traded weaker in Hong Kong, with Industrial & Commercial Bank of China Ltd. down 2.8%, Bank of Communications Co. lower by 3.8%, Agricultural Bank of China Ltd. losing 4.1%, and Bank of China Ltd. falling 2.9%.
Australian financials also lost ground, with National Australia Bank Ltd. dropping 3.3%, and Macquarie Group Ltd. ending 2.6% lower.
Resource shares suffered, as commodity prices fell, with oil, platinum and copper futures all lower in electronic trading.
In Hong Kong, Jiangxi Copper Co. fell 3.8%, Cnooc Ltd. traded down 3.2%, and Aluminum Corp. of China Ltd. lost 4.1%.
Miners were the worst performers in Australia, with Rio Tinto Ltd. losing 3.4%, BHP Billiton Ltd. falling 3.1%, and Fortescue Metals Group Ltd. surrendering 6.1%.
In Hong Kong, shares of PCCW Ltd. fell 3.3% after it priced an initial public offering of its telecom trust at the bottom of its price range.
Over in Seoul, Hyundai Steel Co. dropped 5.9% after Moody’s revised the company’s ratings outlook to negative, while Hynix Semiconductor Inc. retreated 6%, Samsung Electronics Co. fell 2.9%, and Woori Finance Holdings Co. finished down 3.3%.
CHINA
On Wednesday, HSBC issued the preliminary "flash" version of its monthly China manufacturing Purchasing Managers Index, which fell to a contractionary reading of 48.0, compared to a mildly expansionary 51.0 last month.
Shanghai’s CSI 300 index dropped 40.63 points, or 1%, to 2,676.57
In other markets;
Taiwan’s Taiex Index erased 193.60 points, or 2.8%, to 6,803.43
Korea’s Kospi Index let go of 43.18 points, or 2.4%, to 1,783.10
Singapore’s Straits Times Index shed 40.63 points, or 1.5%, to 2,676.57
New Zealand’s NZX 50 Index gained 16.40 points, or 0.5%, to 3,268,67
Australia’s S&P/ASX 200 Index skidded 82 points, or 2%, to 4,051
