Many major Asian equity markets swung between small gains and losses Thursday, although Japanese shares took a sizeable drop as investors returning from a holiday caught up on global developments.
Japan’s Nikkei 225 Index returned from holiday to dump 149.36 points, or 1.8%, to 8,165.18
In Hong Kong, the Hang Seng Index, on the other hand, regained 70.67 points, or 0.4%, of what it had lost in the last few days, to 17,935.10
Asian shares have been under broad selling pressure this week, as investors reacted to heightened concerns about Europe’s debt crisis and its potential impact on global economic growth.
On Wednesday, a German 10-year government bond auction failed to reach a 6 billion euro ($8.2 billion U.S.) target, which, along with a poor manufacturing survey from China, helped send European and U.S. stocks lower.
U.S. markets were due to close for the Thanksgiving holiday on Thursday.
Tokyo saw losses for some of its blue-chip exporters, with Hitachi Ltd. down 2.5%, Fujitsu Ltd. lower by 2.6%, and Nintendo Co. retreating 4.3%.
But shares of Olympus Corp. jumped 17.3%, with the firm now planning to release its delayed interim earnings report on Dec. 14, according to FactSet, in a move that could save its shares from delisting.
Olympus has admitted covering up past losses, and its former chief-executive-turned-whistleblower Michael Woodford returned to Japan on Wednesday and was due to meet with regulators.
Retailers were among the major decliners in Australia, with David Jones Ltd dropping 5.4% after stating that its first-quarter sales dropped by just over 11%.
Rival Myer Holdings Ltd. finished 3.3% lower.
CHINA
China’s central bank confirmed Wednesday it had lowered the reserve requirement ratio for six rural banks in Zhejiang province, although it said that the action wasn’t part of a wider policy move.
Shanghai’s CSI 300 index inched up 4.90 points, or 0.2%, to 2,588.92
However, some Chinese property developers reacted strongly to the move on hopes that more easing will allow them to access more credit, according to some experts.
Mainland Chinese real-estate firms gaining ground in Hong Kong included China Overseas Land & Investment Ltd., up 5.6%; Agile Property Holdings Ltd., surging 13.3%; and China Resources Land Ltd., higher by 4.3%.
Many Chinese banking stocks also finished the day higher, with Agricultural Bank of China Ltd. up 2.6%, and Industrial & Commercial Bank of China Ltd. rising 1%.
In other markets;
Taiwan’s Taiex Index restored 57.96 points, or 0.9%, to 6,864.39
Korea’s Kospi Index reacquired 11.96 points, or 0.7%, to 1,795.06
Singapore’s Straits Times Index edged up 0.58 points to 2,677.15
New Zealand’s NZX 50 Index slid 27.57 points, or 0.8%, to 3,241.10
Australia’s S&P/ASX 200 Index skidded 6.80 points, or 0.2%, to 4,044.20
