Asia markets closed mostly lower on Friday, with energy and banking stocks notable decliners, as ongoing concerns over Europe’s debt crisis kept investors sidelined.
Japan’s Nikkei 225 Index dropped 5.17 points to end the week at 8,160.01, near a 2 ½-year low.
In Hong Kong, the Hang Seng Index, stumbled yet again, falling 245.62 points, or 1.4%, to 17,689.50
U.S. markets were closed Thursday for the Thanksgiving holiday but European stocks ended on a weak note after leaders of the euro-zone’s three biggest nations ruled out calling on the European Central Bank to intervene and help tackle region’s sovereign debt crisis.
German Chancellor Angela Merkel again criticized calls for the issuance of euro-bonds, and a ratings agency downgrade for Portugal damaged sentiment, while Hungary was also issued with a debt-rating late Thursday.
Energy and financial stocks were among the worst performers in Asia at the end of the week.
Hong Kong-listed Cnooc Ltd. dropped 1.8%. Oil Search Ltd. declined 2.2% in the Sydney session, while Woodside Petroleum Ltd. sank 5.8% after delivering disappointing production guidance for fiscal 2012.
Property stocks also dragged in Hong Kong, with China Resources Land Ltd. down 2.8% and Sino Land Ltd. losing 2.6%.
In the financial sector, Sydney-listed Macquarie Group Ltd. shed 2.5%, China Merchants Bank Ltd. fell 2.6% and Bank of Communications Ltd. lost 2% in Hong Kong and Tokyo-listed Shinsei Bank Ltd. fell 5.2%.
But strength for some exporters limited losses in a choppy Tokyo session, with the dollar trading over the 77 yen-mark.
Nikon Corp. added 3%, Mitsubishi Motors Corp. rose 3.4% and Fujifilm Holdings Corp. gained 1.5%.
Shares in Olympus Corp. surged 7.7%, extending a rise of 17% in the previous session. The stock has been highly volatile in recent weeks after the firm admitted covering up past investment losses.
Korean exporters didn’t fare as well, with Kia Motors Corp. down 5.2% and Hyundai Motor Ltd. off by 3.8%.
In other markets;
Shanghai’s CSI 300 index fell 18.94 points, or 0.7%, to 2,569.97
Taiwan’s Taiex Index plunged 79.87 points, or 1.2%, to 6,784.52
Korea’s Kospi Index gave back 18.66 points, or 1%, to 1,776.40
Singapore’s Straits Times Index faded 33.22 points, or 1.2%, to 2,643.93
New Zealand’s NZX 50 Index slid 28.82 points, or 0.9%, to 3,212.27
Australia’s S&P/ASX 200 Index skidded 59.90 points, or 1.5%, to 3,984.30
