Asia markets declined Tuesday, with exporters and resource stocks weak after ratings agencies issued a weak assessment of European leaders’ latest plans to stem the debt crisis.
Japan’s Nikkei 225 Index faded 101.01 points, or 1.2%, to 8,552.81
In Hong Kong, the Hang Seng Index deducted 128.49 points, or 0.7%, to 18,447.20
The performance came after credit-ratings agencies Moody’s Investors Service and Fitch Ratings issued downbeat assessments on last week’s European debt-crisis summit.
Moody’s said Monday it still intends to revisit the ratings of all European Union countries during the first quarter of 2012. It also placed eight Spanish banks and two holding companies on review for possible downgrades.
Fitch said the European Union leaders’ inability to devise a "comprehensive" fix to the region’s debt crisis had intensified pressure on debt ratings of euro-area nations.
Personal computer makers and some of their suppliers were hurt after chipmaker Intel Corp. lowered its sales forecast due to supply constraints resulting from the flooding in Thailand.
Acer Inc. shed 0.9% and Quanta Computer Inc. dropped 2.2% in Taipei, while NEC Corp. fell 1.8% in Tokyo and Lenovo Group Ltd. lost 0.4% in Hong Kong.
Declining Asian exporters included Sony Corp., which fell 2.6%, and Honda Motor Co., which skidded 2.9%.
Europe-exposed clothing retailer Esprit Holdings Ltd. fell 2.8% in Hong Kong.
South Korean automakers also weakened, with Hyundai Motor Co. down 3.9% and Kia Motors Corp. off by 2.8%.
Commodity-linked stocks also weakened across Asia.
Mining heavyweights BHP Billiton Ltd. lost 1.9%, while iron-ore producer Fortescue Metals Group Ltd. shed 2.3% in Sydney trading.
Aluminum Corp. of China Ltd. declined 3%, while Jiangxi Copper Co. traded down 1.6% in Hong Kong; their Shanghai-listed stocks dropped 2.8% and 3.2%, respectively.
Shares of China Gas Holdings Ltd. soared 20.4% on news that a consortium of China Petroleum & Chemical Corp., or Sinopec, and ENN Energy Holdings Ltd. has agreed to buy the outstanding shares in the company for about $2.15 billion U.S.
Sinopec shares fell 0.4% and ENN lost 2.6%.
In other markets;
Shanghai’s CSI 300 index shed 55.76 points, or 2.3%, to 2,421.93
Taiwan’s Taiex Index moved lower 52.73 points, or 0.8%, to 6,896.31
Korea’s Kospi Index regressed 35.70 points, or 1.9%, to 1,864.06
Singapore’s Straits Times Index slid 15.98 points, or 0.6%, to 2,685.74
New Zealand’s NZX 50 Index dropped 6.72 points, or 0.2%, to 3,292.79
Australia’s S&P/ASX 200 Index lost 59.40 points, or 1.4%, to 4,193.40
