Asian markets slumped Thursday, with resource-sector shares suffering hefty losses a day after commodity prices plunged on mounting fears about euro-zone debt troubles.
Japan’s Nikkei 225 Index deducted 141.76 points, or 1.7%, to 8,377.37
In Hong Kong, the Hang Seng Index plummeted 327.59 points, or 1.8%, to 18,026.80
Concern about Asia’s economic health also contributed to the selloff after data showing manufacturing activity weakened in China, while the Bank of Japan’s quarterly tankan survey showed worse-than-forecast conditions for large manufacturers.
The declines in Asia followed a third straight session of losses for U.S. stocks, as fears about Europe’s debt crisis persisted, and as the euro sank to an 11-month low. Gold and crude-oil were sold off sharply.
Commodity-linked stocks were among the worst performers across the region. In Sydney, BHP Billiton Ltd. fell 1.8% and Rio Tinto Ltd. lost 2.8%; in Hong Kong, energy majors Cnooc Ltd. and PetroChina Co. lost 4.6% and 3%, respectively; and Korea Zinc Co. tumbled 8.8% in Seoul.
Gold miners also suffered, as gold futures extended their fall in electronic trading during Asian hours.
Hong Kong-listed Zhaojin Mining Industry Co. shed 8.2%, and Newcrest Mining Ltd. lost 2.9% in Sydney.
The stock debuts for Chow Tai Fook Jewellery Group Ltd. and New China Life Insurance Co. did poorly in Hong Kong. The stocks tumbled 8% and 9.8%, respectively, from their respective initial public offering prices.
Earlier on Thursday, the Bank of Japan’s key tankan quarterly survey of business sentiment showed a sharper-than-expected deterioration in conditions for larger manufacturers.
Exporters were hit again, with Pioneer Corp. sinking 5.1%, and Casio Computer Co. dropping 3.5% in Tokyo; in Seoul, Hyundai Motor Co. dropped 2.6%, and Kia Motors Corp. shed 2%.
Shares in Olympus Corp. plunged 20.8% in Tokyo on worries about its low equity-capital ratio.
The firm said it aims to hold an extraordinary shareholders meeting in March or April, with the board under pressure in the wake of the accounting fraud which concealed large losses.
CHINA
A preliminary reading of HSBC’s China Purchasing Managers’ Index showed the level of activity at mainland Chinese factories contract further in December, though the rate of decline was slower than that in November.
Shanghai’s CSI 300 index fell 56.69 points, or 2.4%, to 2,340.79
Shandong Gold-Mining Co. slumped 7.4% in Shanghai
In other markets;
Taiwan’s Taiex Index turned downward 157.98 points, or 2.3%, to 6,764.59
Korea’s Kospi Index subtracted 38.64 points, or 2.1%, to 1,819.11
Singapore’s Straits Times Index skidded 37.14 points, or 1.4%, to 2,635.25
New Zealand’s NZX 50 Index dropped 20.95 points, or 0.6%, to 3,263.19
Australia’s S&P/ASX 200 Index stumbled 50.70 points, or 1.2%, to 4,139.80
