Mainland Chinese shares tumbled on Tuesday to lead most major Asian markets down as investors disappointed by a lack of monetary policy easing sold down stocks across the board.
In Japan, the Nikkei 225 Index sank 11.68 points, or 0.1%, to 8,917.52
In Hong Kong, the Hang Seng Index faded 10.75 points, or 0.1%, to 20,699.20.
Australian shares skidded lower after the central bank there surprised markets by leaving its policy rate unchanged against widespread expectations of a reduction, while Japanese stocks were pressured by some weak earnings reports. The Reserve Bank of Australia left its policy rate unchanged at 4.25%.
In Hong Kong, Chinese property, coal mining and banking stocks lost ground, with Agile Property Holdings Ltd. slumping 4.7%, China Coal Energy Co. down 2% and Bank of China Ltd. falling 1.2%.
In Sydney, miners were among those hurt after the RBA’s decision to remain steady on interest rates, with Rio Tinto Ltd. down 1.8% and Fortescue Metals Group Ltd. down 1.9%.
Shares of National Australia Bank Ltd. sank 4% and investment bank Macquarie Group Ltd. gave up 0.8% after issuing updates that fell short of expectations.
National Australia Bank missed analysts’ expectations with a 7.7% rise in first-quarter cash earnings, and also said it will undertake a strategic review of its U.K. operations given difficult operating conditions faced by the unit. Macquarie shares dropped after the firm forecast a worse-than-expected 25% fall in full-year profit due to tough trading conditions.
Hearing loss device maker Cochlear Ltd. outperformed, with shares surging 7.6%. The firm delivered a first-half loss of A$20.4 million ($21.87 million U.S.), hit by provision costs relating to a recall.
Sentiment in Asia was also bruised by a lack of resolution in Greek debt talks.
Concerns that Greece may be at a rising risk of a messy default drained investor confidence and pushed U.S. markets lower on Monday. Greek political leaders have yet to agree on austerity measures required to secure the next round of bailout funds, with reports saying negotiations will resume Tuesday.
In Tokyo, earnings reports pressured some firms. Suzuki Motor Corp. lost 1.8% after posting a profit slide of just under 5% during the April-December period.
Also hit by earnings related news, Dainippon Screen Manufacturing Co. shed 7.1%.
Shipping stocks rose to support the broader market after last year’s hefty losses. Mitsui O.S.K. Lines Ltd. rose 2.2% and Nippon Yusen K.K. added 2.4%.
Nippon Telegraph & Telephone Corp. inched up 0.1%, finding buyers after recent losses, despite posting a 56% quarterly profit decline.
In Seoul, shares of Samsung Electronics Co. added 1.8% and Hyundai Heavy Industries Co. climbed 0.7% on foreign buying interest to support the broader market.
CHINA
Tight liquidity conditions and the absence of a reduction in bank reserve requirement ratio pressured stocks on mainland bourses.
The Shanghai CSI 300 dumped 46.37 points, or 1.9%, to 2,457.95
Air China Ltd, down 4.1%, Anhui Conch Cement Ltd., 3.2% lower and Harbin Pharmaceutical Group Co., off 3.1%, were among the notable decliners in Shanghai, where losses where widespread.
In other markets;
Taiwan’s Taiex Index reacquired 19.46 points, or 0.3%, to 7,707.44
Korea’s Kospi Index gained 8.46 points, or 0.4%, to 1,981.59
Singapore’s Straits Times Index added 17.68 points, or 0.6%, to 2,957.78
New Zealand’s NZX 50 Index returned from a long weekend to inch up 2.92 points, or 0.1%, to 3,315.14
Australia’s S&P/ASX 200 Index sidled back 21.78 points, or 0.5%, to 4,274.20
