Hong Kong shares fell Thursday on concerns about Chinese policy tightening and amid a selloff in energy stocks after a decline in crude-oil prices.
Japan’s Nikkei 225 Index dropped 12.18 points, or 0.1%, to 10,605.70
Hong Kong’s Hang Seng Index plummeted 455.41 points, or 2%, to 22,708.60
Leading the decline in Hong Kong, shares of Bank of East Asia fell 3.6% and conglomerate Hutchison Whampoa skidded 3.6%.
Energy-sector shares also skidded after crude-oil prices fell overnight in New York, with PetroChina Co. falling 3% and Cnooc shedding 1.8%.
Japanese stocks succumbed to profit taking ahead of a three-day weekend.
Asahi Glass Co. dropped 1.9% following disappointing earnings, while Nissan Motor Co. fell 2.8% on profit taking although the auto maker raised its full-year-earnings forecasts.
Toyota Motor Corp. added 2.9% following a Nikkei report that the auto maker would join with Mitsui & Co and Sollers, a major Russian auto maker, to assemble passenger cars in Vladivostok.
Pioneer Corp. gained 0.5% on solid earnings and its announcement of a new tie-up with Taiwan’s Asia Optical to produce digital cameras in Brazil.
Gains in Sydney were led by bourse operator ASX, which climbed 4.7% on news about stock market consolidations offshore.
On Wednesday, shares of London Stock Exchange Group PLC and TMX Group rose after the LSE agreed to merge with the Toronto Stock Exchange owner, while NYSE Euronext shares rose 14% as Deutsche Boerse AG said it is in advanced merger talks with the U.S. exchange.
The news fuelled hopes the Australian government will approve the proposed merger between Singapore Exchange and ASX. Singapore Exchange shares rose 0.7%. However, Hong Kong Exchanges & Clearing slumped 4.9% in the downbeat market, after the company said it hasn’t identified any significant alliance opportunities, according to a Dow Jones Newswires report.
Shares of Telstra Corp. fell 0.4% in Sydney after the telecommunications giant reported a 36% drop in first-half net profit.
In foreign-exchange markets, the euro fell against the U.S. dollar after solid gains on Wednesday. It was at $1.3650 U.S. from $1.3733 U.S. in late New York trade on Wednesday, and buying 112.88 yen, from ¥113.08. The dollar was at ¥82.70 from ¥82.36.
CHINA
Chinese shares rebounded from the previous day’s losses, with automobile stocks soaring on strong January sales, and as banks attracted buyers on hopes rate increases may improve incomes.
Shanghai’s CSI 300 Index actually moved ahead 63.21 points, or 2.1%, to 3,104.16.
Automobile shares led the gains after some companies announced strong January sales numbers and General Motors Co. said Wednesday that its January sales in China rose 22% from a year earlier to a record 268,071 vehicles.
Shares of SAIC Motor Corp. jumped by the day’s 10% limit in Shanghai, while FAW Car Co. soared 8.6% in Shenzhen.
Banks and insurance companies advanced. China Construction Bank Corp. gained 1% and China Life Insurance Co. rose 1.4%.
In other markets;
Taiwan’s Taiex Index tanked 170.26 points, or 1.9%, to 8,836.56
Korea’s Kospi Index sank 37.08 points, or 1.8%, to 2,008.50
Singapore’s Straits Times Index fell 47.17 points, or 1.5%, to 3,103.39
New Zealand’s NZX 50 slid 20.61 points, or 0.6%, to 3,365.87
Australia’s S&P/ASX 200 grew 9.60 points, or 0.2%, to 4,914.40
