Japanese shares fell Monday as high levels of radioactivity hindered work to control the nuclear fallout from the damaged Fukushima Daiichi power facility, while Hong Kong and Taiwanese stocks lost ground after some earnings reports fell short of estimates.
The Nikkei 225 Index backpedaled 57.60 points, or 0.6%, to 9,478.53, as repair crews at the troubled nuclear power facility struggled to make headway amid news that radioactivity levels in a pool of water inside one of the buildings had reached 100,000 times the normal level.
Hong Kong’s Hang Seng Index dipped 90.48 points, or 0.4%, to 23.068.20
The nuclear developments in Japan, as well as political unrest in the Mideast and North Africa, and the loss for German Chancellor Angela Merkel’s party in Sunday’s regional elections, kept investors cautious.
Shares of Tokyo Electric Power Co. owner of the stricken nuclear plant, tumbled another 17.7% to take its losses so far in March to more than 67%.
Japan Tobacco Inc. lost 0.6% after the company said Friday it will halt shipments from March 30 to April 10, due to difficulty in procuring materials following the massive March 11 earthquake and tsunami.
Several exporters also declined, finding little support despite a weakened yen, with Advantest Corp. sinking 4.9% and Sony Corp. falling 1.3%. But some car makers rose, with Nissan Motor Co. gaining 3.5% as it restarted production.
Hong Kong stocks were pressured by shares of China Construction Bank Corp. and refining giant China Petroleum & Chemical Corp., which lost 2.3% and 2%, respectively, after both reported 2010 earnings that missed some analyst expectations.
Shares of BOC Hong Kong Holdings Ltd. rose 1.8% a day after the Hong Kong lender said it will reverse a loss provision of about three billion Hong Kong dollars ($385 million U.S.), out of the total HK$4 billion losses it suffered in 2009 and 2010 on investments linked to Lehman Brothers Holdings’s financial derivatives.
Technology shares weighed on Taiwanese shares after Acer Inc. cut its revenue outlook for the first quarter of 2011. The computer maker said Friday that it expects revenue to drop 10% in the first quarter of this year, from the fourth quarter, due to sluggish demand in European and U.S. markets. Acer’s stock tumbled 6.9%, while Asustek Computer Inc. fell 5.7%.
Australian shares were held back by caution over the nuclear problems in Japan, with uranium stocks losing ground. Paladin Energy Ltd. dropped 2.6% and Energy Resources of Australia Ltd. gave up 2.9%.
Aquarius Platinum Ltd. lost 6.9% on Zimbabwe’s plans to force companies to sell 51% of local assets to indigenous people. Aquarius said late Friday it was in discussions with authorities to find a way to comply with the law after receiving notice it has 45 days to submit a plan to the government.
The euro slipped to $1.4071 U.S. from $1.4088 U.S. late Friday in New York, but recovered against the Japanese currency, buying 114.98 yen recently, from ¥114.62. The dollar was buying ¥81.75, compared with ¥81.32.
CHINA
Chinese stocks advanced, driven by hopes for strong corporate earnings.
The Shanghai CSI 300 Index gave back 3.91 points, or 0.1%, to 3,290.57.
Chinese banks helped Shanghai shares move higher, on expectations for strong earnings from five major banks due to release their annual reports this week.
Agricultural Bank of China Ltd. rose 0.7% and Industrial & Commercial Bank of China Ltd. gained 0.9%.
In other markets;
Taiwan’s Taiex Index fell 13.46 points, or 0.7%, to 8,553.06
Korea’s Kospi Index inched up 2.35 points, or 0.1%, to 2,056.39
Singapore’s Straits Times Index tailed off 13.46 points, or 0.4%, to 3,057.38
New Zealand’s NZX 50 improved 19.44 points, or 0.6%, to 3,408.05
Australia’s S&P/ASX 200 slid nine points, or 0.2%, to 4,733.60
