Japanese stocks fell further on Tuesday, hit by rising concerns over radioactive leaks from the Fukushima nuclear plant
The Nikkei 225 Index slipped 19.45 points, or 0.2%, to 9,459.08
Hong Kong’s Hang Seng Index moved backward 7.83 points, to 23.060.40
Investors continued to digest news of a setback in resolving the nuclear crisis after Tokyo Electric Power & Co., or Tepco, said that plutonium had been detected in samples of soil taken from the compound of the stricken Fukushima Daiichi nuclear plant.
Investors were nervous about a report in the Yomiuri Shimbun, which cited multiple government sources as saying that Tokyo was considering temporarily nationalizing Tepco to facilitate its reconstruction. A government spokesman, however, said in a televised press conference that no government entity was studying any plan to nationalize the company.
Tepco shares still slumped another 15% to end at 566 yen ($6.93 U.S.), their lowest on record.
In Taiwan, Acer Inc. continued its slide and fell 6.9% as more brokers downgraded the stock after the world’s second largest personal-computer maker by shipment revised down its first-quarter revenue guidance Friday.
Acer’s weak performance stoked fears that other PC makers may also revise down their profit and revenue guidance in the near term. Compal Electronics Inc. lost 2.6% in Taipei, while Lenovo Group Ltd. rose 1% in Hong Kong.
In Australia, uranium producers were lower on Japan’s worsening nuclear crisis and the weakness in their U.S. peers Monday. Energy Resources of Australia Ltd. dropped 3.7% and Extract Resources Ltd. gave up 5.1%.
Woodside Petroleum Ltd. rose 1.1% after The Australian Financial Review reported that the company was working with long-term advisers -- Credit Suisse and Grant Samuel -- to consider a potential deal with BHP Billiton Ltd. BHP Billiton gained 0.6%. Spokespersons for Woodside and BHP Billiton declined to comment on the report.
JB Hi-Fi Ltd. surged 7.4% after announcing a 170-million-Australian-dollar ($174.3 million U.S.) off-market share buyback.
In foreign exchange markets, the euro rose against the U.S. dollar and the Japanese yen, supported by hawkish comments from European Central Bank chief Jean-Claude Trichet. Trichet expressed concern about the potential for "inflation rates that maintain sustainably above of the definition of price stability in the euro zone."
The reiteration of his hawkish stance puts the focus back on the prospect of an April interest rate hike from the ECB. The euro was at $1.4127 U.S., from $1.4087 U.S. in late New York trade Monday, and at ¥115.43 from ¥115.12. The dollar was at ¥81.71 from ¥81.67.
CHINA
Some Chinese banks continued their rally in a choppy market in Shanghai after the sector’s earnings season got off to a bright start last week
The Shanghai CSI 300 Index gave back 32.59 points, or 1%, to 3,257.98.
China Merchants Bank Co. rose 0.6% and Agricultural Bank of China Ltd. added 0.7%.
In other markets;
Taiwan’s Taiex Index regrouped 43.51 points, or 0.5%, to 8,596.57
Korea’s Kospi Index gained 15.74 points, or 0.8%, to 2,072.13
Singapore’s Straits Times Index tailed off 0.43 points, to 3,056.95
New Zealand’s NZX 50 improved 13.14 points, or 0.4%, to 3,421.19
Australia’s S&P/ASX 200 tacked on 22.20 points, or 0.5%, to 4,755.80
