Most Asian stocks fell Monday as concerns mounted over European debt troubles and global economic growth, with resource producers hurt as prices of several commodities declined.
Sentiment in regional markets was dimmed by Wall Street’s drop on Friday amid heightened worries over Greece’s debt crisis.
In Japan, the Nikkei 225 average slumped 90.47 points, or 0.9%, to 9,558.30
Hong Kong’s Hang Seng Index erased 315.64 points, or 1.4%, to 22,960.60.
The shocking arrest over the weekend of International Monetary Fund Managing Director Dominique Strauss-Kahn in New York for the alleged sexual assault of a hotel maid added to the uncertainty. The IMF head was due to participate in a crucial meeting of euro-zone finance ministers in Brussels later in the global day.
In Tokyo, the market continued to struggle in the aftermath of the Fukushima Daiichi nuclear-energy crisis. Data showing stronger-than-expected machinery orders for March failed to buoy sentiment given worries about the outlook following the devastating natural disasters in March.
Utility plays fell on concerns the group will be saddled with more compensation payments in the wake of Tokyo Electric Power Co.’s acknowledgement Sunday that a partial meltdown occurred at the No. 1 reactor at its Fukushima nuclear-power plant sooner than previously suspected.
Tepco fell 7.3%, Chubu Electric Power Co. gave up 4.5% and Tohoku Electric Power Co. slid 5.4%.
Banks were pressured further by uncertainty on whether a Japanese government rescue plan for Tepco will force banks to grant some form of a debt waiver for the utility. The drop came as several lenders on Friday posted quarterly results and issued fiscal-year forecasts that were in line with, or exceeded, market expectations.
Sumitomo Mitsui Financial Group Inc. lost 2.1% and Mizuho Financial Group Inc. slipped 1.5%.
Several energy and base metals stocks lost ground on weakened commodity prices, further weighed by a U.S. dollar that was firm much of the Asian trading session.
Shares of Woodside Petroleum Ltd. fell 1.3% and BHP Billiton Ltd. dropped 1.8% in Sydney, Inpex Corp. lost 3.1% in Tokyo. Aluminum Corp. of China Ltd. and PetroChina Co. skidded 4.1% and 2.1% in Hong Kong, and 1.1% and 0.7% in Shanghai, respectively.
Nymex June crude-oil futures were down 92 cents at $98.73 U.S. on Globex. Spot gold was at $1,496.10 U.S. per troy ounce, up 90 cents from its New York settlement Friday.
Also in Sydney, Whitehaven Coal Ltd. tumbled 12.4% on news the company has broken off negotiations with potential buyers.
Westpac Banking Corp., which was trading ex-dividend, lost 4.3%. Leighton Holdings Ltd. rose 3% after reiterating earnings guidance.
In currency markets, there were some worries that Strauss-Kahn’s arrest could delay important agreements at a planned meeting of euro zone finance ministers later in the global day.
The euro fell as low as $1.4046 U.S. during the session, before retracing lost ground; it was recently fetching $1.4122 U.S. from $1.4122 U.S. late in New York trade Friday, and buying 114.13 yen from ¥114.14. The dollar was at ¥80.81 from ¥80.84.
In other markets;
Shanghai’s CSI 300 Composite Index lost 27.63 points, or 0.9%, to 3,100.46
Taiwan’s Taiex Index staggered 94.90 points, or 1.1%, to 8,911.71
Korea’s Kospi index sifted off 15.90 points, or 0.8%, to 2,104.18
Singapore’s Straits Times index subtracted 27.20 points, or 0.9%, to 3,136.48
New Zealand’s NZX 50 recovered 8.08 points, or 0.2%, to 3,543.87
Australia’s S&P/ASX 200 dropped 61.40 points, or 1.3%, to 4,650
