Most Asian markets ended lower Wednesday, with Chinese shares dragged down on worries about the nation’s slowing economic growth and high inflationary pressures.
In Japan, the Nikkei 225 average settled 54.29 points, or 0.6%, to 9,422.88
Hong Kong’s Hang Seng Index gained 16.50 points, or 0.1%, to 22,747.30
Japanese heavy-machinery makers, which export to China, were also pressured by the weakness in the Shanghai market. Komatsu Ltd. was off 1.6% and Hitachi Construction Machinery Co. dropped 2.2%.
Worries over Chinese demand for commodities resulted in a weak debut in Hong Kong for shares of Swiss commodities trading giant Glencore International PLC. The stock finished 2.5% below its initial public offering of 66.53 Hong Kong dollars ($8.50 U.S.) per share.
Gains for some Japanese car makers restricted losses in Tokyo, after the Nikkei reported that Toyota Motor Corp. planned to bring back domestic auto production next month to as much as 90% of targets set before the March 11 earthquake, citing swift improvements in parts supplies. It also reported that the car maker now hopes to normalize production earlier than its previous November or December forecast.
Toyota rose 2.2%, also driving increases in shares of other car makers. Nissan Motor Co. rose 1.3%, while Denso Corp., a major Toyota supplier, gained 0.2%.
South Korean car makers also outperformed the broad market in Seoul, with Hyundai Motor Co. ending unchanged and its affiliate Kia Motors Corp. slipping 0.3%, less than the broad market’s decline.
Worries over disruption to parts supply eased after union-worker protests at a key supplier, Yoosung Enterprise, were ended by riot police late Tuesday. Yoosung on Wednesday said part of its halted engine production has resumed.
In foreign-exchange markets, the euro fell against the U.S. dollar and the Japanese yen as weaker stock markets may have weighed on the euro, although traders were unable to point to a specific trigger.
The euro was at $1.4043 U.S. from $1.4100 U.S. in late New York trade Tuesday, and at 115.34 yen from ¥115.55. The dollar was at ¥82.12 from ¥81.96.
CHINA
Shanghai’s CSI 300 Composite Index softened 35.88 points, or 1.2%, to 2,990.34
On Chinese bourses, China State Construction Engineering Corp. slid 1.9% and China Construction Bank Corp fell 1.2% in Shanghai, while ZTE Corp. fell 3% in Shenzhen.
In other markets;
Taiwan’s Taiex Index regressed 29.52 points, or 0.3%, to 8,727.09
Korea’s Kospi index gave back 25.89 points, or 1.3%, to 2,035.87
Singapore’s Straits Times Index inched ahead 5.56 points, or 0.2%, to 3,118.65
New Zealand’s NZX 50 slid 5.19 points, or 0.2%, to 3,554.36
Australia’s S&P/ASX 200 erased 44.10 points, or 1%, to 4,584.70
