Asian stocks were mixed, particularly as the slump continued for stocks in Shanghai. Japanese stocks were pressured by a stronger yen against the U.S. dollar.
Many of the regional markets changed direction a few time during a choppy session, amid investor caution ahead of holidays in the U.S. and U.K., as well as the release of data on manufacturing activity later this week from various Asian countries, including China.
In Japan, the Nikkei 225 average dropped 16.97 points, or 0.2%, to 9,504.97
The drop in Shanghai didn’t stop the Hong Kong market from rising for a fifth day in a row. Hong Kong’s Hang Seng Index gained 66.25 points, or 0.3%, to 23,184.30
Shares of China Unicom Hong Kong Ltd. added 2.9% on hopes for strong subscriber additions for the company’s 3G mobile services in coming months. Internet major Tencent Holdings Ltd. added 1.4% on an upbeat earnings outlook.
Shares of some exporters were behind the decline in Tokyo as the U.S. dollar remained below the ¥81 level. Nintendo Co. receded 1.7%, while Toyota Motor Corp. dropped 0.2%.
Sony Corp. lost 2.1% after reports a Sony executive would testify before the U.S. Congress over recent cyber-attacks that compromised some customer data.
Shares of Honda Motor Co. fell 1.3% after a Nikkei news report that it won’t go ahead with a new share buy-back in order to conserve cash.
In Sydney trading, financial stocks led the fall. The sector has suffered recently, in part from downbeat views from analysts.
Shares of Commonwealth Bank of Australia fell 1.3% and Westpac Banking Corp. dropped 1.3%.
In currency trading, the U.S. dollar edged up against most major currencies amid jitters over Greece’s sovereign debt, reflecting reduced investor appetite for risky assets.
In Asian afternoon trade, the U.S. dollar was fetching ¥80.83, compared with ¥80.87 late Friday in New York. The euro, meanwhile, was buying $1.4289 U.S. from $1.4294 U.S.
CHINA
Mainland Chinese stocks finished lower for an eighth successive session Monday, unable to shake off concerns high inflation will force Beijing to introduce more policies that could result in an economic slowdown.
Shanghai’s CSI 300 Composite Index tailed off 8.80 points, or 0.3%, to 2,954.51
The drop came even as Wu Xiaoling, a former vice governor of the People’s Bank of China, said that the country should continue to tighten its monetary policy despite some signs recently of an economic slowdown.
China and some other Asian countries are also due to release their manufacturing purchasing managers’ index data for May this week.
Poly Real Estate Group Co. dropped 3.3%, Yanzhoul Coal Mining Co. gave up 2.8% and China Railway Erju Co. slid 1.6% in Shanghai trading.
Shares of PetroChina Co. added 0.1% in Shanghai.
In other markets;
Taiwan’s Taiex Index gathered 13.68 points, or 0.2%, to 8,823.68
Korea’s Kospi index fell 6.45 points, or 0.3%, to 2,093.79
Singapore’s Straits Times Index added 5.08 points, or 0.2%, to 3,140.60
New Zealand’s NZX 50 edged up 15.03 points, or 0.4%, to 3,542.99
Australia’s S&P/ASX 200 slumped 16.50 points, or 0.4%, to 4,667.50
