Most Asian markets surrendered gains to end lower during a choppy session Monday as worries about the European debt crisis and global economic outlook kept investors on edge.
In Japan, the Nikkei 225 average lost another 91.11 points, or 1%, to 8,628.13, as hopes that authorities would intervene to curb yen strength pulled the currency back from a post-war record level against the dollar, but not enough to lift shares of most exporters.
Hong Kong’s Hang Seng Index regained 86.95 points, or 0.5%, however, to 19,486.90, after a rollercoaster session. Mainland property developers skidded after China Resources Land Ltd.’s earnings didn’t measure up to some analyst expectations.
Among index heavyweight shares, HSBC Holdings PLC rose 2% to recover some recent losses, while China Mobile Ltd. added 2.9% on its inexpensive valuations and appeal as a defensive stock.
But overall gains were restricted as shares of China Resources Land tumbled 7.4% after first-half results disappointed some analysts.
The drop also hit other Chinese property developers, dragging down China Overseas Land & Investment Ltd. by 6.5% and Shimao Property Holdings Ltd. by 3.7%.
Shares of China Unicom Hong Kong Ltd. lost 4.7% after the mobile-service provider’s 3G subscriber additions in July fell short of expectations.
Data expected later on Monday is expected to show that Hong Kong's CPI jumped 8.2% from the year-ago month in July, the highest level in more than 15 years, according to a Dow Jones Newswires report. The surge is expected to be because of relief measures for public-housing rentals in the year-ago period.
Korean shipbuilders remained under selling pressure on worries about global demand, with Daewoo Shipbuilding & Marine Engineering Co. losing 4.9% and Hyundai Heavy Industries Co. shedding 4.4%.
In Tokyo, the U.S. dollar rebounded from Friday's post-war low, but continued to trade around ¥77.
Several exporters were pressured by worries the local currency would affect their earnings and on fears about the global economic outlook.
Toyota Motor Corp. and Honda Motor Co. each shed 2.5%, while Sony Corp. gave up 1%.
In the resources sector, gold miners rode higher on the back of surging prices, but several energy producers declined on weaker crude-oil prices.
Shares of Inpex Corp. dropped 3.9% in Tokyo, Woodside Petroleum Ltd. shed 1.1% in Sydney. But Newcrest Mining Ltd. climbed 1.7% in Sydney, Zhaojin Mining Industry Co. gained 0.9% in Hong Kong and Shandong Gold-Mining Co. edged 1% higher in Shanghai.
In Sydney, Bluescope Steel Ltd. shares fell 5.7% after the firm said it would close a blast furnace and abandon its export business -- and cut around 1,000 jobs -- as it swung to a fiscal-year loss
In other markets;
Shanghai’s CSI 300 Index erased 29.88 points, or 1.1%, to 2,777.79
Korea’s Kospi Index fell back 34.18 points, or 2%, to 1,710.70
Taiwan’s Taiex Index fell 30.37 points, or 0.4%, to 7,312.59
Singapore’s Straits Times Index eased back 1.82 points to 2,731.81
New Zealand’s NZX 50 Index added 6.60 points, or 0.2%, to 3,274.44
Australia’s S&P/ASX 200 Index stumbled 19.60 points, or 0.5%, to 4,082.30
