Asian stocks on Friday saw further losses in the wake of a global equity selloff but they finished off their worst levels of the session as a Group of 20 promise to help stabilize Europe’s financial system gave a slight boost.
Markets in Japan had the day off
In Hong Kong, the Hang Seng Index continued its collapse, fading 243.12 points, or 1.4%, to 17,668.80
The region’s fall extended a global stock selloff, including heavy losses Thursday in Asia and subsequent drops in Europe and the U.S., where the Dow Jones Industrial Average plunged 3.5%.
However, most Asian markets pared losses moderately after finance ministers and central bank governors of the Group of 20 major economies said that they would work together to try to end to the latest financial crisis engulfing Europe
Hong Kong property stocks in particular pared recent steep losses, with China Resources Land Ltd. rallying 3.9%, and China Overseas Land & Investment Ltd. up 2.6%.
However, commodity firms were hard-hit on Friday amid concerns about global growth after a series of weak economic data this week.
In Hong Kong, Angang Steel Co. fell 3.7% and Aluminum Corp. of China Ltd., or Chalco, dropped 5.6%, while Jiangxi Copper Co. ended 2% lower.
Australian resource giant BHP Billiton Ltd. fell 3%, and rival Rio Tinto Ltd. lost 3.8%.
Also in Sydney, iron-ore producer Fortescue Metals Group Ltd. fell 9.3%, while Murchison Metals Ltd. sank by 8.9%.
South Korean stocks fell hard as the country’s export-focused economy is particularly exposed to expectations for global economic growth.
Samsung Heavy Industries Co. fell 8.9%, and Daewoo Shipbuilding & Marine dropped 10.5%, and Hanjin Heavy Industries & Construction Co. plunged 14.9%, while Hyundai Heavy Industries Co lost 8.1%
In other markets;
Shanghai’s CSI 300 Composite Index dropped 16.21 points, or 0.6%, to 2,669.48
Taiwan’s Taiex Index retreated 259.28 points, or 3.6%, to 7,046.22
Korea’s Kospi Index sank 103.11 points, or 5.7%, to 1,697.44
Singapore’s Straits Times Index stepped back 21.73 points, or 0.8%, to 2,698.80
New Zealand’s NZX 50 Index slid 29.57 points, or 0.9%, to 3,282.71
Australia’s S&P/ASX 200 Index dumped 61.70 points, or 1.6%, to 3,903.20
