Asian stock markets fell on Thursday as overnight losses on Wall Street inspired some profit-taking, with weaker commodity prices placing extra pressure on resource-related firms.
In Tokyo, the Nikkei 225 Index eased back 90.39 points, or 1%, to end Thursday at 8,682.15
In Hong Kong, the Hang Seng Index stumbled 326.12 points, or 1.8%, to 17,983.10
Concern over the U.S. economy following the release of the Federal Reserve’s Beige Book and ongoing uncertainty over Europe’s debt troubles helped to send U.S. stocks lower Wednesday.
Asia markets picked up on the downbeat sentiment Thursday, as many firms with large global exposure saw their shares fall. Sharp Corp. dropped 2.1% in Tokyo, while Li & Fung Ltd. surrendered 2.8% in Hong Kong, and Brambles Ltd. finished down 2.9% in Sydney.
Resource shares were among the worst performers for the region, as metals and crude-oil futures declined.
Aluminum Corp. of China Ltd. fell 4.9%, and Zhaojin Mining Industry Co. slid 7.8% in Hong Kong.
In Sydney, Rio Tinto Ltd. -- which also announced a $576 million Canadian acquisition -- lost 3.4%, and BHP Billiton Ltd. traded down 2.5%.
Gold producer Newcrest Mining Ltd. fell 6.4% after the company said that it produced 16% less gold during its fiscal first quarter, while cash costs rose 10%.
Energy companies were similarly weak as benchmark Nymex crude-oil futures fell. Cnooc Ltd. shares were down 3% in Hong Kong, Japan Petroleum Exploration Co. ended down 3.1% in Tokyo, and Woodside Petroleum Ltd. lost 4.2% in Sydney after confirming it plans to close a key gas rig earlier than planned.
Ongoing flooding in Thailand has resulted in production suspensions for some firms, keeping pressure on shares of Japanese auto maker Honda Motor Co., which ended down 3%, and camera maker Nikon Corp., down 3.5%.
Samsung Electronics Co. climbed 2.4%, with Citigroup analysts saying that they rate the chip maker as a buy in a neutral-rated technology sector, and that, following significant share-price corrections, "the risk-reward appears to be to the upside."
The Korean firm may also have gotten a boost from a report out Thursday that Japan’s Panasonic Corp. will scale down its television business in reaction to a strong currency and competition from overseas. Panasonic shares ended with a 1.1% gain.
In other markets;
Shanghai’s CSI 300 index slipped 62.55 points, or 2.4%, to 2,520.53
Taiwan’s Taiex Index lost 109.05 points, or 1.5%, to 7,244.32
Korea’s Kospi Index went south 50.83 points, or 2.7%, to 1,805.09
Singapore’s Straits Times Index gave back 26.20 points, or 1%, to 2,694.01
New Zealand’s NZX 50 Index erased 10.26 points, or 0.3%, to 3,289.77
Australia’s S&P/ASX 200 Index subtracted 68.80 points, or 1.6%, to 4,144.90
