Asian stocks ended mostly lower Tuesday to start the new month on a relatively downbeat note, with many commodity-sector firms and steel makers posting notable losses.
In Tokyo, the Nikkei 225 Index slipped 152.87 points, or 1.7%, to finish Tuesday at 8,835.52
In Hong Kong, the Hang Seng Index plummeted 494.91 points, or 2.5%, to 19,370
Resource-related firms were pressured amid some weakness for commodity prices, with shares of BHP Billiton Ltd. down 2.7%, and Rio Tinto Ltd. lower by 3% in Sydney.
Aluminum Corp. of China Ltd. lost 5.5%, and energy major Cnooc Ltd. fell 4.3% in Hong Kong.
Also weighing on sentiment were a pair of Chinese manufacturing surveys -- one from HSBC and another sponsored by China’s government -- showing slow growth for the sector, with the government version coming in well below analysts’ forecasts.
But some economists said that the poor result in the official manufacturing Purchasing Managers Index was likely due to fewer working days in October, with Morgan Stanley analysts writing that "the underlying momentum is not as bad as the headline indicated."
Steel makers took a further hit after credit-rating firm Standard & Poor’s downgraded debt for Korean steel giant Posco to A- from A with a negative outlook.
"Posco’s results in the third quarter of 2011 were below our expectations, and we forecast a further deterioration over the next 12 months, based on signs of slowing demand for steel and a rise in competitive pressures," S&P said.
Posco shares lost 2.1% in Seoul, and Japanese steel makers were weak as well, with JFE Holdings Inc. down 3.6% and Nippon Steel Corp. lower by 1.9%.
Banks lost ground in Hong Kong, with HSBC Holdings PLC down 3.9%, China Merchants Bank Co. losing 7.8%, and Bank of Communications Co. gave up 5.3%
Fresh worries about Europe’s debt crisis surfaced Monday when Greece’s prime minister said that a referendum will be held on the latest aid proposals for the country.
Earnings results drove some share moves in Japan, where Honda Motor Co. outperformed the broader market with a flat finish after posting a quarterly profit drop which nevertheless broadly matched analyst forecasts.
Toshiba Corp. advanced 1.4%. The firm’s quarterly net profit fell 19%, constrained by weaker markets and a stronger yen, but the firm stuck to its fiscal-year outlook.
Panasonic Corp. retreated by 5.1% after it swung to a fiscal second-quarter loss and cut its full-year forecast.
Some Korean exporters put in a strong performance, helping the Kospi to outperform many of its regional peers. Shares of Samsung Electronics Co. rose 2.3%, while Hynix Semiconductor Inc. climbed 4.6%, and Hyundai Motor Co. advanced 2%.
In other markets;
Shanghai’s CSI 300 index inched ahead 2.23 points, or 0.1%, to 2,697.53
Taiwan’s Taiex Index progressed 34.32 points, or 0.5%, to 7,622.01
Korea’s Kospi Index edged up 0.60 points to 1,909.63
Singapore’s Straits Times Index dropped 66.42 points, or 2.3%, to 2,789.35
New Zealand’s NZX 50 Index squeezed up 0.21 points to 3,332.77
Australia’s S&P/ASX 200 Index deducted 65.20 points, or 1.5%, to 4,232.90
