Most Asia markets closed lowed Friday after Greece approved a long-awaited austerity agreement, but international backers called for ratification of the reforms before more bailout funds would be released.
In Japan, the Nikkei 225 Index dropped 55.07 points, or 0.6%, to end the week at 8,947.17
In Hong Kong, the Hang Seng Index dumped 226.15 points, or 1.1%, to 20,783.90
Greece secured a long-awaited austerity agreement Thursday that was expected to lead to a new round of international aid. This, along with a dip in U.S. jobless claims, supported modest gains on Wall Street.
But European finance ministers refused to sign off on a second aid package for Greece until the parliament approved the austerity undertakings and economic reforms.
The ministers were scheduled to meet next Wednesday and expected to approve the rescue funds, provided Greece has taken the necessary steps.
Financials were mostly softer across Asia following the latest Greek crisis news.
In Hong Kong, Agricultural Bank of China Ltd. dropped 3.4%, Bank of Communications Co. slumped 5.1%, while China Citic Bank Corp. and Ping An Insurance Group Co. each surrendered 2%.
Among Tokyo-listed banks, Sumitomo Mitsui Financial Group Inc. fell 2.4%, Mitsubishi UFJ Financial Group Inc. dropped 2.8% and Daiwa Securities Group Inc. lost 2.1%.
Japanese auto makers were weaker. Toyota Motor Corp. fell 2.2%, Honda Motor Co. lost 1.8%, and Suzuki Motor Corp. declined 1.1%.
However, shares of Toshiba Corp. rose 1.5% on news the U.S. has approved construction of its first new nuclear plant in some three decades, with Toshiba’s Westinghouse Electric subsidiary set to build the plant.
In Seoul, Samsung Electronics Co. declined 2%, LG Electronics Inc. slumped 3.9%, and Hyundai Motor Co. dropped 1.1%.
Meanwhile, stock in Alibaba.com Ltd. remained suspended Friday in Hong Kong, with a Reuters report saying the company’s parent firm planned to take it private
In Sydney, major miners were notable decliners. BHP Billiton Ltd. and Rio Tinto Ltd. both slumped 2.3% after the latter posted a sharp drop in annual profit late Thursday.
Newcrest Mining Ltd. climbed 0.6% after the gold miner reported a 50% jump in first-half profit due to stronger gold prices.
Energy plays notched sharp losses in Hong Kong, as Nymex crude oil futures slipped in electronic trading.
China Oil & Gas Group Ltd. dropped 5.5%, and PetroChina Co. fell 1.9%
CHINA
China’s trade surplus widened more than expected in January amid a sharp drop in imports, although analysts cautioned against alarm, saying the data may reflect holiday-related distortions rather than deterioration in underlying economic trends.
The Shanghai CSI 300 eked ahead another 4.39 points, or 0.2%, to 2,533.62
In other markets;
Taiwan’s Taiex Index settled back 48.51 points, or 0.6%, to 7,862.27
Korea’s Kospi Index shed 20.91 points, or 1%, to 1,993.71
Singapore’s Straits Times Index lost 21.17 points, or 0.7%, to 2,960
New Zealand’s NZX 50 Index added 21.40 points, or 0.6%, to 3,348.13
Australia’s S&P/ASX 200 Index backpedaled 37.54 points, or 0.9%, to 4,245.33
