Asian shares fell sharply Tuesday, with steel makers among the top decliners, following global peers lower on growth concerns.
In Japan, the Nikkei 225 Index faltered another 60.96 points, or 0.6%, to 9,637.63
In Hong Kong, the Hang Seng Index capsized 459.06 points, or 2.2%, to 20,806.20
With global growth back under the spotlight, commodity-linked firms weakened in Asian trading, after many key resource prices moved lower overnight.
In Australia, BHP Billiton Ltd. and Rio Tinto Ltd. lost 2.3% apiece.
Japanese oil majors declined, with JX Holdings Inc. down 1.2%, and Inpex Corp. lower by 0.9%.
In Hong Kong, Aluminium Corp. of China Ltd. fell 5.3%, while Jiangxi Copper Co. lost 4.8% and PetroChina Co. fell 2.3%.
Asia-Pacific steel firms under pressure included OneSteel Ltd, down 3.4% in Australia, while in Seoul, Posco shares were down 3.4% and Hyundai Steel Co. lost 1.8%.
Japanese steel maker Kobe Steel Ltd. fell 3.8% after the firm said that it won’t pay a term-end dividend due to challenging trading conditions. Rival JFE Holdings Inc. declined 3.1%, and over in Hong Kong, Angang Steel Co. fell 7.6%.
Shares exposed to global trade also suffered Tuesday. Hong Kong-listed ports operator Cosco Pacific Ltd. fell 5.1%, while Seoul-listed shipping firm STX Pan Ocean Co. lost 4.6%.
Among Japanese shippers, Mitsui O.S.K. Lines Ltd. dropped 2.8%, while Kawasaki Kisen Kaisha Ltd. fell 3.8%, and Nippon Yusen K.K. dropped 2.5%.
Back in Hong Kong, AIA Group Ltd. tumbled 8.4% as shares resumed trading after news that American International Group Inc. had sold off shares in the insurer.
Other Hong-Kong listed insurance firms were also under pressure, with Ping An Insurance (Group) Co. and China Life Insurance Co. both down 3.7%.
Mazda Motor Corp. climbed 2.3% after the firm set the price late Monday for a share offering that’s expected to raise $1.8 billion U.S.
In other markets;
The Shanghai CSI 300 fell 41.65 points, or 1.6%, to 2,621.05
Korea’s Kospi Index dipped 15.70 points, or 0.8%, to 2,000.36
The Taiex index in Taiwan gave back 66.77 points, or 0.8%, to 7,937.97
Singapore’s Straits Times Index let go of 59.79 points, or 2%, to 2,932.01
New Zealand’s NZX 50 Index bucked the trend and improved 14 points, or 0.4%, to 3,401.83
Australia’s S&P/ASX 200 Index jettisoned 58.23 points, or 1.4%, to 4,204.73
