Most Asian markets fell Thursday on profit-taking after recent gains, with Chinese stocks suffering a sharp drop on concern about the weakening economy, while Hong Kong shares ended higher after a choppy trading session.
Japan’s Nikkei 225 Index loosed 24.37 points, or 0.3%, to close the session at 9,079.80
The Hang Seng Index in Hong Kong regained 99.38 points, or 0.5%, to 19,809.13
Shares of many Chinese heavyweights found buying support in Hong Kong trading, with ICBC rising 0.2%, China Life climbing 2.7% and PetroChina Co. adding 0.8%.
Those advances helped offset China Coal Energy Co.’s 0.3% and China Resources Land Ltd.’s 0.5% drop after strong gains recently.
Meanwhile, many energy sector shares were sold down in other parts of Asia after oil futures pulled back from a recent rally.
In Tokyo, Inpex Corp. dropped 1.2%, Oil Search Ltd. fell 1.6% and Woodside Petroleum Ltd. gave up 0.7% in Sydney.
Shares of BlueScope Steel Ltd. sank 4.6% in Sydney, after the firm said it had will pay a 21.2 million Australian dollar ($21.8 million U.S.) charge to the Australian Tax Office, pending the outcome of a dispute.
Aquila Resources Ltd. shot up 3.4% after the Nikkei reported Japanese trading company Sumitomo Corp. would acquire a 50% interest in an Australian coal mine from Aquila for A$442 million. Shares of Sumitomo eased 0.4% in Tokyo.
Osaka Securities Exchange Co. added 1.1% after Japanese regulators approved its proposed merger with Tokyo Stock Exchange. Shipping-related firms lent support in Seoul, with Daewoo Engineering & Construction Co. rising 1% and Hyundai Heavy Industries Co. gaining 0.4%.
However, shares of Hyundai Motor Co. lost 0.9% and affiliate Kia Motors Corp. shed 0.5% as their labor unions moved closer to a strike.
Shares of sports-apparel firm Li Ning Co. jumped 7.3% in Hong Kong after the company announced a new three-year transformation plan, including the replacement of its chief executive with the company’s founder.
CHINA
Chinese markets proved among the region’s worst performers, amid concerns that a slew of data due next week might offer more evidence of a slowdown in the mainland economy. The drop followed Tuesday’s reports of lackluster growth in June lending figures at the nation’s top four banks.
Shanghai’s CSI 300 index slid another 34.55 points, or 1.4%, to 2,430.39
Barclays economists said they expect Chinese consumer prices to rise 2.1% in June, slowing sharply from a 3% increase in May, and for the country’s second-quarter gross domestic product to slow to 7.5% from the year-ago period, versus 8.1% in the first quarter.
While losses were spread across a number of sectors in Shanghai, notable decliners included Qingdao Haier Co., down 4.3%, Haitong Securities Co. 4.2% lower, and Anhui Conch Cement Co., off 3.7%.
The day’s drop came even as some large-capital stocks outperformed the broad market. Energy giant PetroChina Co. rose 0.2%, Industrial & Commercial Bank of China Ltd. gained 0.3%, Poly Real Estate Group Co. added 1.8% and China Life Insurance Co. climbed 1.8%.
In other markets
Korea’s Kospi Index gained 1.04 points to 1,875.49
Singapore's Straits Times Index added 22.70 points, or 0.8%, to 2,971.47
Taiwan’s Taiex Index gave back 34.81 points, or 0.5%, to 7,387.78
New Zealand’s NZX index inched forward 1.08 points to 3,484.20
Australia’s ASX Index slipped 2.96 points, or 0.1%, to 4,169.19
