Most Asian markets tumbled Friday, joining a global chorus disappointed with the European Central Bank’s inaction, while weak earnings from Sharp Corp. and Sony Corp. rattled investors in Tokyo.
In Japan, the Nikkei 225 Index shed 98.07 points, or 1.1%, to 8,555.11
The Hang Seng Index in Hong Kong gave back 24.02 points, or 0.1%, to 19,666.18
Despite the day’s losses, most of the regional markets ended the week on a positive note.
The Hang Seng Index clinched a 2% gain, followed by a 1.3% advance for the Taiex, a 1.1% rise for the Kospi, a 0.3% increase for the S&P/ASX 200 and a 0.2% lift for the Shanghai Composite. The Nikkei ended the week 0.1% lower, as Friday’s losses erased gains recorded earlier in the week.
Weak earnings dealt some severe blows to stocks in Tokyo.
Shares of Sony slumped 7% after the tech-heavy conglomerate posted a wider net loss for the last quarter and cut its full-year profit guidance.
Sharp Corp. plunged 28.1% after its own ballooning loss and lowered outlook. The stock has now lost more than 71% so far in 2012.
Shares of Nomura Holdings Inc. fell 2.6% after a Nikkei news report that Japan’s financial regulator would discipline its brokerage unit later Friday, in connection with a previously reported insider-trading case.
Bucking the general market trend, Toyota Motor Corp. rose 0.7% ahead of its quarterly earnings, due out after Friday’s market close.
Exporters were sold down in Seoul on weak cues from global markets, with Hyundai Motor Co. lost 2.3% and Kia Motors Corp. gave up 3%.
A sharp drop in many commodities overnight pressured resource stocks.
Rio Tinto Ltd. and Fortescue Metals Group Ltd. tumbled 4.4% each, while Newcrest Mining Ltd. gave up 1.9%.
Shares of BHP Billiton Ltd. shed 2.3% after a $2.8-billion U.S. writedown of its U.S. shale gas assets, prompting the miners’ chief executive and head of its petroleum division to forgo their 2012 bonuses.
In Hong Kong, shares of PetroChina Co. dropped 1.8% and Jiangxi Copper Co. fell 2.3%.
CHINA
Mainland Chinese stocks ended higher, however, after the country’s financial regulator said it will cut stock-trading fees with effect from Sept. 1, according to a state-media report.
Shanghai’s CSI 300 index gained 18.86 points, or 0.8%, to 2,353.74
Hopes of more policy stimulus in China were also aided after the People’s Bank of China said it would make it will make stabilizing economic growth a bigger priority, in its quarterly monetary policy report released Thursday.
Shares of China Oilfield Services Ltd. gained 3.8%, Cosco Shipping Co. rose 1.9% and Southwest Securities Co. added 2.6% in Shanghai trading.
In other markets
Taiwan’s Taiex Index returned from holiday to slump 50.45 points, or 0.7%, to 7,217.51
Korea’s Kospi Index slipped 20.72 points, or 1.1%, to 1,848.68
Singapore's Straits Times Index gained 15.14 points, or 0.5%, to 3,051.33
New Zealand’s NZX index fell back 16.11 points, or 0.5%, to 3,548
Australia’s ASX Index dropped 48.06 points, or 1.1%, to 4,221.48
