Asian stocks traded mostly lower Monday, as investors paused after pushing shares higher in the first few sessions of 2013.
In Japan, the Nikkei 225 index dipped 89.10 points, or 0.8%, to 10,599.01
In Hong Kong, the Hang Seng index lopped off 1.34 points, or 0.01%, to 23,329.75
Many Asia markets had made sharp gains for 2012, and shares started the new year with solid advances after U.S. lawmakers reached a last-minute deal to delay most of the tax increases that were scheduled to take place early January.
Many Asian metal and mining stocks had lost ground Friday following the Fed minutes, and they added to those losses Monday.
Japan’s Kobe Steel Ltd. fell 2.7% and South Korea’s Hyundai Steel Co. lost 0.9%, while Australia’s Rio Tinto Ltd. fell 1.7% after a report that the firm is mulling closing an alumina refinery.
Earnings will likely be in focus for the sector as well, with aluminum major Alcoa Inc. set to kick off the traditional opening of U.S. reporting season Tuesday.
Alcoa rival Aluminum Corp. of China Ltd. rose 0.3% in Hong Kong, but dropped 0.8% in Shanghai, while oil giant Cnooc Ltd. declined 1.2% in Hong Kong.
Hong Kong-listed banks traded mixed, with Europe-based HSBC Holdings PLC up 1.3% and Standard Chartered PLC rising 0.9%.
Japanese stocks had enjoyed recent gains thanks to the falling yen, with the Nikkei Stock Average on Friday ending at its best level since March 2011.
With the U.S. dollar falling back below ¥88 during the Monday stock session, Tokyo-listed exporters saw their early gains evaporate.
Mazda Motor Corp. fell 2.7% after trading more than 1% higher earlier in the day, while Fanuc Corp. up 3.8%, Fujitsu Ltd. lost 5.4%, and Sharp Corp. dropped 4.4%.
Softbank Corp. fell 1.9% amid reports that Clearwire Corp. is attempting to prevent Softbank’s deal to buy about 70% of Sprint Nextel Corp.
Also in Japan, Aozora Bank Ltd. tumbled 10.1% after Reuters cited unnamed sources as saying Cerberus Capital Management LP of the U.S. would sell most of its stake in the Japanese lender for some $2.3 billion U.S.
In South Korea, market heavyweight Samsung Electronics Co. fell 0.3% after China reportedly slapped a 353-million-yuan ($56.6 million U.S.) fine on six LCD panel makers — including Samsung — for price fixing.
Losses for other firms fined included drops for three Taiwan-listed names: Innolux Corp., down 5.4%; AU Optronics Corp., off 5.1%; and HannStar Display Corp, 4.7% lower.
In other markets
The Shanghai CSI 300 gained 11.58 points, or 0.5%, to 2,535.99
In Singapore, the Straits Times Index fell 6.96 points, or 0.2%, to 3,218.26
Korea’s Kospi Index subsided 0.69 points, or 0.03%, to 2,011.25
Taiwan’s Taiex Index fell off 50.90 points, or 0.7%, to 7,755.09
The NZX 50 recouped 9.80 points, or 0.2%, to 4,084.84
Australia’s ASX Index dipped 6.40 points, or 0.1%, to 4,717.32
