Asian stocks fell, pacing the largest drop in U.S. stocks since November amid concern over valuations.
Japan’s Nikkei 225 index returned from a long weekend to take a pounding of 489.66 points, or 3.1%, to 15,422.40
Hong Kong’s Hang Seng Index dropped 97.48 points, or 0.4%, to 22,791.28
Great Wall Motor Co., China’s number-one maker of sport utility vehicles, plunged 12% in Hong Kong after delaying the introduction of its Haval H8 model for three months to address technical deficiencies. Honda Motor Company, a Japanese carmaker that gets 47% of sales in North America, lost 3.5% Dainippon Sumitomo Pharma Co. fell 7.7% in Tokyo.
Japan’s current-account deficit widened to a record in November as imports climbed, data showed today. The yen snapped a three-day gain after touching a three-week high against the dollar yesterday.
Pacific Century Premium Developments Ltd., the property unit of billionaire Richard Li’s PCCW Ltd., surged 25% to HK$3.83 after saying it’s in advanced talks to sell an office, retail and residential complex in Beijing.
In other markets;
Shanghai’s CSI 300 index regained 19.17 points, or 0.9%, to 2,212.85
Korea’s Kospi index eased 2.85 points, or 0.2%, to 1,946.07
Taiwan’s Taiex Index retreated 18.06 points, or 0.2%, to 8,548.14
The Singapore Straits Times Index docked 11.74 points, or 0.4%, to 3,123.75
In New Zealand, the NZX 50 subtracted 34.24 points, or 0.7%, to 4,865.15
In Australia, the S&P/ASX 200 faded 80.03 points, or 1.5%, to 5,212.05
