Stocks in Tokyo were dented Tuesday by a firmer yen while Chinese shares in Hong Kong fell as skepticism emerged around hoped-for stimulus measures.
Japan’s Nikkei 225 gave up Monday’s gains, shedding 52.11 points, or 0.4%, to 14,423.19, as the Japanese currency strengthened slightly against the U.S. dollar, trading at ¥102.23 from ¥102.25 late Monday in New York.
The Hang Seng Index in Hong Kong dipped 114.13 points, or 0.5%, to 21,732.32, following worse-than-expected Chinese manufacturing data. Stocks tied to the country’s so-called old economy--such as oil and bank sectors--were the strongest gainers.
Economists at Reorient Financial Markets in Hong Kong warned investors Tuesday against expecting an intervention from the Chinese government to tackle slowing growth
Cosco Pacific Ltd. and Yashili International Holdings Ltd. slid after their earnings missed estimates. Sekisui House Ltd. dropped 1% after saying it found defects in a Tokyo residential complex being built by Taisei Corp. Tingyi (Cayman Islands) Holding Corp. rose 2.2% in Hong Kong after UBS AG upgraded the noodle maker.
Tongda Group Holdings Ltd., a maker of casings for notebook computers, slumped 9.5% to HK$1.15 in Hong Kong after selling 600 million new shares.
Bank of Japan data released Tuesday showed Prime Minister Shinzo Abe is having trouble getting Japanese corporations to put their large cash piles to work in the economy. Currency and deposits held by private-sector companies excluding financial firms as of the end of December were up 6.4% from a year earlier at ¥222 trillion ($2.17 trillion U.S.).
In other markets;
The Shanghai Shenzhen CSI 300 slipped 2.11 points, or 0.1%, to 2,174.44
In Taiwan, the Taiex jumped 83.92 points, or 1%, to 8,689.30
Singapore’s Straits Times Index retreated 7.66 points, or 0.3%, to 3,104.17
Korea’s Kospi Index fell 4.30 points, or 0.2%, to 1,941.25
The New Zealand Exchange 50 index forged upward 12.08 points, or 0.2%, to 5,130.70
In Australia, the S&P/ASX 200 moved down 10.27 points, or 0.2%, to 5,336.63
