Hong Kong and Shanghai stocks both posted solid losses on Thursday, amid investor anxiety over an "intensifying" economic slowdown in China as the nation’s premier lowered the nation’s growth target to about 7% for this year.
In Japan, the Nikkei 225 index reacquired 48.24 points, or 1.1%, to 18,751.84
The Hang Seng Index fell 272.34 points, or 1.1%, to 24,193.04, the biggest daily drop in a month. The benchmark index has fallen for three days in a row.
In Hong Kong, market movers included mainland automaker Brilliance China Automotive Holdings Ltd. tumbling 3.9%, state-owned Bank of Communications Co., Ltd., skidding 2.2%, energy giants PetroChina Co. Ltd. and China Petroleum & Chemical Corporation Ltd. both shedding 1.6%, and developer China Resources Land Ltd., losing 1.3%.
Hong Kong retailer dropped further, with cosmetic chain operator Bonjour Holdings Ltd. leading losses with a 5.8% slide.
The yen weakened versus the U.S. dollar to ¥119.81, compared with ¥119.71 late Wednesday in New York.
CHINA
The Shanghai CSI 300 sifted off 34.18 points, or 1%, to 3,496.34
China set 2015’s gross domestic product growth target at about 7%, down from last year’s level of "about 7.5%", Premier Li Keqiang said Thursday in his government work report at the opening of the annual parliamentary session
In other markets
The Taiex index in Taiwan lost 26.64 points, or 0.3%, to 9,595.09
In Singapore, the Straits Times Index shed 20.26 points, or 0.6%, to 3,395.27
The Kospi index in Korea inched up 0.09 points to 1,998.38
In New Zealand, the NZX 50 retreated 17.31 points, or 0.3%, to 5,856.77
The S&P/ASX index regrouped 2.57 points to 5,904.16
