Stocks in Asia mostly fell Wednesday after weaker-than-expected economic data in the U.S. shook investors’ confidence in a recovery there, and put pressure on shares in South Korea in particular.
In Tokyo, the Nikkei 225 index took on 35.10 points, or 0.2%, to 20,472.58, bucking the trend in its ninth straight session of gains.
Traders said a lower yen has kept shares of Japanese exporters attractive and the market at 15-year highs. By the close of Tokyo Stock Exchange trading, the U.S. dollar was changing hands at 122.97 yen, after hitting a nearly eight-year high of ¥123.32 Tuesday.
In Hong Kong, the Hang Seng Index slipped 168.65, or 0.6%, to 28.081.21, even through growth in China’s industrial profits in April turned positive for the first time since September
In Hong Kong, shares of Milan Station slumped 46%, the latest in a series of sudden, sharp drops recently suffered by a handful of companies, including solar-equipment maker Hanergy Thin Film Power Group listed in the city.
Milan, a seller of handbags and secondhand luxury goods, disclosed Monday that chairman and controlling shareholder Yiu Kwan Tat sold a 16.6% stake in the company. Milan said Wednesday that it didn’t know why shares fell
The losses were in part a reaction to the U.S., where stocks overnight suffered their largest one-day loss in weeks after the release of reports showing weaker-than-expected home prices and demand for manufactured goods.
CHINA
The Shanghai CSI 300 fell 17.56 points, or 0.3%, to 5,181.43
Turnover in Shanghai and Shenzhen markets surpassed two trillion yuan ($322 billion U.S.) for a second day, reflecting the still-increasing amount of interest from Chinese locals. The number of newly opened A-share accounts grew 10.1% last week.
In other markets
In Korea, the Kospi index fell 36 points Wednesday, or 1.7%, at 2,107.50
In Taiwan, the Taiex added 24.13 points, or 0.3%, to 9,693.54
In Singapore, the Straits Times index faded 0.87 points to 3,459.98
In New Zealand, the NZX 50 erased 37.92 points, or 0.7%, to 5,757.94
In Australia, the S&P/ASX 200 fell 48.13 points, or 0.8%, to 5,725.25
