Caution abounded elsewhere in Asia. Stocks in Korea, Taiwan and Japan were all down.
In Tokyo, the Nikkei 225 index dipped 69.68 points, or 0.3%, to 20,473.51, as a sharp dollar selloff helped spur profit-taking following the market’s recent streak of 12 consecutive sessions of gains.
The dollar closed the stock trading session at ¥123.85, down from ¥124.66 the previous day. It hit a 12-year high late Tuesday when it briefly topped ¥125. A weaker dollar is generally bad for Japanese exporters as it allows them less latitude to price their products competitively overseas and lowers the value of earnings overseas in yen terms.
In Hong Kong, the Hang Seng Index restored 190.75, or 0.7%, to 27,657.47.
Hong Kong’s market got a boost from the trading debut of Cheung Kong Property Holdings Cheung Kong Property up 5.9%.
Investors in the region were bracing for a European Central Bank policy meeting, more developments in the Greek bailout standoff, and the latest round of U.S. jobs data later this week, which is likely to be close watched by Federal Reserve officials who are deciding when to begin raising interest rates.
Australian shares slumped to their lowest daily close in four months on Wednesday, as upbeat local economic data failed to break a spell of weakness among banking stocks.
The Australian economy recorded its strongest quarter-over-quarter growth in a year as consumer spending picked up and export volumes rose. That pushed up the Australian dollar encouraging offshore investors to sell.
The GDP data fueled expectations that the Reserve Bank of Australia may hold off on further interest-rate cuts. Australia’s central bank held interest rates at a record-low 2% on Tuesday.
In other markets
The Shanghai CSI 300 shed 17.69 points, or 0.3%, to 5,144.65
In Korea, the Kospi index dropped 15.48 points, or 0.7%, to 2,063.16
In Taiwan, the Taiex subtracted 57.74 points, or 0.6%, to 9,556.52
In Singapore, the Straits Times STI regained 9.09 points, or 0.3%, to 3,349.84
The NZX 50 slid 5.04 points, or 0.1%, to 5,858.71
In Australia, the S&P/ASX 200 skidded 52.43 points, or 0.9%, to 5,583.58, its lowest close since Jan. 30.
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