Most Asian indexes declined Tuesday after a weak finish on Wall Street, with Japanese stocks dragged down by financials after securities firm Nomura Holdings said it would post a loss on investments related to the U.S. subprime-mortgage crisis.
In Tokyo, the Nikkei 225 average dropped 1.3 percent to 17,137.92, while the broader Topix index declined 1.9 percent to 1,625.25.
In Hong Kong, the Hang Seng Index swung between a low of 28,884.23 and an intraday record high of 29,920.25, finally ending 2 percent lower at 28,954.55. The 43-issue Hang Seng China Enterprises Index closed 1.6 percent lower at 19,441.33, after breaking past the 20,000-point milestone for the first time earlier in the session.
Shares of Nomura, Japan's biggest securities company, ended 0.5 percent lower, after it forecast a consolidated pre-tax loss of around 40 billion yen to 60 billion yen ($341 million to $511 million) in the second quarter, as a result of the U.S. subprime mortgage turmoil. Nomura also said in a statement it will leave the U.S. mortgage-backed securities market.
Meanwhile, shares of Mitsubishi UFJ Financial Group tumbled 6 percent and Mizuho Financial Group stock sank 5.1 percent.
In Sydney, shares of National Australia Bank fell 1.3 percent while Kookmin Bank stock declined 2.3 percent in Seoul. And HSBC Holdings shares fell 2.6 percent in Hong Kong, while in Singapore, United Overseas Bank stock was trading 1.8 percent lower.
ELSEWHERE:
MUMBAI: India's Sensex soared to a record of 19,174.45 in intraday trading, before skidding back to 18,799.13 in the afternoon, 1.4 percent lower than the previous close.
SEOUL: South Korea's Kospi lost 1.5 percent at 2,005.76.
SINGAPORE: The Straits Times Index was off 1.6 percent at 3,798.69.
TAIPEI: Taiwan's Weighted Index advanced 0.8 percent at 9,592.47.
SYDNEY: Australia's S&P/ASX fell 0.7 percent to 6,692.
WELLINGTON: New Zealand's NZX 50 index slipped 0.3 percent to 4,312.17.
with files from other wire services
