Asia markets dropped Monday, as oil tumbled after top oil producers failed to reach an agreement to freeze production and Japan shares took a hit from large earthquakes last week.
The Nikkei 225 plummeted 572.08 points, or 3.4%, to close at 16,275.95,
The Hang Seng Index in Hong Kong dropped 154.97 points, or 0.7%, 21,161.50
In Japan, a combination of a stronger yen and a powerful second earthquake striking the southern island of Kyushu on Saturday sent stocks lower, with risk sentiment taking a hit.
Reuters reported the 7.3 magnitude earthquake caused widespread damage, with reports of fires, power outages, collapsed bridges and gaping holes in the earth.
Manufacturers including Honda, Toyota, Renesas Electronics and Sony halted production after the tremors, according to Reuters.
The yen saw fresh strength against the dollar, breaking the 108 level Monday morning; late last week, the yen traded at the 109 level against the dollar. In afternoon trade, the dollar/yen pair was at 108.31.
Japanese exporters sold off sharply, with shares of auto players Toyota, Nissan and Honda closing down as much as 4.8% Shares of
Sony were down 6.8%, while Renesas tumbled 11.8%
Oil prices tumbled more than 5% in early Asian hours, before paring some of the losses later in the day. U.S. crude futures were down 4.7% at $38.46 U.S. a barrel, while global benchmark Brent fell 4.5% to $41.15 U.S.
The commodity sold off after the meeting between the world's largest oil producing countries in Doha failed to produce a deal to freeze output which was aimed at boosting sagging crude prices.
Energy stocks in Asia closed mostly lower, with Santos selling off 7%, Oil Search off 4.3% and Inpex down 3.1%
Australian resources producers were mixed, with shares of Fortescue advancing 2.3%, while Rio Tinto fell 1.6%, and BHP Billiton was off 3%.
Elsewhere, shares of Australian real estate business McGrath plunged 30.8%, after the company issued a profit warning. In an announcement on the ASX, the company said it expects to generate fiscal-2016 revenue of A$136 million to A$140 million, below levels forecast in its listing prospectus late last year.
CHINA
The Shanghai CSI 300 index slid 42.12 points, or 1.3%, to 3,228.45
Chinese mainland metal plays were also mostly lower, with shares of Baoshan Steel dropping 0.5%, while Yunnan Copper sold off 2.8%.
Mainland property stocks were mostly lower, with Poly Real Estate losing 2.1%
The Chinese yuan was weaker against the dollar, with the dollar/yuan pair trading at 6.4793 in late afternoon local time. Before market open, the People's Bank of China set the yuan mid-point at 6.4787. China's central bank lets the yuan spot rate rise or fall a maximum of 2% against the dollar relative to the official fixing rate.
Data showed China's home prices in March gained, with average new home prices in 70 major cities rising 4.9% last month on-year, extending February's 3.6% rise. Reuters said home prices in Shenzhen surged 61.6% on-year, while Shanghai prices gained 25%.
In other markets;
In Taiwan, the Taiex Index slid 34.38 points, or 0.4%, to 8,666.01
In Korea, the Kospi index eased 5.61 points, or 0.2%, to 2,009.10
In Singapore, the Straits Times Index fell 6.19 points, or 0.2%, to 2,917.75
New Zealand’s NZX 50 gained 6.46 points, or 0.1%, to 6,851.20
In Australia, the ASX 200 moved lower 20.43 points, or 0.4%, to 5,137.06
