Most Asian markets ended lower Thursday, giving up gains from the previous session, as concerns about the global economy persisted.
Japanese stocks fell sharply, with exporters hit especially hard as the yen strengthened against major currencies. Japanese banks also declined, reversing gains from the previous day, although in Sydney, National Australia Bank led the advance among financials after delivering its strategy report.
Japan's Nikkei 225 finished down 177.87 points, or 2.4% at 7,198.25 after Wednesday's 4.6% surge.
Hong Kong's Hang Seng Index ended up 70.87 points, or 0.6% at 12,001.53, although the Hang Seng China Enterprises Index fell 0.7%, tracking the weakness in Shanghai.
The focus Thursday was on data and events: In Japan, fresh data showed that the economy contracted slightly less than initially reported in the fourth quarter, with GDP down 3.2% from the previous quarter, or down 12.1% in annualized terms. The original estimates were a 3.3% on-quarter decline and annualized 12.7% contraction.
Still, the data confirmed a drop in exports, which has battered the economy in recent months.
The Bank of Korea opted to keep interest rates at an all-time low 2.0% after six consecutive cuts in the past four months. The decision was a surprise as most economists polled by Dow Jones had expected further easing.
Australia's February jobs data showed the economy created 1,800 jobs in the month, compared with an expected drop of 20,000. But full-time employment fell 53,800 and the jobless rate rose to 5.2%, its highest level since March 2005.
Bank shares dropped in Tokyo after their gains Wednesday, with Mizuho Financial Group down 2.4% and Sumitomo Mitsui Financial Group losing 5%. South Korea's KB Financial fell 0.6% and Taiwan's Cathay Financial Holding gave up 2.5%.
National Australia Bank added 2.6% in Sydney after it updated investors on its performance. The bank said it plans to restructure some operations and is on the lookout for acquisitions to boost its market presence in Australia, though it also joined Australia & New Zealand Banking Group in flagging a 25% cut to its interim dividend.
In the tech sector, Japan's Elpida Memory dropped 19% as concerns mounted that it may have to scale back its plan to merge with Taiwanese chip makers. Taiwan's government said Wednesday it may buy factories from DRAM makers, rather than acquiring the companies outright.
South Korea's LG Display fell 6.5% after Philips Electronics NV sold its remaining 13.2% stake for around 630 million euros.
New Zealand shares ended lower, although the Reserve Bank of New Zealand cut the official cash rate by half a percentage point. Fisher & Paykel Healthcare was off 2.6%.
Gold stocks were helped in Sydney by a recovery in the price of gold, with Lihir Gold up 4.6%, while oil stocks were weighed down by a decline Wednesday in crude-oil prices, with Woodside Petroleum down 2.7%.
Likewise, in Hong Kong, Zhaojin Mining Industry Co. rose 0.8% while Cnooc slipped 0.2%.
Elsewhere:
Shanghai’s Composite Index was off 4.68 points, or 0.2% to 2,215.70
Singapore’s Straits Times Index lost 11.98, or 0.8%, to 1,493.53
Taiwan’s Taiex ended 5.31 points to the bad, or 0.1% at 4,754.65
South Korea’s Kospi was fairly flat, gaining only 0.88, or 0.1% to 1,128.39
New Zealand’s NZX 50 was off 5.88, or 0.2% to close at 2,491.62
Australia’s S&P/ASX 200 slid 8.9 points, or 0.3% to end at 3,235.50
