Most Asian share markets ended lower Wednesday as shipping stocks and shipbuilders fell on worries about the strength of the global economic recovery.
In Tokyo, the Nikkei 225 backpedaled another 137.41 points, or 1.4%, to 10,075.05.
In Hong Kong, the Hang Seng Index plummeted 408.01 points, or 1.8%, to 21,761.58.
Shares of Honda Motor defied a downbeat Tokyo market to jump 3.3% after the auto maker lifted its earnings forecast. The car maker's fiscal second-quarter net income sank 56% but it lifted its earnings forecast for this fiscal year, predicting profit would grow as cost-reduction efforts pay off.
Shipping stocks and shipbuilders were sharply lower, amid recent downbeat earnings for the sector, which has taken a hammering from the global downturn. The Baltic Dry Index, a measure of the demand for dry bulk goods, fell 1% Tuesday.
Mitsui O.S.K. Lines dropped 2.2% and Kawasaki Kisen Kaisha slid 4.5% in Tokyo.
STX Pan Ocean dropped 7.4% and Daewoo Shipbuilding lost 3.9% in Seoul.
China Cosco Holdings gave up 3.8% in Hong Kong and Neptune Orient Lines fell 3.5% in Singapore trading.
Shares of National Australia Bank fell 2.8% in Sydney in line with the regional markets, although the lender posted a better-than-expected profit for the year ended Sept. 30. Telstra gained 1.5% after confirming its full-year earnings guidance.
In Hong Kong, Aluminum Corp. of China Ltd., or Chalco, dropped 2.7% despite saying Tuesday it returned to profit in the third quarter, as the results were well-flagged.
Property stocks extended losses after Hong Kong Financial Secretary John Tsang reportedly told local developers in a meeting that the government would intervene in the property market if it became unhealthy or unfair. Sino Land fell 4.6%, after Tuesday's 5.4% loss.
CHINA
Although Chinese shares ended higher, trading volumes were thin on concerns that Friday's launch of ChiNext, the new Nasdaq-style board, would hurt liquidity.
The Shanghai’s 300 Composite Index regained 14.60 points, or 0.4%, to 3,329.33.
Industrial & Commercial Bank of China slipped 0.6%, while China Life Insurance Co. dropped 0.7%.
Elsewhere:
Taiwan’s Taiex index fell back 123.39 points, or 1.6%, to 7,533.95
Singapore’s Straits Times index gave back 45.52 points, or 1.7%, to 2,648.98
Korea’s Kospi index retreated 39.82 points, to 2.4%, to 1,609.71
New Zealand’s NZX Index added 10.31 points, or 0.3%, to 3,202.78
Australia’s S&P/ASX 200 finished 68.40 points, or 1.4%, lower at 4,685.10
