Asian markets ended lower Thursday, with the strong yen hurting exporters in Tokyo, while capital-raising worries and a disappointing Hong Kong debut for China Minsheng Banking Corp. hurt Chinese banks.
In Tokyo, the Nikkei 225 Index stumbled 58.40 points, or 0.6%, to 9,383.24
In Hong Kong, the Hang Seng Index tumbled 401.39 points, or 1.8%, to 22,210.41.
In Tokyo, auto and technology stocks fell after the U.S. dollar dropped to a 14-year low against the yen. Shares of Toyota Motor fell 1.2%, Canon Inc. declined 2.1% and Sony shed 1.9%.
Helping to narrow regional losses, gold and mining stocks got a fillip after the yellow metal again logged a record, boosted by continued weakness in the U.S. dollar.
In Sydney, Newcrest Mining rose 2.8% and Lihir Gold tacked on 0.6%.
In Hong Kong, Zhaojin Mining Industry rose 1.2% and Shandong Gold-Mining added 2% in Shanghai, while Sumitomo Metal Mining added 1.7% in Tokyo.
Separately, liquid-crystal-display stocks rallied on hopes that Innolux's recent purchase of Chi Mei Optoelectronics will spur further industry consolidation. AU Optronics rose 2.4% and Chunghwa Picture Tubes gained 3.8% in Taipei, while LG Display added 0.2% in Seoul.
Hynix Semiconductor rose 1.1%, aided by news that its creditors have decided to send invitations seeking bids for their combined 28% stake in the chipmaker on Dec. 20.
CHINA
Chinese stocks fell sharply during the session, with banks again taking some harsh treatment amid worries regulators may beef up capital requirements, forcing banks to sell shares to raise funds.
The Shanghai 300 Composite Index fell 143.86 points, or 4%, to 3,485.77
Bank of China fell 2.9%, China Construction Bank dropped 3.6% and China Citic Bank Corp. gave up 1.7% in Hong Kong, extending a two-session losing streak. In Shanghai, the stocks fell 3.5%, 3.4% and 3.3%, respectively.
On its trading debut, China Minsheng Bank lost 3.1% from its initial public offering price of 9.08 Hong Kong dollars, reflecting sector weakness, to end at HK$8.80. Minsheng's Shanghai-listed stock tumbled 5.7% on the disappointing Hong Kong debut, which came in spite of the IPO being heavily oversubscribed.
Elsewhere:
Taiwan’s Taiex index fell back 17.15 points, or 0.2%, to 7,739.16
Singapore’s Straits Times index was down 30.62 points, or 1.1%, to 2,762.22
Korea’s Kospi index let go of 12.36 points, or 0.8%, to 1,599.52
New Zealand’s NZX Index finished 11.92 points, or 0.4%, higher to 3,127.31
Australia’s S&P/ASX 200 slipped 13.60 points, or 0.3%, to 4,708.60
