Asian markets ended mostly lower Friday, with Japanese shares tumbling as a strong yen dragged on exporters before a long weekend
Japan’s Nikkei 225 average plummeted 277.17 points, or 2.9%, to 9,408.38, for its biggest percentage fall since June 7.
Hong Kong’s Hang Seng Index dropped 5.46 points to 20,250.16
Most regional markets started the day on a weak note amid concerns about the U.S. economy and after the U.S. Senate approved a sweeping financial-overhaul legislation.
Exporters were hit hard in Tokyo, where a public holiday Monday also prompted profit-taking action. Canon lost 3.2% and Sony sank 5%, while Nissan Motor declined 3.1%.
Shares of Mitsui & Co. defied the trend in Tokyo to rise 0.4% on news that BP has managed to stop the surge of crude oil from its blown-out well into the Gulf of Mexico for the first time in nearly three months. Mitsui has a stake in the BP-operated field.
Shares of Nippon Telegraph & Telephone fell 0.9% following its agreement Thursday to buy South African technology services provider Dimension Data Holdings for around 2.1 billion pounds ($3.23 billion U.S).
Shinsei Bank slumped 4.6% on lingering worries about the lender's low capital buffer and concerns ahead of the end of July deadline for it to submit a business improvement plan to the Financial Services Agency.
In Hong Kong, Agricultural Bank of China made a slightly stronger debut than its Shanghai-listing Thursday. The stock climbed 2.2% to 3.27 Hong Kong dollars (42 U.S. cents) compared with its IPO at HK$3.20. The increase was more than the 0.7% gain recorded by the bank's A-shares the previous day. The Shanghai-listed shares dropped 0.4% to 2.69 yuan (39 cents) Friday.
In Sydney, OZ Minerals tacked on 1.4% after reporting an 18% rise in second-quarter gold production from the first quarter and a 25% increase in full year gold production guidance.
Fortescue Metals Group shrank 3.8%. Bloomberg News reported on its website that Russian steelmaker Magnitogorsk Iron & Steel said it may sell, swap or use its 5.4% stake in the Australian company to help finance the development of an iron-ore project.
In Seoul, Samsung Electronics dropped 2.2% and Hynix Semiconductor slumped 6.6% on concern about earnings in the second-half of the year.
In foreign-exchange markets, the U.S. dollar remained under pressure against the euro and the yen. The euro, which rose to a fresh two-month high of $1.2955 against the dollar, was fetching $1.2927 U.S. from $1.29 U.S. late in New York on Thursday, and 112.58 yen from 112.81 yen. The dollar was at 87.09 yen from 87.46 yen.
CHINA
Chinese property stocks broadly advanced on the mainland.
Shanghai’s CSI 300 Index inched ahead 7.61 points, or 0.3%, to 2,616.13.
China Vanke rising 1.3% in Shenzhen, while Poly Real Estate Group advanced 0.3% and Cinda Real Estate climbed 2.7% in Shanghai.
Elsewhere;
Singapore’s Straits Times Index gained 14.17 points, or 0.5%, to 2,957.72
Korea’s Kospi index eased 12.84 points, or 0.7%, to 1,738.45
Taiwan’s Taiex Index fell 39.95 points, or 0.5%, to 7,664.57
New Zealand’s NZX index gave back 15.46 points, or 0.5%, to 2,985.76
Australia’s S&P/ASX 200 slid 19.90 points, or 0.5%, to 4,422.70
