Asia's markets were mixed on Monday following another heavy sell-off on Wall Street while concerns over the crisis in Ukraine resurfaced.
Tokyo's benchmark Nikkei 225 index fell 49.89 points or 0.36 percent to 13,910.16, while the Topix index of all first-section shares slipped 0.12 percent, or 1.33 points, to 1,132.76.
Disappointment over the Bank of Japan's decision not to expand its stimulus drive -- and a consequent rise in the yen -- helped drag the Nikkei to a six-month low on Friday, with the headline index down 7.33 percent over the week.
That was the Nikkei's worst weekly performance since a 10 percent decline in the period after Japan's 2011 quake-tsunami disaster.
The headline index is down about 14 percent this year, and its slide may not have bottomed out, said Tomohiro Okawa, equity strategist at UBS Securities Japan.
"No optimism is warranted," Okawa told Dow Jones Newswires. "There remains downside risk."
On Monday, the Nikkei was dragged lower by shares in market heavyweight Fast Retailing, operator of the Uniqlo clothing chain, falling 3.03 percent to 32,795 yen.
That extended the retailer's losses after its shares plunged 7.87 percent Friday as it cut its full-year earnings forecast, blaming weaker demand at home.
Sony lost 0.31 percent to finish at 1,870 yen, Canon declined 0.25 percent to 3,126 yen, while Toyota added 1.80 percent to 5,410 yen.
Sharp's volatile shares dropped 8.69 percent to 273 yen, after a report that the embattled electronics giant was mulling a $2.0 billion share offering to help shore up its dented finances.
The move was likely to be unpopular among current shareholders as it would dilute the value of their investment.
Hong Kong shares ended 0.15 percent higher on bargain hunting Monday as investors brushed off another negative lead from Wall Street ahead of the release of Chinese economic growth data later in the week.
Hobg Kong's benchmark Hang Seng Index rose 35.16 points or 0.15 percent to 23,038.80 as attention turns to the release Wednesday of Chinese gross domestic product figures for January-March.
A survey of 13 economists by AFP saw a median forecast of 7.3 percent growth in the period, which would mark the fourth slowdown in the past five quarters, and put China on track for its worst annual performance since 1990.
Traders are increasingly worried about the Chinese economy, a key driver of global growth, following a string of weak data including on manufacturing and trade.
MMG rose 8.9 percent to HK$1.85 after it agreed to a US$5.85 billion all-cash deal to buy a copper mine from Glencore Xstrata. Barclays called the deal a "game changer" for MMG, sending it into the top 15 mining companies world-wide and making it the biggest copper miner in Asia.
And CITIC Securities fell 2.4 percent to HK$17.26 on news it will take a stake in independent broker BTIG LLC.
Internet firm Tencent edged up 0.19 percent to HK$526.00, HSBC eased 0.56 percent to HK$80.35 and insurer AIA lost 0.50 percent to HK$39.45. Cathay Pacific Airways rose 0.92 percent to HK$15.40 and China Mobile slipped 0.94 percent to HK$73.90.
In China the benchmark Shanghai Composite Index was flat, edging up 1.00 point to 2,131.54 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.58 percent, or 6.31 points, to 1,094.41 on turnover of 92.0 billion yuan.
"Though blue-chip banking stocks retreated today, the overall upward trend remains unchanged as the mutual connectivity between Hong Kong and Shanghai will offer support in the medium term," Zheshang Securities analyst Zhang Yanbing told AFP.
Xinjiang Zhundong Petroleum Technology surged by its 10 percent daily limit to 21.12 yuan while Sinopec rose 2.26 percent to 5.44 yuan.
Electric car makers gained on hopes Tesla Motors founder Elon Musk's China visit later this month will boost customers' interest in new energy vehicles.
Chang'an Automobile soared 10 percent to 11.92 yuan while BYD climbed 0.64 percent to 50.07 yuan.
Sydney shed 1.28 percent, or 69.7 points, to 5,358.9, marking its heaviest fall in four weeks. Seoul was flat, dipping 0.42 points to 1,997.02.
On currency markets the dollar was at 101.60 yen Monday afternoon compared with 101.65 yen in New York Friday afternoon.
The euro bought $1.3845 and 140.68 yen, down from $1.3882 and 141.11 yen.
Oil prices edged up. US benchmark West Texas Intermediate for May delivery gained 67 cents to $104.41 per barrel in afternoon trade while Brent North Sea crude for May rose 94 cents to $108.27.
Gold fetched $1,326.40 an ounce at 0810 GMT, from $1,320.08 late Friday.
In other markets:
-- Taipei fell 0.57 percent, or 50.63 points, to 8,857.42.
Taiwan Semiconductor Manufacturing Co rose 0.42 percent to Tw$120.5 while Cathay Financial Holdings shed 1.00 percent to Tw$44.55.
-- Wellington fell 0.55 percent, or 27.89 points, to 5,063.54.
Fletcher Building was down 1.13 percent at NZ$9.59 and Air New Zealand fell 0.49 percent to NZ$2.05.
-- Manila slipped 0.11 percent, or 7.41 points, to 6,589.55.
Metropolitan Bank and Trust shed 0.25 percent to end at 79.60 pesos and Philippine Long Distance Telephone was unchanged at 2,744 pesos.
-- Bangkok and Mumbai were closed for public holidays.
Asia’s markets were mixed on Monday following another heavy sell-off on Wall Street while concerns over the crisis in Ukraine resurfaced.
Tokyo’s benchmark Nikkei 225 index fell 49.89 points or 0.36 percent to 13,910.16, while the Topix index of all first-section shares slipped 0.12 percent, or 1.33 points, to 1,132.76.
Disappointment over the Bank of Japan’s decision not to expand its stimulus drive — and a consequent rise in the yen — helped drag the Nikkei to a six-month low on Friday, with the headline index down 7.33 percent over the week.
That was the Nikkei’s worst weekly performance since a 10 percent decline in the period after Japan’s 2011 quake-tsunami disaster.
The headline index is down about 14 percent this year, and its slide may not have bottomed out, said Tomohiro Okawa, equity strategist at UBS Securities Japan.
“No optimism is warranted,” Okawa told Dow Jones Newswires. “There remains downside risk.”
On Monday, the Nikkei was dragged lower by shares in market heavyweight Fast Retailing, operator of the Uniqlo clothing chain, falling 3.03 percent to 32,795 yen.
That extended the retailer’s losses after its shares plunged 7.87 percent Friday as it cut its full-year earnings forecast, blaming weaker demand at home.
Sony lost 0.31 percent to finish at 1,870 yen, Canon declined 0.25 percent to 3,126 yen, while Toyota added 1.80 percent to 5,410 yen.
Sharp’s volatile shares dropped 8.69 percent to 273 yen, after a report that the embattled electronics giant was mulling a $2.0 billion share offering to help shore up its dented finances.
The move was likely to be unpopular among current shareholders as it would dilute the value of their investment.
Hong Kong shares ended 0.15 percent higher on bargain hunting Monday as investors brushed off another negative lead from Wall Street ahead of the release of Chinese economic growth data later in the week.
Hobg Kong’s benchmark Hang Seng Index rose 35.16 points or 0.15 percent to 23,038.80 as attention turns to the release Wednesday of Chinese gross domestic product figures for January-March.
A survey of 13 economists by AFP saw a median forecast of 7.3 percent growth in the period, which would mark the fourth slowdown in the past five quarters, and put China on track for its worst annual performance since 1990.
Traders are increasingly worried about the Chinese economy, a key driver of global growth, following a string of weak data including on manufacturing and trade.
MMG rose 8.9 percent to HK$1.85 after it agreed to a US$5.85 billion all-cash deal to buy a copper mine from Glencore Xstrata. Barclays called the deal a “game changer” for MMG, sending it into the top 15 mining companies world-wide and making it the biggest copper miner in Asia.
And CITIC Securities fell 2.4 percent to HK$17.26 on news it will take a stake in independent broker BTIG LLC.
Internet firm Tencent edged up 0.19 percent to HK$526.00, HSBC eased 0.56 percent to HK$80.35 and insurer AIA lost 0.50 percent to HK$39.45. Cathay Pacific Airways rose 0.92 percent to HK$15.40 and China Mobile slipped 0.94 percent to HK$73.90.
In China the benchmark Shanghai Composite Index was flat, edging up 1.00 point to 2,131.54 and the Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 0.58 percent, or 6.31 points, to 1,094.41 on turnover of 92.0 billion yuan.
“Though blue-chip banking stocks retreated today, the overall upward trend remains unchanged as the mutual connectivity between Hong Kong and Shanghai will offer support in the medium term,” Zheshang Securities analyst Zhang Yanbing told AFP.
Xinjiang Zhundong Petroleum Technology surged by its 10 percent daily limit to 21.12 yuan while Sinopec rose 2.26 percent to 5.44 yuan.
Electric car makers gained on hopes Tesla Motors founder Elon Musk’s China visit later this month will boost customers’ interest in new energy vehicles.
Chang’an Automobile soared 10 percent to 11.92 yuan while BYD climbed 0.64 percent to 50.07 yuan.
Sydney shed 1.28 percent, or 69.7 points, to 5,358.9, marking its heaviest fall in four weeks. Seoul was flat, dipping 0.42 points to 1,997.02.
On currency markets the dollar was at 101.60 yen Monday afternoon compared with 101.65 yen in New York Friday afternoon.
The euro bought $1.3845 and 140.68 yen, down from $1.3882 and 141.11 yen.
Oil prices edged up. US benchmark West Texas Intermediate for May delivery gained 67 cents to $104.41 per barrel in afternoon trade while Brent North Sea crude for May rose 94 cents to $108.27.
Gold fetched $1,326.40 an ounce at 0810 GMT, from $1,320.08 late Friday.
In other markets:
— Taipei fell 0.57 percent, or 50.63 points, to 8,857.42.
Taiwan Semiconductor Manufacturing Co rose 0.42 percent to Tw$120.5 while Cathay Financial Holdings shed 1.00 percent to Tw$44.55.
— Wellington fell 0.55 percent, or 27.89 points, to 5,063.54.
Fletcher Building was down 1.13 percent at NZ$9.59 and Air New Zealand fell 0.49 percent to NZ$2.05.
— Manila slipped 0.11 percent, or 7.41 points, to 6,589.55.
Metropolitan Bank and Trust shed 0.25 percent to end at 79.60 pesos and Philippine Long Distance Telephone was unchanged at 2,744 pesos.
— Bangkok and Mumbai were closed for public holidays.
