Asian stocks edged lower on Monday amid concerns over Ukraine
and a weak lead from Wall Street.
The yen strengthened during Asian trade, reflecting a move
toward safe-haven assets, after Ukraine mobilized troops and
pro-Russian activists and militants extended their grip over the
east of the country.
Markets also responded to Wall Street's decline on Friday, with
technology stocks extending a recent selloff.
The dollar was last trading at Yen101.46, compared with
Yen101.62 late Friday in New York. Japanese stocks did manage to
stabilize after a period of hefty selling, with the Nikkei down
just 0.2%.
Last week, the Nikkei suffered its worst week in nearly three
years, as investors question the viability of the country's
economic recovery. Its 7.3% decline was triggered by some of its
largest constituents--such as Fast Retailing Co., Ltd., which sank
7.9% on Friday.
The company behind the Uniqlo clothing store lost another 3.7%
on Monday in light of disappointing earnings results late last
week.
Japan's Sharp Corporation plunged 9% after an Asahi Shimbun
newspaper report that the company is considering a Yen200 billion
share issuance to replenish its depleted capital base.
Elsewhere in Asia, Australia's S&P ASX 200 dropped 0.3% and
South Korea's Kospi fell 0.02%.
In corporate news, Coca-Cola Amatil fell 3% in Sydney, after the
company issued a warning on its half-year profits. The company,
which is 29%-owned by the U.S. beverage giant, blamed weakness in
Australia, where it has struggled to recover costs during a price
war with rivals.
Write to Daniel Inman at daniel.inman@wsj.com
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