By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) -- Most Asian markets declined Thursday
as sentiment took hits from falling commodity prices and weak U.S.
corporate results, with some technology stocks dropping after a
sharp fall in Apple Inc. shares.
Hong Kong shares ended lower for a fifth straight session,
although mainland Chinese stocks found a little support from
economic data showing an improvement in foreign direct investment
inflows and home prices.
Japan's Nikkei Stock Average and South Korea's Kospi each ended
1.2% lower, Australia's S&P/ASX 200 tumbled 1.6%, Taiwan's
Taiex dropped 0.2% and Hong Kong's Hang Seng Index fell 0.3%.
"Once again, bottom-up views continue to miss analysts' lofty
expectations," said IG Markets strategist Evan Lucas, referring to
recent downbeat results, including from Dow industrial components
Bank of America Corp. (BAC) on Wednesday and Intel Corp. (INTC) a
day earlier.
China markets volatile
The Shanghai Composite Index ended 0.2% higher after a choppy
session in which the benchmark changed direction a few times amid a
generally weak tone in regional markets.
Data released earlier in the day showed foreign direct
investment flows into China rose to $12.4 billion in March, rising
5.7% from the year-ago period.
Property shares advanced in the wake of figures showing that
new-home prices climbed in 68 of 70 top Chinese cities surveyed in
March from levels seen in February, despite recent measures to
further tighten policies on the property sector.
"The rolling out of property loan/price restrictions are clearly
designed to take some of the froth out of the top end of the
market, not intended to destroy the sector altogether," said
Annette Beacher, head of Asia-Pacific research at TD
Securities.
Shares of China Overseas Land & Investment Ltd. (CAOVY)
climbed 1.6%, and China Resources Land Ltd. (CRBJF) gained 2.3% in
Hong Kong, while China Vanke Co. rose 0.4% in Shenzhen.
The advance, however, contrasted with losses elsewhere in the
region after a poor set of U.S. corporate earnings dragged on Wall
Street overnight.
Several exporters and companies with a global exposure were
pulled lower, with industrial-automation major Fanuc Corp. (FANUY)
losing 2.3%, and camera maker Nikon Corp. (NINOY) shedding 2.1% in
Tokyo.
Shares of Prada S.p.A. (PRDSY) dropped 1.5% in Hong Kong, and
Hyundai Motor Co. (HYMTF) shrank 2.1% in Seoul.
Resource stocks came under renewed selling pressure as crude-oil
and metals lost further ground.
Heavyweight miner BHP Billiton Ltd. (BHP) tumbled 4.4% in
Sydney, as gold miner Zijin Mining Group Co. (601899.SH) lost 1.8%
in Hong Kong and 0.6% in Shanghai. Steel maker Posco (PKX) gave up
1.4% in Seoul.
Some shares of technology firms in Apple's (AAPL) supply-chain
suffered broad losses after stock in the iPhone maker dropped below
$400 overnight, following a tepid revenue outlook from the
company's chips supplier Cirrus Logic Inc.(CRUS).
LG Display Co. (LPL) lost 4.8% in Seoul, and Hon Hai Precision
Industry Co. retreated 1.3% in Taipei, while mobile service
provider Softbank Corp. (9984.TO) lost 1.6% in Tokyo.
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