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Asia Stocks Fall on Europe
By VIRGINIA HARRISON And V. PHANI KUMAR
Chinese stocks finished at their lowest level in nearly three years to lead broad losses among major Asian markets Thursday, as worries about the property sector and tight liquidity conditions hit investor sentiment.
Japanese and Australian stocks also declined as investors turned more cautious after Wednesday's rally amid more fears over Europe's debt problems. Energy producers, lifted by rising crude-oil prices, boosted Hong Kong's benchmark.
In China, the Shanghai Composite fell 1% to 2148.45, dropping to its lowest closing level since March 13, 2009 and again failing to latch on to early gains. The Shenzhen Composite plunged 3.5% to 813.99.
"The market is listless...people are waiting for some kind of breakthrough [from the U.S.] and waiting for the announcement of the reduction of the reserve requirement ratios from mainland China," said Peter Lai, a Hong Kong-based director at DBS Vickers.
The reserve ratio for major Chinese banks stands at 21% after the central bank announced its first reserve ratio cut in nearly three years in late November. There has been speculation that another cut could be announced this month.
Chinese developers broadly declined after property major China Vanke reported on Wednesday a 30% year-on-year tumble in December sales. China Vanke shares dropped 1.1% and Oceanwide Real Estate Group lost 1.5% in Shenzhen. Poly Real Estate Group eased 2.5% in Shanghai, while China Overseas Land & Investment declined 2.5% in Hong Kong.
Small firms listed in Shenzhen dropped for a second consecutive session after a media report sparked concerns that the regulator may soon allow companies listed on the country's start-up board, ChiNext, to sell more shares. Caixin Online on Wednesday cited unnamed regulatory officials as saying that China is considering allowing the Shenzhen Stock Exchange to conduct initial reviews of ChiNext companies' share-sale applications.
The ChiNext Price Index, a subindex of the Shenzhen Stock Exchange, tumbled 5.7% while another subindex, the SME Price Index, the barometer of small- and medium-sized firms listed on the SME board, ended 3.5% lower.
In other markets, Japan's Nikkei Stock Average lost 0.8% to 8488.71, Australia's S&P/ASX 200 index fell 1.1% to 4142.70 and South Korea's Kospi slipped 0.1% to 1863.74. In Mumbai, the Sensex fell 0.2% to 15857.08.
Among the gainers, Hong Kong's Hang Seng Index added 0.5% to 18813.41 and Taiwan's Taiex rose 0.7% to 7130.86.
The performance in Asia followed a mixed finish for U.S. benchmark indexes and after European banks were sold off Wednesday as Italian lender UniCredit sold new shares at a sharp discount. There was also caution ahead of a French auction of long-term debt later Thursday.
Several financial stocks were hurt, with Mitsubishi UFJ Financial Group losing 1.2% in Tokyo, National Australia Bank falling 1.9% in Sydney and Shinhan Financial Group dropping 0.9% in Seoul.
Some Chinese banks bucked the trend, with China Construction Bank rising 1.8% in Shanghai and adding 0.4% in Hong Kong.
Japanese technology shares lost ground as the euro weakened against the yen. Sony lost 2.2% and Casio Computer gave up 1.5%.
Chip maker Elpida Memory sank 7.4%, after the company confirmed a report that it is in discussions with some of its clients about possibly receiving financial support from them.
Commodity-linked stocks mostly outperformed in Hong Kong, but declined in Sydney after recording solid gains Wednesday. Cnooc climbed 2.8% to extend a string of recent gains, while PetroChina added 1.6% in Hong Kong. In Sydney, BHP Billiton dropped 1.1% and Alumina lost 3%.
Source: http://online.wsj.com/article/SB ... pp_sections_markets
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