HONG KONG, Oct 28, 2009 (AFP) - Asian markets tumbled for a second successive day Wednesday as downbeat US data weighed on hopes for economic recovery, while dealers also stayed away ahead of fresh corporate results.
Tokyo lost 1.35 percent, Hong Kong 1.84 percent and Sydney 1.44 percent, while Seoul slid 2.41 percent.
The losses came after similar falls on Tuesday.
Markets reacted to a report showing a surprisingly sharp drop in consumer confidence in the United States, highlighting the fragility of recovery in the world?s biggest economy.
Despite the news, the Dow Jones index edged 0.14 percent higher Tuesday, although trading was volatile, dealers said.
Investors were also reluctant to buy ahead of the release of September quarter figures from a number of big firms including Hitachi, Sony and Panasonic.
However, Shanghai ended 0.33 percent better off as dealers sought bargains following early losses.
TOKYO: Down 1.35 percent. The Nikkei-225 fell 137.41 points to 10,075.05. Even given good earnings news from Japanese exporters this week, investors will likely remain wary about the health of the US economy, analysts said.
A weaker dollar also soured the mood for Japan stocks.
Yutaka Miura, senior technical analyst at Mizuho Securities told Dow Jones Newswires: ?There is rising yen risk as well as risk that US stocks will fall.?
Canon lost 3.4 percent to 3,460 yen on recovery concerns raised by its poor earnings announcement.
Toshiba tumbled 4.6 percent to 519 yen after forecast a first-half net loss of about 630 million dollars.
Honda Motor gained 3.3 percent to 2,940 yen after posting strong earnings for April-September and a relatively bright full-year forecast.
HONG KONG: Down 1.84 percent. The Hang Seng Index fell 408.01 points to 21,761.58.
The market suffered its second successive heavy fall after a 1.86 percent drop Tuesday.
Developers were hit after Financial Secretary John Tsang said the government may intervene in the property market to protect livelihoods and consumers? interests from soaring prices, according to a source.
The property subindex fell 2.2 percent to 27,695.30.
Sino Land declined 4.6 percent to 14.80 Hong Kong dollars and Hang Lung Properties fell 2.8 percent to 29.35.
Volatility and an uncertain outlook in the market led developer Excellence Real Estate Group to shelve plans for an initial public offering.
SYDNEY: Down 1.44 percent. The S&P/ASX 200 dropped 68.4 points to 4,685.1.
Banking stocks led a sell-off on ebbing confidence, dealers said.
Inflation hit its lowest annual rate in a decade at 1.3 percent year-on-year, with quarterly inflation at 1.0 percent, slightly above expectations.
Australia?s largest lender National Australia Bank lost 2.83 percent to 29.83 after reporting a 43 percent fall in annual profits as bad debts hit its bottom line.
Commonwealth Bank fell 3.84 percent to 53.03 and ANZ eased 1.68 percent to 23.35.
BHP Billiton was off 1.16 percent at 38.40 while Rio Tinto edged back 1.41 percent to 64.10.
Telstra put on 1.54 percent to 3.29, while Qantas declined 0.36 percent to 2.79.
SHANGHAI: Up 0.33 percent. The Shanghai Composite Index, which covers both A and B shares, rose 9.87 points to 3,031.33.
Volumes were light due to liquidity concerns ahead of Friday?s launch of the country?s new Nasdaq-style board.
?Stocks traded higher toward the end of today?s session but turnover was really low, reflecting how cautious investors are ahead of the launch of ChiNext,? Jacky Zhang, an analyst at Capital Securities, said.
Twenty-eight companies will debut on ChiNext in Shenzhen Friday.
Citic Securities ended up 1.8 percent at 27.67 yuan and China Merchants Bank fell 1.1 percent to 17.51 yuan.
Sinopec climbed 0.6 percent to 11.72 yuan, while Chinalco added 0.2 percent to 14.44 yuan.
SEOUL: Down 2.41 percent. The KOSPI lost 39.82 points to 1,609.71.
The market is at a three-week low. Shipping companies and shipbuilders lost on downbeat earnings for the sector, which was hit by the global downturn.
STX Pan Ocean fell 7.4 percent to 11,250 won and Daewoo Shipbuilding and Marine Engineering slid 3.9 percent to 15,950.
Technology, auto stocks and steelmakers retreated due to concerns about a potential slowdown of the US recovery. Samsung Electronics fell 3 percent to 720,000 won and LG Electronics dropped 3.8 percent to 113,500.
Hyundai Motor fell 1.7 percent to 115,000.
Steelmaker POSCO declined 3.7 percent to 524,000 won and Samsung Securities closed down 3.9 percent at 60,900 won.
TAIPEI: Down 1.61 percent Wednesday. The index fell 123.39 points to 7,533.95.
Profit-taking was tempered by some government fund support, a trader said.
Computer maker Acer shed 3.3 percent to 79.80 after China?s quality regulator said the company will recall some laptops on the mainland due to a potential fault.
United Microelectronics Corp. fell 3.07 percent to 15.80.
SINGAPORE: Down 1.69 percent. The Straits Timex Index fell 45.52 points to 2,648.98.
?The market has run ahead, we need confirmation of recovery from the real economy, otherwise there will be a real reluctance to push higher,? a trader said.
Oversea-Chinese Banking Corp, which reported a 12 percent on-year rise in third quarter net profit, was unchanged at 7.53 dollars. DBS Bank rose four cents to 12.98.
Singapore Telecom eased six cents to 3.04 and Singapore Airlines tumbled 24 cents to 13.64. CapitaLand fell 15 cents to 4.15.
BANGKOK: Down 1.48 percent. The Stock Exchange of Thailand fell 10.59 points to 703.95.
Bangkok Bank fell 2.50 to 113.00 baht and Kasikornbank shed 1.00 baht to 81.75.
PTT Plc lost 6.00 baht to 251.00 and Siam Cement dropped 1.00 baht to at 210.00.
KUALA LUMPUR: Down 0.89 percent. The Kuala Lumpur Composite Index shed 11.25 points to 1,249.05.
Construction giant Gamuda slid 3.0 percent to 3.19 ringgit while autoparts manufacturer Ingress rose 33.9 percent to 0.56 ringgit.
JAKARTA: Down 2.88 percent. The Jakarta Composite Index lost 69.89 points to 2,355.31.
Bakrie shares had begun their decline earlier in the week on concerns over debt management at the holding company Bakrie & Brothers, which tumbled 6.8 percent to 96 rupiah.
Bakrieland fell 10 percent to 270 rupiah and Bakrie Telecom declined 7.6 percent to 110.
Coal miner Bumi Resources lost 5.9 percent to 2,400.
MANILA: Down 0.94 percent. The index dropped 27.53 points to 2,908.21.
?The lack of local positive leads, particularly for blue chips, tends to point the market downward. Investors remain cautious, especially as we head to a long weekend,? Nisha Alicer of DA Market Securities said.
Manila markets will be closed Monday for a public holiday.
Robinsons Land shed 2.0 percent to 12 pesos, and Metropolitan Bank and Trust fell 3.7 percent to 39.50 pesos.
WELLINGTON: Up 0.32 percent. The NZX-50 rose 10.31 points to 3,202.78.
Telecom, New Zealand?s dominant telecoms carrier, was mainly responsible for the gains, rising six cents to 2.55 dollars.
Contact Energy closed down one cent at 6.23 dollars and Fletcher Building was a cent lower at 8.28.
Casino operator Sky City fell one cent to 3.42 dollars and pay television operator Sky TV added three cents to 4.75.
MUMBAI: Down 0.43 percent. The 30-share Sensex fell 69.91 points to 16,283.49.
