The day's broad losses came after China reported a $31.48 billion deficit in February, swinging from a surplus of $27.28 billion in January. The net deficit in the first two months of the year weighed on sentiment.
Japan's Nikkei Stock Average reversed early gains to finish 0.4% lower, after rising sharply in the previous two trading days. Also declining after rising in the previous two sessions, China's Shanghai Composite dropped 0.2%, South Korea's Kospi lost 0.8%, and Taiwan's Taiex declined 1.1%.
Hong Kong's Hang Seng Index finished 0.2% higher after a roller-coaster ride, aided by strong gains in shares of heavyweight China Mobile and mainland property major China Resources Land.
Following China's trade deficit in February, ports operator Cosco Pacific Ltd. fell 1.5%, shipping major China COSCO Holdings Co. dropped 1.8%, and merchandise sourcing firm Li & Fung Ltd. lost 1.5% in Hong Kong.
Chinese railway-related stocks also fell following reports that a section of high-speed railroad had collapsed after heavy rain. Shares in China Railway Group tumbled 5.4% and CSR Corp. dropped 4.1%.
But Hong Kong stocks finished higher, aided by a 3.9% rise for China Mobile after HSBC and Credit Suisse upgraded their respective ratings on the stock. Also providing some support to the market, shares of China Resources Land gained 0.4% on its 2011 results and upbeat outlook for 2012.
Japanese stocks let early gains fade away, with Fast Retailing and Japan Real Estate Investment Corp. dropping 0.5% each, while Kyocera Corp. shed 0.7%. Losses across the key shipbuilding sector dragged on the broader index in Seoul. Hyundai Heavy Industries dropped 2.5% and Daewoo Shipbuilding & Marine Engineering gave up 2.5%.
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