By Virginia Harrison and Nick Godt, MarketWatch
MUMBAI (MarketWatch) ? Most Asia markets fell Friday amid renewed concerns about global growth, with losses for banks and property firms pushing Hong Kong into the red, while a stronger yen weighed on Japanese exporters.
Japan?s Nikkei Stock Average /quotes/zigman/5986735 JP:100000018 -1.14% , Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI -1.11% ?and the Shanghai Composite /quotes/zigman/1859015 CN:000001 -1.10% ?each fell 1.1%.
Australia?s S&P/ASX 200 index /quotes/zigman/1653884 AU:XJO -0.08% ?edged down a more modest 0.1%, while South Korea?s Kospi /quotes/zigman/1652118 KR:0100 +0.04% ?shrugged off early weakness to finish fractionally higher.
For the week, Hong Kong was trading down 3%, Japan was 1.2% lower, while South Korea was 0.4% weaker.
Linus Yip, strategist at First Shanghai Securities in Hong Kong, said concerns about weak data were to blame for much of the losses.
?The market has turned its focus back to fundamentals. Taken together, yesterday?s China data and the euro-zone manufacturing index [suggest] the global economy is slowing down,? Yip said, referring to weak manufacturing surveys Thursday from Europe and China.
?Markets had good moves in January and February, but having shot up to relatively high levels, and given the economy is slowing down, the market is under correction pressure,? Yip said.
The manufacturing data helped push U.S. stocks lower overnight. Read more on the U.S. session.
?Global markets switched to a risk-off stance this week, led by disappointing global manufacturing numbers. The euro area [data] suggests the economy is still in the woods, as France and Germany look vulnerable to slowdowns,? strategists at Barclays Capital said.
?But we do not think this signals the end of the risk-asset rally [and] do not expect a sustained correction,? the strategists said.
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Banks drop
Losses for banks dragged Hong Kong lower.
Shares in Agricultural Bank of China Ltd. /quotes/zigman/9118 HK:1288 -3.13% ? /quotes/zigman/610785 ACGBY -1.55% ?slumped 3.1% after its 29% profit growth for the previous year failed to meet analysts? expectations. Read more on Agricultural Bank of China's results.
?If you look at the in detail, the result isn?t so good for the fourth quarter, with the impact of the debt problem in Europe and [slowing] in China,? First Shanghai Securities? Yip said.
The results helped weigh on other major mainland Chinese banks, as Hong Kong-listed shares of Industrial & Commercial Bank of China Ltd. /quotes/zigman/37346 HK:1398 -1.95% /quotes/zigman/1874076 CN:601398 -0.92% fell 2%, and Bank of Communications Co. /quotes/zigman/34374 HK:3328 -1.85% ? /quotes/zigman/34373 BKFCF +8.11% ? /quotes/zigman/1875309 CN:601328 -0.42% ? gave up 1.9%.
Hong Kong-listed property firms also lost ground, with Agile Property Holdings Ltd. /quotes/zigman/35535 HK:3383 -0.23% /quotes/zigman/530344 AGPYY +59.20% ?falling 0.2%, and Sun Hung Kai Properties Ltd. /quotes/zigman/14335 HK:16 -3.17% ? /quotes/zigman/132933 SUHJY -1.13% ?extending recent weakness with a 2.4% drop.
Apple Inc. /quotes/zigman/68270/quotes/nls/aapl AAPL -0.52% ?supplier Foxconn International Holdings Ltd. /quotes/zigman/32724 HK:2038 -3.51% ? /quotes/zigman/32720 FXCNF +8.70% ?reversed early gains made in reaction to the firm?s swing to a 2011 profit to finish 3.5% lower. Read more on Foxconn's results.
But export and logistics major Li & Fung Ltd. /quotes/zigman/4522657 HK:494 +4.20% ? /quotes/zigman/529778 LFUGY +4.30% ?outperformed, with a jump of 4.2%, after posting a 24% profit increase for last year and issuing an upbeat outlook. Read more on Li & Fung earnings.
In Japan, exporters lost ground amid a stronger yen and the poor European data. The greenback weakened sharply against the Japanese yen /quotes/zigman/4868099/sampled USDJPY +0.1521% /quotes/zigman/4868099/sampled USDJPY +0.1521% overnight, to change hands at ?82.66 in Asian trade.
Sony Corp. /quotes/zigman/197500 JP:6758 -3.11% ? /quotes/zigman/197524/quotes/nls/sne SNE -0.82% ?slumped 3.1%, Panasonic Corp. /quotes/zigman/194943 JP:6752 -2.36% ? /quotes/zigman/525474/quotes/nls/pc PC 0.00% ?dropped 2.4%, and Toshiba Corp. /quotes/zigman/198925 JP:6502 -2.65% ? /quotes/zigman/529244 TOSYY +0.60% lost 2.7%.
Likewise, Nissan Motor Corp. /quotes/zigman/196473 JP:7201 -2.62% ? /quotes/zigman/202910 NSANY +1.12% ?fell 2.6% and Toyota Motor Corp. /quotes/zigman/199438 JP:7203 -1.98% ? /quotes/zigman/199376/quotes/nls/tm TM +0.56% ?moved 2% lower.
Exporters were also under pressure in Seoul, as LG Display Co. /quotes/zigman/352771/quotes/nls/lpl LPL -3.36% gave up 1.5%, and LG Electronics Inc. /quotes/zigman/302529 LGEIY 0.00% ?traded down 1.9%.
But gains for the key shipbuilding sector helped push the index higher. Hyundai Heavy Industries Inc. climbed 1.8%, and Daewoo Shipbuilding & Marine Engineering Co. added 0.9%
In Sydney, resource firms led the declines. Index heavyweight BHP Billiton Ltd. /quotes/zigman/180893 AU:BHP -1.15% ? /quotes/zigman/270355/quotes/nls/bhp BHP -2.04% ?dropped 1.2%, while rival Rio Tinto Ltd. /quotes/zigman/176317 AU:RIO -1.50% ?gave up 1.5%, and iron-ore producer Fortescue Metals Group Ltd. /quotes/zigman/329628 AU:FMG -1.32% ? /quotes/zigman/8755765 FSUGY -1.35% ?surrendered 1.3%.
On the upside for Australian equities, Premier Investments Ltd. /quotes/zigman/1637371 AU:PMV +4.90% ? owner of the Just Jeans and Dotti retail chains ? jumped 4.9% after posting a 38.5 million Australian dollar ($40.1 million) first-half net profit.
/quotes/zigman/5986735
Volume: 0.00
March 23, 2012 3:00p
/quotes/zigman/2622475 Volume: 0.00
March 23, 2012 4:01p
/quotes/zigman/1859015 Volume: 76.86M
March 23, 2012 3:15p
/quotes/zigman/1653884 Volume: 0.00
March 23, 2012 4:11p
/quotes/zigman/1652118 Volume: 506.77M
March 23, 2012 6:05p
/quotes/zigman/9118 Volume: 407.60M
March 23, 2012 4:01p
/quotes/zigman/610785 Volume: 3,836
March 22, 2012 3:35p
/quotes/zigman/37346 Volume: 314.08M
March 23, 2012 4:01p
/quotes/zigman/1874076 Volume: 38.20M
March 23, 2012 3:04p
/quotes/zigman/34374 Volume: 41.25M
March 23, 2012 4:01p
/quotes/zigman/34373 Volume: 4,620
Feb. 17, 2012 3:43p
/quotes/zigman/1875309 Volume: 38.60M
March 23, 2012 3:05p
/quotes/zigman/35535 Volume: 9.56M
March 23, 2012 4:01p
/quotes/zigman/530344 Volume: 200.00
Feb. 22, 2012 11:37a
/quotes/zigman/14335 Volume: 6.86M
March 23, 2012 4:01p
/quotes/zigman/132933 Volume: 186,975
March 22, 2012 3:50p
/quotes/zigman/68270/quotes/nls/aapl Volume: 22.29M
March 22, 2012 4:00p
/quotes/zigman/32724 Volume: 11.08M
March 23, 2012 4:01p
/quotes/zigman/32720 Volume: 2,100
March 22, 2012 12:47p
/quotes/zigman/4522657 Volume: 61.32M
March 23, 2012 4:01p
/quotes/zigman/529778 Volume: 238,313
March 22, 2012 3:50p
/quotes/zigman/4868099/sampled Volume: 0.0000
March 23, 2012 7:18a
/quotes/zigman/4868099/sampled Volume: 0.0000
March 23, 2012 7:18a
/quotes/zigman/197500 ? 1,680.00
-54.00 -3.11%
Volume: 9.01M
March 23, 2012 3:00p
/quotes/zigman/197524/quotes/nls/sne Volume: 927,058
March 22, 2012 4:00p
/quotes/zigman/194943 Volume: 7.51M
March 23, 2012 3:00p
/quotes/zigman/525474/quotes/nls/pc Volume: 441,615
March 22, 2012 4:02p
/quotes/zigman/198925 Volume: 32.51M
March 23, 2012 3:00p
/quotes/zigman/529244 Volume: 4,840
March 22, 2012 3:54p
/quotes/zigman/196473 Volume: 14.83M
March 23, 2012 3:00p
/quotes/zigman/202910 Volume: 74,001
March 22, 2012 3:59p
/quotes/zigman/199438 ? 3,465.00
-70.00 -1.98%
Volume: 6.78M
March 23, 2012 3:00p
/quotes/zigman/199376/quotes/nls/tm Volume: 516,879
March 22, 2012 4:04p
/quotes/zigman/352771/quotes/nls/lpl Volume: 288,683
March 22, 2012 4:03p
/quotes/zigman/180893 Volume: 13.02M
March 23, 2012 4:26p
/quotes/zigman/270355/quotes/nls/bhp Volume: 4.30M
March 22, 2012 4:00p
/quotes/zigman/176317 Volume: 2.66M
March 23, 2012 4:26p
/quotes/zigman/329628 Volume: 15.18M
March 23, 2012 4:20p
/quotes/zigman/8755765 Volume: 3,215
March 22, 2012 3:40p
/quotes/zigman/1637371 Volume: 133,201
March 23, 2012 4:11p
Virginia Harrison is a MarketWatch reporter based in Sydney. Nick Godt is a MarketWatch reporter based in Mumbai.
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