Asia: Nikkei follows Wall St lower
The Nikkei declined 1.45% on Tuesday, weighed down by a weak close on Wall Street and a broad sell-off among commodities.Shares in trading house Mitsui & Co tumbled 5% in Tokyo as the price of crude oil fell.
Shipping stocks also fell into the red. Shares in Kawasaki Kisen slumped 5% after it said losses for the year to March 2010 are expected to be more than double previous forecasts amid a weak recovery in freight rates and rising costs. Mitsui OSKalso slashed its annual earnings forecasts.
Astellas Pharma dropped almost 7% after Barclays Capital downgraded the stock to "underweight" from "equal weight", citing concern about increased competition for the drug maker.
Otherwise investors will be keeping a close eye on results from both Honda and Canon after the bell.
The Nikkei closed down 150 points at 10,212 in Tokyo.
The Hang Seng fell 1.86% with heavyweights such as HSBC, PetroChina and Cnooc spearheading losses.
Real estate was under pressure after The Hong Kong Monetary Authority recently said it would start measures to cool a sharp rise in property prices. Sun Hung Kai Properties fell 3% while Cheung Kong declined 2.3%.
The Hang Seng settled 420 points lower at 22,170 in Hong Kong.
Indices
| Index | Value | % Change |
|---|---|---|
| Nikkei 225 | 10,212.46 | -1.45% |
| Hang Seng | 22,169.59 | -1.86% |
| Straits Times | 2,694.50 | -0.81% |
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