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Asian stocks slid on Monday, with Seoul hitting a two-month low after a sell-off in banking shares slammed Wall Street, a slide viewed as a sign that investors are losing faith in the economic recovery.
Japan's Nikkei Average [JP;N225
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] fell to a three-week closing low, with exporters hit by a stronger yen and weak consumer spending data that sparked a broad Wall Street sell-off.
Sony Corp sagged nearly 6 percent as investors shrugged off the electronics maker's upward revision to its earnings forecast, instead moving to take profits.
But shares of Aiful Corp and other Japanese consumer lenders soared after a source said the government may ease regulations that have crippled the industry and raised hurdles for small businesses seeking loans.
"While shares in Asia are down, the fact that falls were limited and the yen has actually retreated a bit against the dollar have helped keep the Nikkei from sliding further," said Kenichi Hirano at Tachibana Securities.
Tokyo analysts also said that while investors had been spooked by the bankruptcy filing of U.S. lender CIT Group [CIT
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] and concerns about Citigroup's [C
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] balance sheet, these were no longer a major market factor.
At the close, Suzuki Motor raised its annual profit forecasts as sales soared in its main Indian market, setting it apart from other Japanese automakers that have depended heavily on the sinking U.S. market.
Suzuki closed down 2.9 percent at 2,170 yen.
Among exporters, Kyocera Corp sank 4.5 percent to 7,400 yen and Canon lost 3.1 percent to 3,420 yen. Honda Motor slid 2.1 percent to 2,820 yen.
But shares of Aiful Corp and other Japanese consumer lenders soared after a source said the government may ease regulations that have crippled the industry and raised hurdles
for small businesses to get loans.
In Australia, shares tumbled 2.2 percent as regional markets tumbled on fears that the global economic recovery could stall, but sentiment perked up after the government upgraded its domestic economic outlook.
Australia Falls 2.2%, Seoul Finishes at 2-Week Lows
The benchmark S&P/ASX 200 index [AU;XJO
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] ended down 102.8 points, at 4,540.4, after touching its lowest intraday level since Sept. 14.
Shares in department store chain Myer Holdings dropped as much as 9 percent on their debut in a $2 billion float, Australia's biggest in two years.
New Zealand's benchmark NZX 50 index fell 1.0 percent to 3,183.7.
Seoul shares closed 1.4 percent lower, with losses led by automakers and key blue chips including Hyundai Motor and LG Electronics, but defensive issues such as Amorepacific outperformed.
The Korea Composite Stock Price Index (KOSPI) shed 1.37 percent to finish at 1,559.09, its lowest close since mid-August.
HK, Shanghai also Lower
Hong Kong shares also fell, as oil and metals stocks dropped on lower commodities prices, while Shanghai shares moved higher after data pointed to sustained industrial expansion in China.
The benchmark Hang Seng Index was down 0.6 percent at the close. Turnover was HK$36.66 billion ($4.7 billion), versus midday Friday's HK$42.60 billion.
"There is no significant indication that the global economy will recover strongly, so investors in Hong Kong are taking profit," said Steven Lam, vice-president at Karl-Thomson Securities.
Chinese offshore oil and gas specialist CNOOC shed 3.33 percent, while Jiangxi Copper slipped 1.99 percent. Angang Steel was down 2.04 percent. PetroChina fell 1.87 percent.
Li & Fung declined 3.65 percent and Esprit Holdings lost 2.66 percent, as U.S. consumers' gloomy economic outlook weighed on exporters.
Chinese property developer Yuzhou Property was down 4.8 percent on its trading debut.
Bucking the trend, Tencent Holdings, which operates popular online games in China, rose 2.26 percent on a rosy earnings outlook. Credit Suisse raised its target price to HK$153.60 from HK$131.60 and kept its "outperform" rating.
Nine Dragons was up 1.06 percent. The packaging and paper maker's plan to use proceeds from the sale of new shares to pay off debt would help lift profit, analysts said.
China Power International fell 1.83 percent. The company said Beijing had approved its plan to build a coal-fired generation unit in Sichuan province.
China's key stock index rose 0.49 percent, bouncing from a drop of more than 2 percent in early trade, as auto and health-related shares gained.
The Shanghai Composite Index ended 2.7 percent higher after sliding as far as 2,923.525, below the closely watched 125-day moving average now at 2,940 points.
Chinese ingot and wafer maker Comtec Solar, which debuted in Hong Kong on Friday, extended its fall, down 8.08 percent at the midday break. The stock closed 5.7 percent lower
on Friday on concerns that demand for its products would remain weak.
The Nasdaq-style ChiNext market for start-up shares, which surged on its trading debut on Friday, ended mixed after 27 of its 28 shares fell by the 10 percent daily limit at the open on profit-taking.
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