×

Asian Stocks Close Lower; Nikkei Ends Down 1.1%

Asian stocks traded mostly lower as modest losses on Wall Street overnight gave investors reason to tread carefully after the gains made this month.

The Nikkei led the way down, sliding 1.1%. The yen's strength and the prospect of further intervention continued to provide uncertainty for the Japanese market.

Some exporters fell, among them, Kyocera and Adventest lost 2% while Sony declined 1.1%.

Factory automation equipment maker Fanuc advanced, up 1.5% at 10,890 yen, amid expectations of increased capital spending in the auto sector.

Takefuji shares remained untraded for a second straight day. The troubled consumer lender is reportedly set to file for bankruptcy.

Izumiya slumped more than 5%. The supermarket chain has cut its profit forecast after first-half sales came in lower than expected.

The South Korean KOSPI dipped 0.3%, with shipbuilders holding firm but bank stocks suffered, led by Shinhan Financial.

In Australia, Nufarm sank 3.9% as the market reacted negatively to its earnings announcement. The troubled farm chemicals maker logged a 63% slide in annual profit, missing analysts' forecasts.

The benchmark S&P ASX 200 closed lower by 0.1% to 4,669.75.

Kong Kong's Hang Seng and China's Shanghai Composite slipped 1% and 0.6% respectively.

The world's second-largest port operator, China Ningbo Port, traded below its IPO price of 3.70 yuan at its trading debut in Shanghai.

China Unicom ranked among the laggards in Hong Kong, down 4.3% to HK$11.20 after the telco said it had sold $1.8 billion in convertible bonds to support business development.

But Aluminum Corp of China outperformed. Its shares surgedby its 10% daily limit following its parent's investment in rare earth companies.

Markets in Singapore and Malaysia inched lower by 0.5% and 0.4% respectively.