Market Update
Shares in the Asian region ended sharply lower Thursday, following a sell-off in commodity prices in U.S. trading yesterday.
At close, Japan's Nikkei, Hong Kong's Hang Seng, China's Shanghai Composite, India's Sensex and Australia's ASX declined 0.9% to 1.7%.
Prices of gold, silver, crude oil and most base metals came off sharply Wednesday, taking a toll on resource stocks.
Stocks on the Move
In Tokyo, Sumitomo Mining, Araya Industrial and Mory Industries dropped 3.1% to 5%, mirroring the fall in commodities.
Automakers were broadly higher, though, following Nissan's robust quarterly earnings declaration. Nissan shares gained 1.4% while Toyota rose 3.1%.
In Hong Kong and Shanghai, oil and metal stocks led the decliners: CNOOC was off 1.5% while Aluminum Corporation of China fell 2.2%.
Indian stocks ended broadly lower with financials witnessing selling due to inflationary pressures leading to expectations the central bank would tighten monetary policy further.
State Bank of India and HDFC Bank declined 1.2% and 1.9%, respectively.
In Sydney, heavyweight miners bogged down the index: BHP Billiton and Rio Tinto fell 2.6% and 2%.