HONG KONG – (AFP) – Most Asian stock markets slipped on Thursday amid more grim economic news from Japan and China, with the broad market index in Tokyo sinking to a 25-year low.

Japan’s Nikkei-225 fell 2.41 percent after the government said the economy logged its worst performance in nearly 35 years, contracting 3.2 percent in the three months to December, or 12.1 percent on an annualised basis.

“The figures are not good,” said Prime Minister Taro Aso. “The economy is worsening.”

China also announced that factory output and retail sales were slowing down, sparking fears that the global crisis is taking more of a toll on the world’s third-largest economy than first thought.

The news from China led Sydney to close down 0.3 percent, as mining shares suffered on the weak Chinese industrial output figures.

But Hong Kong bucked the downward trend across much of Asia, gaining 0.6 percent.

TOKYO: Down 2.41 percent. The Nikkei-225 shed 177.87 points to 7,198.25.

The broader Topix index of all first-section shares slipped 21.35 points, or 2.96 percent, to 700.93, levels last seen in December 1983.

Investors took profits despite news that Japan’s economy shrank at a 12.1 percent annual pace in the fourth quarter of 2008 — less than first thought — as it was still the worst performance in nearly 35 years.

The revised figure “is hardly something to cheer about,” said Rabobank International chief Asia strategist Jan Lambregts.

Financial shares were hit hard. Mitsubishi UFJ Financial dropped 3.6 percent to 396 yen, Mizuho Financial shed 2.8 percent to 171 and Sumitomo Mitsui Financial lost 5.0 percent to 2,680.

HONG KONG: Up 0.6 percent. The Hang Seng gained 70.87 points to 12,001.53.

Investors were cautious amid the new gloomy news from China, as fears mounted that Beijing would be unable to meet its target of eight percent economic growth for 2009, dealers said.

Banking heavyweight HSBC rose 1.7 percent to 36.20 dollars — its third consecutive gain after plunging more than 24 percent Monday — as investors welcomed its 17.8 billion US dollar rights issue.

Conglomerate Swire Pacific closed up 2.92 percent to 45.75 dollars, despite reporting its net profit for 2008 had dropped 77.5 percent. Airline Cathay Pacific, which is 40 percent-owned by Swire, rose 0.4 percent to 7.44.

SYDNEY: Down 0.3 percent. The S&P/ASX 200 sagged 8.9 points to 3,235.5.

Banking and mining stocks led the downward trend, as mining giant BHP Billiton closed down 0.5 percent at 30.35 after China revealed a slump in industrial output. BHP rival Rio Tinto rose 0.7 percent to 50.17.

ANZ Banking Group slipped 2.2 percent to 12.86 and Westpac was 1.6 percent weaker at 16.60.

But National Australia Bank rallied 2.6 percent after slashing its dividend for the first time in 18 years in a bid to shore up its balance sheet in the face of global recession.

SHANGHAI: Down 0.24 percent. The Shanghai Composite shed 5.14 points to 2,133.88.

A slowdown in retail sales growth in January and February — to 15.2 percent from 20.2 percent in the same period last year — sparked concerns that domestic demand in China is on the wane.

Food and beverage producers as well as electronics makers fell on concerns over weakening profit outlooks.

Liquor producer Wuliangye Yibin fell 3.0 percent to 14.38 yuan. Corn starch and animal feed manufacturer Gansu Ronghua Industry Group ended down 5.7 percent at 9.47.

Electronics maker GD Midea fell 3.4 percent to 9.50 and Gree Electric Appliances dropped 4.9 percent to 21.40.

TAIPEI: Down 0.11 percent. The weighted index lost 5.31 points to 4,754.65.

Steven Huang of President Securities said the market had a good chance of testing the 5,000 points level, led by electronics shares.

Taiwan Semiconductor Manufacturing Co, the world’s biggest contract microchip maker, dropped 0.9 percent to 48.25 while rival United Microelectronics Corp added 4.0 percent to 9.89.

SEOUL: Flat. The Kospi rose 0.88 points to 1,128.39.

Blue-chips gained, with Samsung Electronics adding 2.1 percent to 536,000 won and Hynix Semiconductor up 4.63 percent to 8,590 won, but most financial stocks remained in the red on profit-taking.

Shinhan Financial Group fell 1.29 percent to 23,000 won. Woori Finance Holdings shed 4.35 percent to 6,600. Mirae Asset Securities declined 2.9 percent to 63,600.

SINGAPORE: Down 0.80 percent. The STI lost 11.98 points to 1,493.53.

Skittish traders largely ignored positive news from Wall Street overnight, dealers said. Banking shares dropped but property shares closed up.

United Overseas Bank slipped 20 cents to 8.27 and Oversea-Chinese Banking Corp eased a cent to 4.11, while DBS remained unchanged at 6.90.

City Developments rose 12 cents to 4.48, CapitaLand gained three cents to 1.96 and Keppel Land closed 4.5 cents higher at 1.04.

KUALA LUMPUR: Down 1.4 percent. The KLCI lost 11.98 points to 838.39.

Foreign funds led heavy selling in finance and property stocks as well as select blue chips, dealers said.

Maybank closed down 6.5 percent at 4.06 ringgit, Public Bank lost 3.4 percent at 7.05 and Sime Darby eased 3.6 percent at 5.35.

Bumiputra-Commerce added 2.5 percent at 6.20 ringgit on company share buyback while Guinness gained 0.9 percent at 5.50 on dividend play.

BANGKOK: Up 0.15 percent. The SET Composite added 0.63 points to close at 415.04.

“The market was quiet and trading was very light today as investors stayed away. There was no new factor to spur the market,” said Pongrat Ratanatavanananda, vice president at Bua Luang Securities.

Thailand’s top energy firm PTT Plc was unchanged at 144.00 baht, while its subsidiary PTT Exploration and Production was also unmoved at 91.00.

JAKARTA: Down 0.3 percent. The Composite lost 4.1 points to 1,310.41.

Banking shares led the downward trend, but one dealer told Dow Jones Newswires that a “weaker rupiah and falls in several Asian markets also inspired selling.”

Bank Rakyat Indonesia plunged 3.7 percent to 3,925 rupiah, while Bank Central Asia lost 1.8 percent to 2,750.

MANILA: Down 1.1 percent. The Composite fell 21.75 points to 1,879.67.

Analysts said shares were brought down by bleak economic news from the United States. “This is the effect of the US economy,” an analyst at Solar Securities Inc. told AFP.

Philippine Long Distance Telephone fell 0.4 percent to 2,270 pesos. San Miguel Corp. saw its A shares fall 2.3 percent to 42 while its B shares rose 1.2 percent to 43.

WELLINGTON: Down 0.24 percent. The NZX-50 index fell 5.88 points to 2,491.62.

Investors largely ignored the central bank’s decision to cut its key interest rate to a record low 3.0 percent — a smaller cut than some economists had predicted.

Discount retailer The Warehouse fell seven cents to 3.45 dollars after announcing a fall in interim profit in a difficult retail environment.

Fletcher Building rose five cents to 5.31 dollars, Contact Energy rose four cents to 5.60 and Telecom dropped two cents to 2.35.

MUMBAI: Up 2.25 percent. The Sensex rose 183.35 points to 8,343.75.

The gains came after a two-day local trading holiday, mirroring Wall Street, on hopes that the financial sector was showing some signs of recovery, dealers said.

© Copyright AFP 2009.