MW: Asian markets mostly lower as techs, banks drop
By V. Phani Kumar
HONG KONG (MarketWatch) -- Asian shares traded broadly lower Wednesday as weak U.S. economic data released overnight reignited worries about global economic growth, with financial and technology stocks hurt across markets. Japan's Nikkei Stock Average lost 1% after rising in the previous three sessions, China's Shanghai Composite fell 0.2% by the mid-day break, Hong Kong's Hang Seng Index moved 1.3% lower, South Korea's Kospi dropped 0.5%, and Taiwan's Taiex shed 0.2%. Australia's S&P/ASX fell 0.9%, reversing early gains, while India's Sensex slipped 0.4%. Samsung Electronics Co. (SSNLF 0.00, 0.00, 0.00%) dropped 0.8% in Seoul despite forecasting a record second-quarter operating profit, as concerns about the outlook for chip prices in coming quarters dragged on the company's own shares, along with others in the sector. Financial stocks dropped after U.S. equities narrowed their gains overnight, with Australia & New Zealand Banking Group (AU:ANZ 21.23, -0.28, -1.30%) (ANZBY 18.25, +0.61, +3.46%) shedding 1.9% in Sydney, Mizuho Financial Group (JP:8411 143.00, +3.00, +2.14%) (MFG 3.25, +0.02, +0.62%) losing 1.4% in Tokyo, China Construction Bank Corp. (HK:941 77.00, -0.95, -1.22%) (CICHY 40.19, +0.43, +1.08%) down 1.4% in Hong Kong, and ICICI Bank Ltd. (IBN 36.22, +0.45, +1.26%) shedding 1.4% in Mumbai.
