2013.04.1802:22:32UTC+00Most of Asian stocks decline after weak U.S. cues

Most Asian markets were down on Thursday deals as sentiment took hits from falling commodity prices and weak U.S. corporate results, with some technology stocks retreating after a sharp drop in Apple Inc. shares.

Mainland Chinese and Hong Kong stocks were supported by economic data displaying a progress in foreign direct investment inflows and home prices in China.

Japan’s Nikkei Stock Average relinquished 0.4%, Australia’s S&P/ASX 200 retreated 0.7%, and South Korea’s Kospi gave up 0.3%.

“Once again, bottom-up views continue to miss analysts’ lofty expectations,” said IG Markets strategist Evan Lucas, referring to recent downbeat results, including from Dow industrial components Bank of America Corp. on Wednesday and Intel Corp. a day earlier.

China markets volatile

The Shanghai Composite Index and Hong Kong’s Hang Seng Index briefly turned positive after the Chinese economic data, before diving back again.

By the late morning, the Shanghai Composite decrease with 0.3%, while the Hang Seng Index was 0.2% lesser after a four-day losing streak.

The foreign direct investment data showed flows into China advance to $12.4 billion in March, improving 5.7% from the year-ago period.

Property shares in particularly advanced in the wake of figures displaying that new-home prices jumped in 68 of 70 top Chinese cities surveyed in March from levels seen in February, regardless of recent measures to further tighten policies on the property division.

“The rolling out of property loan/price restrictions are clearly designed to take some of the froth out of the top end of the market, not intended to destroy the sector altogether,” said Annette Beacher, head of Asia-Pacific research at TD Securities.

Shares of China Overseas Land & Investment Ltd. surged 2%, and China Resources Land Ltd. developed a 2.5% increase in Hong Kong, while Gemdale Corp. inched up 0.1% in Shanghai, and China Vanke Co. hopped 0.3% in Shenzhen to support the respective markets.

The boost, however, contrasted with losses elsewhere in the region after a poor set of U.S. corporate earnings dragged on Wall Street overnight.

Several exporters and companies with a global exposure were pulled down, with industrial-automation major Fanuc Corp. surrendering 2%, and camera maker Nikon Corp. skidding 1.6% in Tokyo.

Logistics firm Li & Fung Ltd. slipped 0.8% in Hong Kong, and Hyundai Motor Co. sank 1.3% in Seoul.

Resource stocks came under renewed selling pressure as crude-oil and metals lost further ground.

Heavyweight miner BHP Billiton Ltd. diminished 3.3% in Sydney, as gold miner Zijin Mining Group Co. tumbled 1.8% in Hong Kong and 0.6% in Shanghai. Steelmaker Posco relinquished 0.9% in Seoul.

Some shares of technology firms in Apple’s supply-chain suffered huge declines after stock in the iPhone maker dropped below $400 overnight, following a tepid revenue outlook from the company’s chips supplier Cirrus Logic Inc..

LG Display Co. downturn 3.5% in Seoul, and Hon Hai Precision Industry Co. diminish 0.9% in Taipei, while Apple’s partner Softbank Corp. traded 1.7% lower in Tokyo.

Taiwan’s Taiex skyrocketed 0.2% in choppy trade.