Hong Kong and Tokyo managed to shrug off early losses to trade higher on Monday, though other Asia-listed stocks saw selling pressure. Hong Kong's Hang Seng Index rose 0.4%, while Japan's Nikkei Stock Average edged up 0.1%. On the downside, however, Australia's S&/ASX 200 index declined 0.7%, South Korea's Kospi lost 0.2%, and the Shanghai Composite Index slipped 0.5%. U.S. stocks skidded at the end of last week, pressured by data and some poorly received earnings from some of the country's best-known companies.Read: U.S. stocks slammed on worst day since June. Over the past few weeks, global share markets have been consolidating in the wake of strong gains made since June, said Shane Oliver, head of investment at AMP Capital “Given uncertainties regarding the global outlook, this may have a bit further to run," he said of recent Asian market weakness. Still, he believes that share markets are likely to resume broad gains due to recent supportive policy measures from global central banks. Financials and related firms gained in Hong Kong on Monday, with bourse operator Hong Kong Exchanges & Clearing Ltd. climbing 3% to lead Hang Seng Index percentage advancers. Property companies were also strong, with Sino Land Co. up 2%, and Henderson Land Development Co. up 1.9%. Linus Yip, chief strategist at First Shanghai Securities, said that the Hong Kong market is firm compared to its Asian peers, helped by Chinese economic growth data last Thursday that showed growth in line with expectations. The data are a sign that the Chinese economy could be bottoming out, and.given those circumstances, “it's reasonable for money to be coming into Hong Kong," he said. The Hong Kong Monetary Authority stepped in last Friday for the first time in three years to weaken the Hong Kong dollar so as to maintain its peg with the U.S. dollar, according to reports, and Yip said that move was a clear sign of money inflows into Hong Kong. Over in Tokyo, the market started sharply lower after U.S. losses on Friday and as Japanese trade data out Monday showed that the country's exports fell a larger-than-expected 10.3% in September, compared to a year earlier, hit by a heavy drop in shipments to China and Western Europe. Read: Japan exports drop 10.3% Exporters help lead the early losses for Japan, but many major names swung to gains in the afternoon as the dollar made modest gains against the yen. By the Tokyo close, the U.S. currency was trading at ¥79.56, well above its ¥79.31 level in late trading Friday. The move above ¥79.50 in particular helped trigger stop-loss orders that supported the dollar against the yen, according to Dow Jones Newswires. Amid a weakening yen, Pioneer Corp. climbed 2.1%, NEC Corp. added 2.2%, Mitsubishi Motors Corp. improved by 2.9%, and Mazda Motor Corp. advanced 1%. Shares of Sharp Corp. rallied 7.4% after recent losses, following reports that the firm is set to increase the number of plants that will produce its latest liquid-crystal-display panels. Read: Sharp reportedly to boost LCD panel production. On the downside, however, Sony Corp. shed 0.4% after the company said Friday it plans to cut some 2,000 Japan-based jobs to cut costs, while Mitsubishi Corp. dropped 1.8% after the trading house late Friday cut its revenue and profit forecast for the current fiscal year. Outside of Japan, however, some major exporters saw losses, with Hong Kong-listed Li & Fung Ltd. down 0.9% and Lenovo Group Ltd. losing 1.3%. In South Korea, Hyundai Motor Co. gave up 1.3%, and LG Electronics Inc. declined 0.7%. Commodity futures recorded steep losses in New York on Friday as investors flocked to the U.S. dollar, with benchmark oil futures down 2%, gold futures dropping more than $20 an ounce, and copper futures losing nearly 11 cents per pound. Read more on Friday's metal losses. Though some commodities pared those losses slightly Monday, many Asian resource names remained under pressure. In Hong Kong, Jiangxi Copper Co. traded down 1.7%, while PetroChina Co. fell 1.3%. Jiangxi Copper also fell 1.5% in Shanghai, while Aluminum Corp. of China Ltd. lost 0.8% in Shanghai and 0.8% in Hong Kong. Miners weighed on the Australian market Monday, after Rio Tinto Ltd. fell 2.4%, while Fortescue Metals Group Ltd. lost 2.1%, with both firms paring sharp month-to-date gains. On the upside, Australian agribusiness concern GrainCorp Ltd resumed trading after a halt to jump 39%. The firm said that it received a conditional cash takeover proposal from U.S. firm Archer Daniels Midland Co. of 11.75 Australian dollars ($12.12) a share. Monday's gains led GrainCorp to close above the offer price at A$12.30. Marketwatch
