RTTNews - The Asian markets ended in negative territory following sell-off in Chinese market amid fresh concerns about the sustainability of economic growth.

In Japan, benchmark Nikkei 225 Index ended at 10,204. representing a loss of 80.96 points, or 0.79%, while the broader Topix index of all first section stocks fell 6.41 points, or 0.7%, to 943.

On the economic front, the Ministry of Economy, Trade and Industry revealed that the all industry activity index dropped 8.2% year-on-year in June, slower than a 10.2% fall in the preceding month. On a monthly basis, the index rose a seasonally adjusted 0.1% in June compared to a 0.7% rise in the preceding month. Economists expected an increase of 0.3%.

Light sweet crude oil price for September delivery ended at $69.21 a barrel in electronic trading, up $0.02 from its previous close $69.19 a barrel in New York on Tuesday.

Sanyo Electric, maker of rechargeable batteries, surged up 10.27% following reports in the press that Toyota Motor will purchase batteries from Sanyo Electric for its hybrid vehicles from 2011.

Automotive stocks also advanced on buying interest at lower levels. Honda Motor added 0.33%, Toyota Motor Corp edged up 0.25% and Nissan Motor advanced 0.71%.

Trading companies ended in negative territory. Sumitomo Corp. declined 1.67%, Mitsui & Co. fell 1.22%, Toyota Tsusho lost 0.82% and Itochu Corp. shed 1.26%.

Shipping stocks ended weaker. Mitsui OSK Lines fell 2.24%, Nippon Yusen lost 1.49% and Kawasaki Kisem declined 2.34%.

Banking stocks also ended in negative territory on concerns about recovery. Mitsubishi UFJ Financial Corp lost 1.52%, Mizuho Financial slipped 0.89%, Resona Holdings lost 2.05% and Sumitomo Mitsui Financial shed 1.50%.

In Australia, the benchmark S&P/ASX200 Index losing 7.80 points, or 0.18%, to close at 4,374, while the All-Ordinaries Index ended at 4,388, representing a gain of 1.60 points, or 0.04%.

Strength in energy stocks following the announcement of an 20-year agreement by PetroChina to purchase LNG from the proposed Gorgon development project to the extent of A$50 billion offset the weakness in the broader market on concerns about pace of recovery.

On economic news, the latest report from Westpac Bank and Melbourne Institute revealed that the leading index of economy activity in the country contracted at an annualized rate of 3.3% in June compared to a fall of 5.3% in May.

Light sweet crude oil price for September delivery ended at $69.21 a barrel in electronic trading, up $0.02 from its previous close $69.19 a barrel in New York on Tuesday.

Woodside Petroleum advanced 3.65%, despite reporting a 12% drop in profit for the first half, hurt by lower oil prices. Among others in oil space, Santos gained 1.45%. However, Oil Search slipped 0.89% and Origin Energy, which reported a 20% rise in underlying earnings for full year, lost 2%.

Among metals and mining stocks, Rio Tinto gained 2.28%, Fortescue Metals rose 2.27%, Iluka Resources surged up 8.96%, Oz Minerals advanced 2.29% and Orica Limited added 0.60%. Gindalbie Metals remained unchanged at previous close, while BHP Billiton buked the trend and ended lower by 1.48%.

Quantas Airways, the country's biggest airliner, gained 3.46% after the company, releasing the results for the second half, revealed that it is planning to embark on a series of cost-cutting measures to the extent of A$1.5 billion. The airline reported a net loss for the second half of the year, its first loss in six years. Virgin Blue Holdings, the second largest airline, soared 6.49%.

Banking stocks ended in negative territory on concerns about recovery. ANZ Bank fell 2.80%, Commonwealth Bank of Australia slipped 0.79%, National Australia Bank lost 0.96% and Westpac Bank shed 0.84%.

Gold stocks also ended weaker. Lihir Gold lost 3.15%, Newcrest Mining fell 2.57% and Sino Gold Mining declined 2.14%.

In Hong Kong, the Hang Seng Index slipped 1.73% or 352.04 points and closed at 19,954, following late selling in stocks taking cues from mainland China where the market declined more than 4% and entered into a bear market, having lost nearly 20% since the beginning of the month.

Of the 42 components in the Index, only two stocks managed to end in positive territory with gains, while the balance 40 stocks witnessed sell-off on concerns about the sustainability of recovery.

In South Korea, the benchmark KOSPI Index ended in negative territory with a loss of 4.28 points, or 0.28%, at 1,546, following sell-off in Asian markets and concerns about deep correction in the global markets amid concerns about recovery.

Weak global cues, especially the sell-off in Chinese market on valuation concerns, reports about deceleration in India's merchandise exports for the tenth straight month and concerns on the monsoon front pulled down the Indian market sharply down on Wednesday after a recovery in the previous session. The BSE Sensex finished at 14,810, down 226 points or 1.50% and the S&P CNX Nifty fell 65 points or 1.45% to 4,394.

Among the other major markets in the region, China's Shanghai Composite Index slumped 4.30% or 125.30 points, to 2,786, Singapore's Strait Times Index lost 44.94 points, or 1.75% to close at 2,523. Taiwan's Weighted Index slipped 1.19 points, or 0.02% to close at 6,789 and Indonesia's Jakarta Composite Index declined 2.53% or 59.23 points to close at 2,278.

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