(MENAFN- AFP) Asian markets tumbled on Monday following a surprisingly poor batch of economic data out of China, while revised Japanese figures showed 2013 growth was slower than expected.The losses came after healthy gains on most bourses last week and despite jobs growth in the United States, while investors are keeping an eye on events in Ukraine as leaders try to find a peaceful resolution to the crisis.Hong Kong's benchmark Hang Seng Index fell 1.75 percent, or 395.56 points, to 22,264.93, while in China the benchmark Shanghai Composite Index dropped 2.86 percent, or 58.85 points, to 1,999.06.The Shenzhen Composite Index, which tracks stocks on China's second exchange, plunged 3.47 percent, or 38.22 points, to 1,064.06.Beijing said Saturday it had seen an unexpected trade deficit of $22.98 billion in February.The figure compared with a surplus of $14.8 billion in the same month last year, and a median forecast of an $11.9 billion surplus. Exports fell 18.1 percent and imports jumped 10.1 percent.
"It's hard to ignore a number that looks like that," said Sean Callow, senior currency strategist at Westpac Institutional Bank in Sydney.Those figures were followed the next day by news that inflation eased to 2.0 percent in February, down from 2.5 percent in January, leading to talk of possible deflation, which could delay much-needed investment and consumer spending.While authorities blame the country's holiday season for the weak results, they add to growing worries about the Chinese economy, with the latest surveys on its key manufacturing sector showing weakness.The sell-off on Monday is "symptomatic of the mood of the market to be spooked by any poor China numbers and to only take moderate comfort from strong numbers", he told Dow Jones Newswires.- Japanese GDP slower -Tokyo's Nikkei index slipped 1.01 percent, or 153.93 points, to 15,120.14, while the Topix index of all first-section shares fell 0.76 percent, or 9.36 points, to 1,227.61.In Japan the government said Monday that gross domestic product growth was 0.2 percent in the quarter to December and 1.5 percent through 2013, slower than first thought.Preliminary figures last month showed GDP expanded 0.3 percent in October-December period and 1.6 percent over the year.While the data still marked Japan's best annual performance in three years, it will put the focus on the central bank as it begins a policy meeting later in the day, with speculation that it will announce a fresh batch of monetary easing measures."The lower trading volume days look like they are continuing, irrespective of last week's net Nikkei gain," Toshiyuki Kanayama, market analyst at Monex, told Dow Jones Newswires."All eyes are on the Bank of Japan, but few really expect it to announce anything new ahead of the national sales tax hike on April 1."There is growing concern that the tax increase will derail Japan's economic recovery by weighing on consumer spending -- and force the BoJ to act.In share trading, Canon shares fell 0.91 percent to 3,127 yen, Sony rose 1.08 percent to 1,864 yen, Honda fell 2.04 percent to 3,732 yen and Japan Airlines (JAL) rose 0.38 percent to 5,170 yen.The rise of JAL shares came despite the airline saying Sunday that a flight from Tokyo to San Francisco -- using one of Boeing's troubled Dreamliners -- made an emergency landing in Honolulu, reportedly due to a possible problem with its hydraulic system.In currency trade the yen rose after seeing a sell-off for most of last week. In the afternoon the dollar fell to 103.15 yen from 103.24 yen in New York Friday.The euro fetched $1.3886 and 143.23 yen, against $1.3874 and 143.31 yen.Sydney fell 0.93 percent, or 50.8 points, to 5,411.5 and Seoul was 1.03 percent lower, giving up 20.26 points, to end at 1,954.42.In Kuala Lumpur flag-carrier Malaysia Airlines lost 20 percent at one point after one of its 777 airliners went missing at the weekend with 239 people aboard, en route from Kuala Lumpur to Beijing. However, it clawed back a substantial part of that to sit four percent lower in late trade.The broader market was down 0.50 percent. Oil prices fell. New York's main contract, West Texas Intermediate for April delivery, was down 13 cents at $102.45 and Brent North Sea crude for April fell 82 cents to $108.18.Gold fetched $1,333.30 an ounce at 0810 GMT compared with $1,348.20 late Friday.In other markets:-- Taipei fell 0.56 percent, or 48.72 points, to 8,665.24.Taiwan Semiconductor Manufacturing Co. shed 1.31 percent to Tw$113.0 while Fubon Financial Holdings was 1.89 percent lower at Tw$41.5.-- Wellington eased 0.15 percent, or 7.82 points, to 5,117.84.Telecom was down 0.20 percent at NZ$2.455 and Fletcher Building slipped 0.40 percent to NZ$9.86.--Manila ended flat, edging up 5.40 points to 6,487.23.Philippine Long Distance Telephone gained 0.07 percent to 2,802.00 pesos and International Container Terminal Services rose 0.70 percent to 100.30 pesos, while Metro Pacific Investments advanced 2.25 percent to 4.54 pesos.
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