ASIA MARKETS: Chinese Stocks Decline Amid Fears Of An Economic Slowdown

By Laura He, MarketWatch

Hang Seng sees biggest daily drop in a month

Hong Kong and Shanghai stocks both posted solid losses on Thursday, amid investor anxiety over an "intensifying" economic slowdown in China as the nation's premier lowered the nation's growth target to about 7% for this year.

The Hang Seng Index declined 1.1% to 24,193.04, the biggest daily drop in a month. The benchmark index has fallen for three days in a row.

Over on the mainland, the Shanghai Composite Index retreated 1%.

China set 2015's gross domestic product growth target at about 7% (http://www.marketwatch.com/story/china-lowers-growth-target-to-about-7-2015-03-04-191032533), down from last year's level of "about 7.5%", Premier Li Keqiang said Thursday in his government work report at the opening of the annual parliamentary session. "The economic downward pressure is still intensifying," he noted.

In Hong Kong, market movers included mainland auto-maker Brilliance China Automotive Holdings Ltd. , tumbling 3.9%, state-owned Bank of Communications Co., Ltd. , skidding 2.2%, energy giants PetroChina Co. Ltd. and China Petroleum & Chemical Corporation Ltd. , both shedding 1.6%, and developer China Resources Land Ltd. , losing 1.3%.

Hong Kong retailer dropped further, with cosmetic chain operator Bonjour Holdings Ltd. leading losses with a 5.8% slide.

Elsewhere, other Asian markets recorded mild gains.

Japan's Nikkei Average added 0.3%, and the broader Topix rose 0.4%. The yen (USDJPY) weakened versus the greenback (http://www.marketwatch.com/story/euro-sinks-to-fresh-11-year-low-as-ecb-looms-2015-03-05)to Yen119.81, compared with Yen119.71 late Wednesday in New York.

Meanwhile, Sydney stocks nudged higher, as the S&P/ASX 200 closed up less than 0.1%. Seoul's Kospi Composite Index ended flat.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires