Asian Shares Lower on Concerns Over Ukraine

Asian stocks edged lower on Monday amid concerns over Ukraine and a weak lead from Wall Street.

The yen strengthened during Asian trade, reflecting a move toward safe-haven assets, after Ukraine mobilized troops and pro-Russian activists and militants extended their grip over the east of the country.

Markets also responded to Wall Street's decline on Friday, with technology stocks extending a recent selloff.

The dollar was last trading at Yen101.46, compared with Yen101.62 late Friday in New York. Japanese stocks did manage to stabilize after a period of hefty selling, with the Nikkei down just 0.2%.

Last week, the Nikkei suffered its worst week in nearly three years, as investors question the viability of the country's economic recovery. Its 7.3% decline was triggered by some of its largest constituents--such as Fast Retailing Co., Ltd., which sank 7.9% on Friday.

The company behind the Uniqlo clothing store lost another 3.7% on Monday in light of disappointing earnings results late last week.

Japan's Sharp Corporation plunged 9% after an Asahi Shimbun newspaper report that the company is considering a Yen200 billion share issuance to replenish its depleted capital base.

Elsewhere in Asia, Australia's S&P ASX 200 dropped 0.3% and South Korea's Kospi fell 0.02%.

In corporate news, Coca-Cola Amatil fell 3% in Sydney, after the company issued a warning on its half-year profits. The company, which is 29%-owned by the U.S. beverage giant, blamed weakness in Australia, where it has struggled to recover costs during a price war with rivals.

Write to Daniel Inman at [e-mail]

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