06:51 AM EDT, 07/24/2024 (MT Newswires) -- Asian stock markets tracked lower Wednesday on currency exchange rates and refreshed concerns regarding mainland China's economy after a luxury jewelry retailer reported soft quarterly sales.

Hong Kong, Shanghai, and Tokyo finished in the red, as did most other regional exchanges. Trading floors in Taiwan were closed on typhoon watch.

In Japan, the Nikkei 225 opened lower and declined to the close, finishing off 1.1% as a stronger yen undercut export issues.

The benchmark Nikkei 225 fell 439.54 to 39,154.85, as losing issues outnumbered gainers 215 to 10.

Leading the upside was electric motor maker Nidec, up 6.1% after reporting financial results, while Mitsubishi Motors fell 7.4%.

In economic news, Japan's flash composite purchasing manager index (PMI), a combination of the manufacturing and service sectors, posted at 52.6, up from 49.7 in June and rising above the 50-marker that separates growth from contraction, reported S&P Global.

The nation's service sector PMI logged at 53.9 in July, up from 49.4 in June.

Japan's manufacturing sector PMI registered at 49.7 in July, down from 50.4 in June.

In Hong Kong, the Hang Seng Index opened evenly but fell in trading, finishing off 0.9% as property and tech issues lost favor.

The broad gauge Hang Seng fell 158.31 to 17,311.05, as losing issues outnumbered gainers 62 to 19. The Hang Seng TECH Index lost 1.5% on the day, while the Mainland Properties Index also fell 1.5%.

Leading the upside was internet service company NetEase, gaining 4.6% after announcing a new gaming title. Nongfu Spring lost 7.1%.

Chow Tai Fook Jewelry fell back 6.6% after reporting quarterly sales at company-franchised stores in mainland China fell by 19.1% on the year, and those of owner-operated stores fell by 26.4%.

On the mainland, the Shanghai Composite fell 0.5% to 2,901.95.

On the other regional exchanges, the S. Korean KOSPI fell 0.6%; the Australian ASX 200 declined 0.1%; the Singapore Straits Times Index was flat, and the Thai Set declined 0.3%. In late trading in Mumbai, the Sensex was down 0.3%.