Tokyo down, rest of Asia higher


Wall Street's impressive performance failed to lift Japan as investors chose to take profits

HONG KONG, China -- Asian markets with the exception of Japan finished higher Tuesday, on the back of Wall Street's strong performance and hopes of an imminent economic recovery for Asia and the United States.

Tokyo was the only major market to end lower, with the benchmark Nikkei 225 giving up about 0.9 percent.

That came as investors locked in profits following the Nikkei's four-day, 12.2 percent bull run, helped by the Japanese government's tougher stance on short-selling.

Elsewhere in the region, Hong Kong put in the strongest run, adding about 2.7 percent. South Korea, Australia, Taiwan and Singapore were all higher, buoyed by hopes of a U.S. rebound.

In Tokyo, the Nikkei 225 average ended down 101.77 points, or 0.89 percent, at 11,348.45, while the broader capital-weighted Topix index fell 3.73 points, or 0.35 percent, to 1,075.31.

High-tech and auto exporters surrendered their recent gains, with Nissan Motor Co Ltd down 2.65 percent at 883 yen. Rival Honda Motor dipped 0.7 percent at 5,690 yen.

Top chipmaker Toshiba Corp lost 1.86 percent to 529 yen, but consumer electronics giant Sony Corp finished up 0.92 percent at 6,590 yen.

Mizuho Holdings, the world's largest bank by assets, rose 3.7 percent at 308,000, while Sumitomo Mitsui gained 3.91 percent to 584 yen. UFJ Holdings added 2.7 percent at 342,000 won.

Bull run

In Seoul, shares closed firmer and extended a five-month bull run as chipmakers and some domestic manufacturers surged on recent upbeat local and U.S. economic data.

The Kospi gained 0.93 percent to end at 841.95, while the over-the-counter Kosdaq rose 0.70 percent to 83.62.

Kumgang Korea Chemical, the largest construction components maker in South Korea, surged the daily trading ceiling of 15 percent to 145,000 won.

But steel maker Pohang Iron and Steel Co slipped 1.03 percent to 144,000 won, as investors nervously await an impending decision by the U.S. on imposing tariffs of up to 30 percent on imported steel.

In Australia, the market ended higher as cyclical stocks rose on hopes of a U.S. recovery. The benchmark S&P/ASX 200 index closed up 11.3 points, or 0.3 percent, at 3,435.6.

Media giant News Corp rose 51 cents, or four percent, to A$13.36 after it said it had seen a pick-up in its U.S. advertising, with growth of 4-5 percent so far this year.

Diversified resources group Rio Tinto advanced 2.6 percent to A$40.76, while rival BHP Billiton climbed 2.1 percent to A$11.97.

The major banks were all at least 1.5 percent lower, withdrawing some of the day's overall gains. National Australia Bank lost 55 cents, or 1.6 percent, to A$34.45.

Semiconductor power

Taiwan ended firmer, powered by semiconductor shares. The Taiex index added 83.27 points, or 1.42 percent, to 5,957.75.

Index heavyweight Taiwan Semiconductor Manufacturing Co added T$4.50, or 5.2 percent, to T$91.00 in anticipation of an international strategic alliance to be announced later in the day.

In Singapore, shares returned almost all of their morning gains by the midday break on concerns the market had run up a bit too fast. Heading towards the close, the bellwether Strait Times Index was up 0.24 percent, or 4.13 points, to 1,812.16.

Bank stocks were well supported. DBS Group was up 10 cents at S$14.40, OCBC Bank gained 20 cents to S$13.50, and United Overseas Bank was steady at S$14.90.

In Hong Kong, stocks were sharply higher, boosted by two days of stellar gains on Wall Street and a strong rise in HSBC Holdings.

The benchmark Hang Seng Index jumped 2.63 percent, or 281.72 points, to 10,985.84.

HSBC rose 3.41 percent to HK$91 after tracking a 7.6 percent jump in its London listing, and on hopes the worst may be over for the global banking giant.

Mobile phone leader China Mobile was up just under 2 percent to HK$23.55, while rival China Unicom put on 1.3 percent to HK$7.75.

Property leader Sun Hung Kai Properties added 4.3 percent to HK$60.75.