Tokyo lower in mixed Asian trade


A stronger Japanese yen weighed on export-oriented shares in Tokyo

HONG KONG, China -- Asian markets were mixed by midday Thursday, with Hong Kong up sharply but Tokyo slightly lower after a firmer yen hit electronics and auto exporters.

In Japan the benchmark Nikkei 225 average ended the morning down 9.58 points, or 0.08 percent, at 11,543.21, while the capital-weighted Topix Index rose 0.30 points, or 0.03 percent, to 1087.21.

Taiwan was also lower as selling pressure remained on tech shares. The main Taiex lost 0.89 percent to 6011.66 by the morning break.

South Korea and Singapore joined Hong Kong on the uptrend, as blue chips tracked the gains made on Wall Street by the Dow Jones industrial average.

Australia up too, but a slide in miners and telco weighed on the market.

U.S. blue chips rallied Wednesday after a spate of selloffs. The Dow rose 1.14 percent to 10,059.63, but the tech-laden Nasdaq slipped 0.63 percent to 1,677.53.

Firmer yen

Despite the stronger yen, Japanese companies with strong earnings prospects attracted investors.

Printer and copier maker Canon fell 1.02 percent to 4,870 yen and Honda Motor dropped 1.68 percent to 5,850 yen.

But cosmetic maker Shiseido ended the session 5.46 percent higher at 1,527 yen after a newspaper report said the firm would double group operating profits this business year to 47 billion yen.

Among banks, Mizuho Holdings added 0.72 percent to 279,000 yen and Sumitomo Mitsui rose 1.7 percent to 599 yen. UFJ was flat at 322,000 yen.

Japanese financial markets will be closed on Friday for Constitution Day, and on Monday for Children's Day.

In Seoul, the Kospi rose 1.44 percent to 854.47, while the over-the-counter Kosdaq climbed 3.41 percent to 75.84.

Korea's exports rebounded 10 percent year on year in April on rising demand for flat panel screens, computers, and petrochemical products.

Shares in flat panel maker Samsung SDI added 1.8 percent to 114,500 won on the positive export figures.

Banking shares remained firm on hopes creditors may revive talks to sell the core assets of troubled Hynix Semiconductor to U.S. rival Micron Technology.

Shares in Korea Exchange Bank, Hynix's main creditor, gained 70 won to 7120 won.

But Hynix, whose board rejected the Micron deal Tuesday, slumped 13.61 percent to 825 won. Rival Samsung Electronics slipped 0.39 percent to 380,500 won.

Miners slide

Australian shares were flat by midday with the benchmark S&P/ASX 200 index down 3.3 points, or 0.1 percent, at 3,357.1.

Westpac shares fell one percent to A$16.22 after it said it would book a $750 million profit on the long awaited sale of its AGC consumer finance unit to GE Capital.

Telco leader Telstra Corp Ltd eased six cents to A$4.97 after it reported a 1.1 percent decline in third quarter revenue and an unchanged year outlook.

BHP Billiton fell 2.7 percent to A$10.56 after it reported a 33 percent slide in third quarter profit to $406 million. Rival Rio Tinto slipped 1.1 percent to A$35.30.

In Taiwan, stocks fell on continued selling pressure. Chip foundry TSMC lost 0.57 percent to T$87.00, while UMC slipped 0.94 percent to T$52.50.

In Singapore, the Straits Times Index was up 0.66 percent, or 11.32 points, at 1,736.69.

Banks led the way. United Overseas Bank was up 1.4 percent at S$14.60, DBS Group Holdings edged up 0.71 percent to S$14.10, and OCBC Bank added 0.77 percent to S$13.10.

In Hong Kong, stocks opened sharply higher with property stocks leading gainers on hopes the sector would finally recover this year. The benchmark Hang Seng Index rose 198 points or 1.72 percent to 11,695 near midday..

Developer Cheung Kong rose 1.68 percent to HK$75.50, and Sun Hung Kai Properties climbed 2.21 percent to HK$69.50. Henderson Land added 1.58 percent to HK$38.60.