Asian markets ended mixed Tuesday as export-related shares and financials broadly advanced but property developers lost ground on a weak outlook for prices.
Japanese stocks took a roller-coaster ride before being grounded by declines in lenders such as Shinsei Bank and Mitsubishi UFJ Financial Group.
The Nikkei 225 Stock Average lost 48.47 points or 0.6% lower to 7,825.51.
The benchmark flirted with gains a few times and rose as much as 2.7% after the Bank of Japan announced it planned to buy stocks worth up to 1 trillion yen ($11.1 billion U.S.) through April 2010 from Japanese banks to help improve the lenders' balance sheets.
Mitsubishi UFJ shares fell 0.8% and Shinsei stock lost 7.4% after Japanese media reported they would slash earnings forecasts. Shinsei after the market closed said it predicts a group net loss for the fiscal year ending in March.
Shipping stocks rose sharply, however, after another rise for the Baltic Dry Index, with Nippon Yusen rising 5.2% and Mitsui O.S.K. finishing 4.9% higher.
Hong Kong's Hang Seng index was off 84.60 points or 0.7%, to end the day’s trading at 12,776.89
Chinese shares in Shanghai extended gains on hopes the government may unveil more policies to support a weakening economy.
But in Hong Kong, property stocks declined a day after the Hong Kong Monetary Authority said the number of residential-mortgage loans in negative equity nearly quadrupled in the last quarter of 2008 as property prices dropped. Sun Hung Kai lost 4.9% and Cheung Kong (Holdings) shrank 6.1%.
CHINA
Chinese shares in Shanghai extended gains on hopes the government may unveil more policies to support a weakening economy.
The performance lifted the Hang Seng China Enterprises Index, also known as the H shares index, 0.7% in Hong Kong.
In Sydney, stocks gave up some of their early gains after the Reserve Bank of Australia cut its official cash rate target by 100 basis points to 3.25%, as expected. But the market remained supported by the government's plan for an additional A$41.5 billion ($26 billion U.S.) in fiscal stimulus.
Shares of Commonwealth Bank of Australia jumped 9.8% after the lender forecast its half-yearly profit was likely to be 16% lower than it was in the year-earlier period but 20% higher than consensus analyst estimates.
The prediction lifted other financials, with National Australia Bank rose 2.4% on hopes of a recovery in chip prices.
In Taipei, Hon Hai Precision gained 2.2% and AU Optronics Corp. jumped 5.4%.
Elsewhere:
China’s Shanghai Composite Index raced ahead 51.85 points, or 2.5%, to 2,108.81
Korea’s Kospi Index picked up 16.25 points or 1.4% to 1,163.2
Taiwan’s Taiex index gained 112.83 points, or 2.7%, to 4,372.81
Singapore’s Straits Times Index advanced 6.63 points, or 0.4%, to 1,711.82
Australia’s ASX 200 was up 11.30 or 0.32% to 3,508.30
New Zealand shares were up 8.79 points, or 0.3%, to 2,780.29
