Asian shares ended mixed Thursday, with some markets paring early gains and others retreating as expectations that China will announce a sizeable expansion of its stimulus plan to support its economy weren't met by Beijing.
But the declines were mild even in some markets that ended down, as investors awaited details of the government's plan of action and also to see if the National People's Congress' ongoing meeting will lead to further policy announcements.
Japan's Nikkei 225 Average gained another 142.63 points, or 2%, on top of Wednesday’s gain to end up at 7,433.49
In Hong Kong, the benchmark Hang Seng Index reversed, however, by 119.91 points, or 1.0% to 12,211.24
Chinese Premier Wen Jiabao, while unveiling the country's economic roadmap for 2009 at the opening of the NPC, pledged to keep economic growth "around 8%" but stopped short of promising major new stimulus.
One investor said that whatever new stimulus proposals emerged from China they would not be a panacea for the world economy. "China is not big enough to make up for the rest of the world," he said.
Among China-linked stocks in Hong Kong, Jiangxi Copper Co. dropped 3% and Angang Steel fell 4.9%, while Anhui Conch Cement Co. dropped 3.7%.
Lenovo Group gained 2.7% with news it planned to tap the spending power of China's rural population via low-cost computers and 700 new retail stores.
Japanese shipping shares gained with Nippon Yusen 4.9% higher and Mitsui O.S.K. Lines up 7%.
Energy-related stocks were broadly higher, taking a cue from a sharp jump in crude-oil prices overnight. BHP Billiton rose 4.4% and Woodside Petroleum gained 1.5% in Sydney, while Inpex climbed 4.7% in Tokyo.
In Taipei trading, Formosa International Hotels soared 5.6% and China Airlines stock rose 2.3% after the Commercial Times reported that an unidentified major state-owned company in Beijing planned to organize tour groups of one million people to visit Taiwan.
Financial stocks were mostly weaker across Asia amid further declines in their U.S. counterparts, with National Australia Bank down 2.5% and Korea's KB Financial Group soared 8.9%, adding to Wednesday's earnings-related gain.
CHINA
On mainland China, meanwhile, power and property-related stocks extended gains, with Huaneng Power International Inc. rising 4.3% and Poly Real Estate Group gaining 2.4%.
Elsewhere:
China’s Shanghai Composite Index advanced 19.77 points or 0.9% to 2,304.92
Singapore’s Straits Times Index was off 25.70, or 1.7%, to 1,518.64
Taiwan’s Taiex gained 95.78 points, or 2.1% to 4,637.70
South Korea’s Kospi dropped 1.08 points or 0.1% to 1,058.18
New Zealand’s NZX 50 Index picked up 22.06 or 0.9% to 2,491.40
Australia’s S&P/ASX 200 Index 22.10 points or 0.7% to 3,188.50
