Asian share markets ended mixed Thursday as investors weighed higher oil prices and a host of fresh economic data out of China that pointed to continuing fast growth in fixed-asset investment.
Japan's Nikkei 225 fell short of the breakeven point, losing 10.16 points, or 0.1% to 9,981.83, after briefly breaching the 10,000 mark for its highest level since October 8.
Hong Kong's Hang Seng gained 5.37 points, or 0.03%, to 18,791.03
Hong Kong authorities ordered elementary schools throughout the city to close for two weeks after it was determined recent H1N1 flu cases had been transmitted within the local community. One expert said that a rise in flu cases could begin to affect consumer consumption, drag on the tourism sector and result in higher unemployment.
Analysts said many regional markets were digesting recent gains and sizing up risk factors that could disrupt the regional outlook.
Commodity prices have been on a tear lately -- for base and precious metals alike, and for crude oil -- which has underpinned the idea the global economy is starting to stabilize. Commodity-linked stocks have led a rally in recent days in markets such as Australia, and boosted risk appetite for higher-yielding currencies.
Plantation shares in Singapore were beneficiaries though of higher oil prices while a production shortfall in May lifted the price outlook for crude palm oil. Shares of Sime Darby and Wilmar were higher.
Solar power-related stocks were higher in Tokyo after Prime Minister Taro Aso said the country aimed to cut greenhouse-gas emissions 15% below 2005 levels by 2020.
Steel stocks were advancers for another day, with Nippon Steel up 5.7% and JFE Holdings adding 3.7%. Posco rose 1.8% in Korea after confirming Brazilian miner Vale SA had agreed to a 28%-48% reduction in 2009 iron-ore prices.
Fortescue Metals jumped 21% in Sydney, after Oz Minerals' shareholders accepted a $1.39 billion proposal for most of its mining assets from state-owned China Minmetals. On Wednesday investment bank Macquarie Group abandoned a plan for a recapitalization designed to thwart the Minmetals offer.
Financial stocks fell in Taiwan after the Economic Daily News reported a cross-Strait financial pact was likely to be delayed until July. Cathay Financial rose 0.3%.
In currency markets, the U.S. dollar was a little lower, at 97.80 yen, from 98.28 yen late in New York.
CHINA
Major airliners were spooked by higher oil prices. Air China fell 0.3% and Singapore Airlines dropped 0.9%.
China's urban fixed-asset investment rose 32.9% in January through May compared with a year earlier, beating expectations for a 31% rise. Infrastructure investment showed the biggest gain, spurred by the government's efforts to boost the economy by spending more on bridges, rail links and other mega projects.
Signs of reviving investment flows in areas beyond infrastructure were encouraging, analysts said.
Elsewhere:
China’s Shanghai Composite Index slipped 27.97 points, or 0.9%, to 2,961.63
Singapore’s Straits Times Index lost 9.41 points, or 0.4%, to 2,381.81
South Korea’s Kospi index advanced 4.51 points, or 0.3% to 1,419.39
Taiwan’s Taiex climbed 105.10 or 1.6%, to 6,567.37
New Zealand’s NZX 50 Index subtracted 31.43 points, or 1.1% to 2,796.54
Australia’s S&P/ASX 200 picked up an other 22.80 or 0.6% to 4,047.20
