Asian markets ended mixed Tuesday, with concerns about an impending increase in supply of shares dragging on financial stocks in China, while Hong Kong advanced as investors snapped up property developers.
The Nikkei 225 index in Tokyo declined 48.37 points, or 0.5%, to 10,352.10
The Hang Seng Index in Hong Kong jumped 245.73 points, or 1.2%, to 20,623.
Traders were also watching for signs of progress on debt-strapped Greece, with focus on meetings this week between European Union representatives and Greek authorities to discuss the country's finances.
Asian share markets are mostly down on profit taking and a weak lead-in from Wall Street, grouped with Australian earnings letdowns. Also, exporters weigh on Tokyo shares.
Hong Kong shares pushed higher after a weak opening, however, paced by property sector stocks after Sun Hung Kai Properties' aggressive bid Monday to buy a plot of land in a government auction. Sentiment was also positive amid expectations that the Hong Kong government may announce tax concessions in its annual budget Wednesday.
SHK shares gained 3.4%, Sino Land climbed 3.6% and Henderson Land Development jumped 4.2%.
Japanese exporters were lower as the U.S. dollar slid against the yen. Honda Motor fell 2.2%, Toyota Motor gave up 0.5% and Sony Corp. slipped 0.3%.
Shares of some Australian companies declined on disappointment over earnings reports and dividend policies.
Aristocrat Leisure lost 4.3% after its fiscal-year revenue fell 16% and the company said it won't pay a dividend. Newspaper publisher and radio station operator APN News & Media fell 2.9% after slashing its final dividend.
Technology shares were mostly weak in Seoul, with LG Display dropping 4.3%, with Samsung Electronics losing 0.8% and LG Electronics falling 2.6%.
In foreign-exchange markets, traders were looking to U.S. Federal Reserve Chairman Ben Bernanke's testimony to Congress on Wednesday for clues on the Fed's exit strategy from its massive stimulus program.
The euro was at $1.3681 against the U.S. dollar, compared to $1.3597 U.S. late in New York Monday, and at 124.36 yen from 123.94 yen. The dollar was buying 90.88 yen compared with 91.13 yen.
CHINA
Shanghai’s CSI 300 Index tailed off 34.71 points, or 1.1%, to 3,198.63
Shares of Ping An Insurance Group Co. fell 8.9% in heavy trading in Shanghai, after the insurer said three of its shareholders will be free to sell a total of 859.8 million yuan-denominated shares worth around 39 billion yuan ($5.7 billion U.S.) from Monday, when a three-year lockup period expires. In Hong Kong, the stock fell 2%.
Many Chinese banks also dropped sharply in Shanghai on concerns about an increase in supply of shares as some of them announced details of their fundraising plans.
China Merchants Bank lost 2.2% after the lender said it has set a 1.3-for-10 ratio for its planned 22-billion-yuan ($3.2-billion U.S.) rights issue. Hua Xia Bank lost 1.3% after the midsize Chinese lender announced plans to issue up to 4.4 billion yuan worth of 10-year subordinated bonds between Friday and March 2 to replenish capital.
Elsewhere:
Korea’s Kospi Index added 1.80 points, or 0.1%, to 1,628.90
Singapore’s Straits Times Index moved 25.09 points, or 0.9%, higher to 2,782.55
Taiwan’s Taiex Index advanced 37.40 points, or 0.5%, to 7,597.44
New Zealand’s NZX Index slid 3.39 points, or 0.1%, to 3,126.37
Australia’s S&P/ASX 200 moved higher 0.80 points to 4,718.30
