Asian markets struggled for direction in subdued trading Wednesday, with Japanese shares drifting lower on profit taking ahead of a holiday, and after a report of weaker-than-expected exports data.
The Hong Kong market was supported by shares of refiners after the government allowed them to raise fuel prices.
In Japan, the Nikkei 225 Index eased 24.05 points, or 0.2%, to 10,346.50
Hong Kong’s Hang Seng Index tacked on 51.33 points, or 0.2%, to 23,045.20
Trading volumes were thin in pre-holiday trade, with the euro-zone debt crisis continuing to dampen sentiment. The Japanese market will be closed for a holiday Thursday.
In Japan, Sanyo Electric dropped 5.1% and Panasonic Electric Works lost 4.6% after Panasonic Corp. said Tuesday it will conduct share swaps to acquire the shares of the majority-owned subsidiaries.
The Japanese electronics giant said it will swap one Sanyo share for 0.115 Panasonic share, and one Panasonic Electric Works share for 0.925 Panasonic share, effective April 1. Panasonic shares gave up 1.5%.
Canon Inc. rose 1.9% after the Nikkei reported the company may post an operating profit of more than 500 billion yen ($5.97 billion U.S.) next fiscal year, approximately 30% higher than expected for the year through Dec. 31.
Banking and real-estate shares rose on expectations for a continuation of the Bank of Japan’s quantitative-easing measures. Mitsui Fudosan rose 2.4% and Mitsubishi Estate added 1.8%, while Mitsubishi UFJ Financial Group added 1.1%.
In Sydney, Energy Resources of Australia tumbled 5.5%, extending losses after the company announced a reduction in its reserves and profit forecasts Wednesday.
The euro staged a mild rebound against the U.S. dollar after slumping on Tuesday, after Moody’s Investors Service placed Portugal’s credit rating on review for a possible downgrade, and Fitch Ratings put Greece’s ratings on review for a potential cut. The currency was buying $1.3138 U.S. from $1.3099 U.S. late in New York on Tuesday.
CHINA
Shanghai stocks fell as banks were hit by lingering worries about further tightening measures from Beijing
Shanghai’s CSI 300 Index fell back 34.06 points, or 1.1%, to 3,215.45.
Banks were pressured as investors continued to fret about rising inflationary pressures and the risk of a near-term rate increase. China Merchants Bank lost 1.7% and Industrial & Commercial Bank of China fell 0.7%.
Chinese refiners outperformed after the National Development and Reform Commission allowed refiners to raise motor-fuel prices by about 4%.
Sinopec, or China Petroleum & Chemical Corp., rose 2.4% and PetroChina Co. added 0.3% in Hong Kong. In a downbeat Shanghai market, the stocks fell 0.4% and 0.7%, respectively, but outperformed the benchmark index.
In other markets
Taiwan’s Taiex Index prospered 32.70 points, or 0.4%, to 8,860.49
Singapore’s Straits Times Index stepped ahead 4.46 points, or 0.1%, to 3,144.31
Korea’s Kospi Index advanced 1.02 points, or 0.8%, to 2,038.11
New Zealand’s NZX 50 Index moved higher 3.28 points, or 0.1%, to 3,322.38
Australia’s S&P/ASX 200 Index gained 6.50 points, or 0.1%, to 4,778.40
