Several Asian markets reversed direction to end lower Wednesday, as financials such as Japan's Mizuho Financial Group and Australia's Macquarie Bank reacted to fresh concerns about the U.S. subprime mortgage market.
Japan's 225-issue Nikkei Stock Average ended down 0.6 percent at 16,358.39, after rising as high as 16,578.59 earlier in the session. The broader Topix index lost 0.4 percent at 1,563.86.
In Hong Kong, the Hang Seng Index rose as high as 29,997.01 during the session before retreating in line with the global markets. It ended down 0.2 percent at 29,333.53. The 43-issue Hang Seng China Enterprises Index lost 0.3 percent at 19,587.88.
Several exporters gave up intraday gains as the yen strengthened against major currencies. Shares of Canon fell 3.4 percent and Toyota Motor Corp. lost 2.3 percent.
Shares of Honda ended unchanged after the Nikkei business daily reported that the automaker plans to sharply increase worldwide sales of hybrid cars by rolling out models that cost only slightly more than gas-powered models.
Shares of supermarket chain Seiyu surged 18.8 percent with heavy trading volumes after Wal-Mart Stores Inc. agreed earlier this week to make a general offer for the outstanding shares it didn't already own in Seiyu.
Nintendo Co. bucked the declining trend. Shares gained 7.5 percent after Goldman Sachs said the company might post better first-half operating profits Thursday than it forecast earlier.
ELSEWHERE:
MUMBAI: The 30-constituent Sensitive Index declined 0.1 percent to 18,467.37.
SEOUL: South Korea's Kospi declined 0.8 percent to 1,933.36.
SINGAPORE: The Straits Times index fell 0.8 percent to 3,665.36.
TAIPEI: Taiwan's Weighted index lost 0.6 percent to 9,442.62.
SYDNEY: The S&P/ASX 200 fell 0.4 percent to 6,634.40, unable to retain gains after hitting 6,733.40 earlier in the day.
WELLINGTON: New Zealand's NZX 50 index ended up 0.4 percent at 4,291.05.
with files from other wire services
