Asian stocks ended on a mixed note Tuesday as banking stocks such as Mitsubishi UFJ Financial Group weighed on Japan's Nikkei 225 while Hong Kong's streak of record highs reached five, led by China-related banks.
In Tokyo, Nikkei 225 index shed 9.31 points, or 0.05 percent to 18,252.67 points while in Hong Kong, the blue chip Hang Seng Index rose 68.41 points, or 0.3 percent, to 22,885.84.
Investors sold some exporters and tech companies to lock in profits after the previous day's rally. Toyota Motor Corp. fell 0.51 percent to 7,790 yen (US$63.33) and Toyota Electron Ltd. shed 0.33 percent to 9,120 yen (US$74.15).
Real estate stocks also dropped amid speculation that the Bank of Japan will raise interest rates from 0.5 percent later this summer, which would lift borrowing costs for property developers. Mitsui Fudosan Co. fell 1.43 percent to 3,440 yen (US$27.97).
ELSEWHERE:
BANGKOK: Thai shares closed 1.7 percent higher at 858.45 in heavy trade.
JAKARTA: Indonesian shares gained 0.5 percent at a fresh record high of 2,282.38.
KUALA LUMPUR: Malaysian shares closed down 0.5 percent at 1,371.45 in moderate volume on profit-taking, as local funds fished for oversold heavyweights.
MANILA: Philippine shares retreated the third day in a row as investors again cashed in on gains made in the run to the market's record high last week. The benchmark 30-company Philippine Stock Exchange Index shed 23.09 points, or 0.6 percent, to 3,720.96.
SEOUL: South Korean shares rose to a record closing high for the seventh consecutive session, buoyed by modest gains in recent laggards such as banks and telecommunication stocks. The Korea Composite Stock Price Index, or Kospi, finished up 10.94 points, or 0.6 percent, at 1,894.53.
SHANGHAI: Chinese stocks declined, though losses were offset by gains in banks boosted by strong earnings expectations. The benchmark Shanghai Composite Index fell 30.20 points, or 0.8 percent, to 3,853.02. It had gained 7.4 percent in the past two sessions. The Shenzhen Composite Index fell 24.51 points, or 2.2 percent, to 1,076.10.
SINGAPORE: Singapore's Straits Times Index closed slightly down after reaching an all-time intraday high following the release of strong economic growth estimates for the second quarter. The STI closed down 6.4 points, or 0.2 percent, at 3,620.32.
TAIPEI: Taiwanese shares rose again to hit a new 7-year high, their seventh consecutive winning session. The Weighted Price Index of the Taiwan Stock Exchange rose 14.89 points, or 0.2 percent, to close at 9,384.73.
WELLINGTON: New Zealand's shares ended largely flat as gains by bellwether Telecom were upset by broader losses, particularly among export stocks. The benchmark NZX-50 closed down 1.8 points at 4,236.85 on moderate volume.
SYDNEY: Australian shares ended lower after resources stocks ran into profit taking, giving up some of the ground they have won in recent sessions. The benchmark S&P/ASX 200 index ended down 39.1 points, or 0.6 percent, at 6,361.5.
With files from wire services
