Asian stocks traded mixed Tuesday, with Tokyo ending in positive territory after a late session rally led by Sony Corp and banking shares such as Mizuho Financial Group.
Japan's Nikkei 225 index sank to an 18-month low at one point before rebounding on gains in banking, construction and metal shares. It closed the day up just 28.12 points, or 0.19 percent, to 14,528.67 points.
In Hong Kong, the blue chip Hang Seng Index reversed a morning advance to end down 66.59 points, or 0.25 percent, at 27,112.9. Investors sold property stocks, which have generally outperformed the main benchmark index.
Shares of Sony Corp. climbed 3.4 percent, adding to modest gains in the previous session, on continued buzz after Time Warner Inc.'s Warner Bros. said late last week it plans to back the Japanese firm's Blu-ray standard for high-definition video - a move widely regarded as sealing Sony's victory in the format war.
Shares of Matsushita Electric Industrial fell 1.1 percent on reports the Panasonic-brand maker will team up with Google Inc. and YouTube to produce Internet-enabled televisions. The Nikkei News reported Tuesday the Web TVs should be made available to U.S. consumers this spring.
ELSEWHERE:
BANGKOK: Thailand's benchmark index rose 0.4 percent to 811.69.
JAKARTA: Indonesia's main index ended up 0.3 percent to 2,785.625 in moderate volume.
KUALA LUMPUR: The Kuala Lumpur Composite Index rose 1.3 percent to a record of 1,489.74.
MANILA: Philippine shares rebounded, posting their first gain of the year, as investors snapped up stocks that had fallen to attractive levels. The Philippine Stock Exchange Index inched up 31.75 points, or 0.9 percent, to 3,420.56, after sliding 7.6 percent since Dec. 28.
MUMBAI: Indian shares rose after touching an all-time intraday high, with gains in blue chip communications company Bharti Airtel and HDFC Bank. The Bombay Stock Exchange's benchmark 30-stock Sensex rose 60.7 points, or 0.3 percent, to 20,873 points. The Sensex touched an all-time intraday high of 21,078 points in early trade.
SEOUL: South Korean shares fell to a month-and-a-half low as state-linked companies Daewoo Securities, Hyundai Engineering & Construction and Daewoo Shipbuilding & Marine Engineering fell sharply on worries over a delay in their privatization. The Korea Composite Stock Price Index, or Kospi, slipped 4.91 points, or 0.3 percent, to 1,826.23.
SHANGHAI: Chinese stocks fell on worries that China Life and China Shenhua Energy shares held back from trading might flood the market this week. The benchmark Shanghai Composite Index dropped 0.1 percent to end at 5,386.53 points. The Shenzhen Composite Index for China's smaller second market fell 1.5 percent to 1,505.56.
SINGAPORE: Singapore shares fell for a second session as the Straits Times Index slipped 0.4 percent, or 14.79 points, to 3,338.27.
TAIPEI: Taiwan shares rose on bargain-hunting, a day after the benchmark index dropped 4.1 percent to its lowest level since Dec. 20. The Weighted Price Index of the Taiwan Stock Exchange gained back 79.54 points, or 1.0 percent, to 7,962.91.
WELLINGTON: New Zealand shares sank in lackluster trade marked by a dearth of local corporate news. The NZX-50 ended down 25 points, or 0.6 percent, at 3,928.403.
SYDNEY: Negative sentiment brought on by the fear of a recession in the U.S. continued to weigh on the Australian share market despite a slight rise on Wall Street. The benchmark S&P/ASX 200 fell 37.6 points, or 0.6 percent, to 6,123.9.
with files from other wire services
