Asian markets closed on a mixed note Wednesday, with hard-hit Chinese shares rebounding sharply amid signs large funds are beginning to accumulate positions in big-name stocks while Japan finished lower on weakness in exporters such as Toyota Motor Corp. and Canon Inc.
The benchmark Nikkei 225 index lost 0.14 per cent to 13,829.92 while the blue-chip Hang Seng Index ending 0.8 per cent higher at 22,635.16.
Toyota Motor Corp. fell 1.3 per cent. Japan's top automaker said Tuesday it might scale back its ambitious target of selling more vehicles in the United States this year than it did in 2007 due to a slump in consumer demand.
Its rival Nissan Motor Co. edged up 0.2 per cent. During a shareholders' meeting Wednesday, Nissan Chief Executive Carlos Ghosn vowed that the company would continue to grow in the years ahead by expanding in emerging markets such as China, Russia, India and Brazil.
Sony Corp. declined 1.6 per cent. Japan's financial giant Mizuho Financial Group Inc. dropped 3 per cent to 523,000 yen.
China's benchmark Shanghai Composite Index climbed 3.6 per cent to 2,905.01.
Shanghai heavyweight PetroChina rose 2.9 per cent while China Petroleum & Chemical Corp., or Sinopec, gained 2.7 per cent.
Financials and property firms advanced following a report in the China Securities News that major institutional investor China Life Insurance was investing heavily in mutual funds.
Property developer China Vanke gained 3.5 per cent and Poly Real Estate Group climbed 5.7 per cent.
Elsewhere:
India's benchmark Sensex Index was up 0.8 per cent.
In Australia, the benchmark S&P/ASX200 closed almost 1 per cent lower after heavy selling in BHP Billito and other mining stocks.
Indonesia's JSX Composite slipped 1%.
South Korea's Kospi climbed 0.4%.
Singapore's Straits Times Index rose 0.8%.
Taiwan's Weighted index firmed 1.5%.
Thailand's SET Index rose 1.9%.
Malaysia's KLSE Composite added 0.7%.
with files from other wire services
