Asian markets ended mixed Wednesday amid concerns that stocks had risen too much too fast, with technology shares retreating on weak forecasts from Intel Corp.
But Chinese shares extended their advance in Hong Kong and Shanghai, with some analysts saying that the rally is being supported by excess liquidity.
Japan's Nikkei 225 Average ended down 99.72 points, or 1.1% at 8742.96.
In Hong Kong, the Hang Seng Index continued its gallop, gaining another 89.46 points, or 0.6%, to 15,669.62.
Technology shares started weak after said its first-quarter net income dropped 55% on lower sales and margins; while the world's largest computer-chip maker said there were some signs of a bottoming, its fairly hazy second quarter guidance unnerved markets.
In Asia, Advantest Corp. fell 3.9% in Tokyo, Taiwan Semiconductor Manufacturing Co. gave up 1% in Taipei and Hynix Semiconductor dropped 2.9% in Seoul.
Elsewhere, financials were suffering, with Nomura Holdings sliding 7.7% in Tokyo, National Australia Bank down 3.1% in Sydney and KB Financial losing 4.5% in Seoul.
South Korean markets weren't reacting to the latest developments on North Korea, with Pyongyang ordering International Atomic Energy Agency inspectors out, ending international monitoring of a research reactor at Yongbyon in a move that in theory could allow the reprocessing of fuel rods to produce plutonium.
Energy stocks were active in Sydney. AGL Energy shed 3.3% after saying it won't exercise an option to buy A$1 billion ($720 million U.S.) worth of coal seam gas and power generation assets in Queensland state from BG Group.
Energy Resources Australia sank 6.8% on news its first-quarter uranium output dropped sharply from the previous quarter.
Dongfeng Motor Group Co. shares fell 1.5% in Hong Kong, following a downgrade by Deutsche Bank to hold from buy on expensive valuations. The stock has more than doubled in 2009 to date.
Elsewhere:
China’s Shanghai 300 Composite Index picked up 10.12 points, or 0.4%, its fifth straight winning session, to close at 2,686.99, its highest levels since last August
Singapore’s Straits Times Index added 8.97 points, or 0.5% to 1,905.99
South Korea’s Kospi Composite Index slid 9.54 points, or 0.7%, to 1,333.09
Taiwan’s Taiex Index backpedaled 17.49 points, or 0.3%, to 5,875.19
New Zealand’s NZX 50 Index was fairly flat, to 2,600.60
Australia’s S&P/ASX 200 lost 5.40 points, or 0.1% to 3,747.50
