HONG KONG, Nov 17: Asia’s markets were mostly down on Monday as investors gave a muted reaction to the outcome of a summit of world leaders to deal with the credit turmoil, while data showed Japan was in recession.

Although the weekend conference of the Group of 20 rich and emerging nations brought promises of greater co-operation to find a way out of the worst financial crisis in decades, traders found little to keep their nerves at bay.

Tokyo’s Nikkei index finished 0.71 per cent higher, despite figures showing Japan had gone into recession for the first time in seven years.

But Hong Kong, which is also now in recession, lost 0.1 per cent. Sydney lost 2.5 per cent, Seoul was down 0.9 per cent, Taipei shed 0.29 per cent and Singapore gave up 0.53 per cent.

While investors hoped for specifics to tackle the credit crisis, the summit saw leaders vow to use state spending to reverse a recession, to press for a global trade deal and to reform financial regulation and world financial institutions.

The G20 statement made promises of future initiatives on global financial regulation and monetary and fiscal stimulus to help global demand, but there was nothing concrete, noted Barclays Capital analysts.

TOKYO: Japanese stocks closed 0.71 per cent higher.

The benchmark Nikkei-225 index rose 0.71 per cent, adding 60.19 points to 8,522.58. The Topix index of all first section issues rose 3.58 points, or 0.42 per cent, to 850.49.

Defensive stocks such as drug makers attracted buying. Takeda Pharmaceutical added 2.8 per cent to 4,820 yen and Daiichi Sankyo gained 5.4 per cent to 1,964.

Real estate shares were hit by fears of falling new office rents.

Mitsubishi Estate lost 5.4 per cent to 1,396 yen, Mitsui Fudosan declined 5.2 per cent to 1,383 and Sumitomo Realty & Development shed 2.7 per cent to 1,276.

HONG KONG: Hong Kong share prices closed 0.1 per cent lower.

The benchmark Hang Seng Index closed down 13.13 points at 13,529.53, after trading between 13,277.64 and 13,738.12. Turnover was light at 39.84 billion Hong Kong dollars (5.12 billion US).

Most mainland Chinese banks were lower. Industrial & Commercial Bank of China dropped 1.3 per cent and China Construction Bank fell 0.7 per cent.

But analysts said expectations that China will further ease monetary policy would support the market in the near term.

Hong Kong Exchanges & Clearing had one of the largest per centage declines among the 42 blue chips, falling 7.6 per cent after Morgan Stanley halved its target price for the company.

Bank of East Asia bucked the broad market’s downtrend and rose 3.2 per cent on news it agreed on a strategic tie-up with Japan’s Sumitomo Mitsui Financial Group.

SYDNEY: Australian share prices closed down 2.5 per cent.

The benchmark S&P/ASX 200 fell 95.1 points to close at 3,653.0 and the broader All Ordinaries dropped 86.5 points to 3,639.5.

Preliminary market turnover was 1.02 billion shares, worth some 3.47 billion dollars (2.2 billion US), with 275 stocks closing up, 710 down and 283 unchanged.

SINGAPORE: Shares closed 0.53 per cent lower.

The blue chip Straits Times Index closed 9.47 points lower at 1,749.67 on thin volume of 767 million shares worth 638 million dollars (419 million US).

Key exports in Singapore, which is already in recession, fell by a worse-than-forecast 15.3 per cent annual drop in October, government data showed.

KUALA LUMPUR: Malaysian share prices closed up 0.3 per cent.

The Kuala Lumpur Composite Index was up 2.41 points to close at 884.06.

Plantation giant IOI Crop rose 1.9 per cent to 3.16 ringgit while Malaysia’s largest bank in terms of assets, Maybank rose 1.9 per cent to 5.30 ringgit.

Construction company IJM Corp dropped 3.2 per cent to 2.70 ringgit while logistics company MMC Corp fell 3.7 per cent to 1.85 ringgit.

JAKARTA: Indonesian shares fell 2.2 per cent.

The Jakarta Composite Index fell 27.44 points to 1,236.93.

Bumi shares tumbled 9.5 per cent to 1,050 rupiah, rival Bukit Asam fell 5.6 per cent to 5,950, while Bank Central Asia dropped 6 per cent to 2,725.

WELLINGTON: New Zealand share prices closed 0.93 per cent lower.

The benchmark NZX-50 index fell 25.75 points to close at 2,741.92.

Market leader Telecom eased a cent to $2.42 and Fletcher Building shed 13 cents to 5.64.

Fisher & Paykel Appliances dropped three cents to $1.38 and Auckland International Airport fell three cents to 1.70.

Casino operator Sky City rose eight cents to 3.06.

MUMBAI: Indian shares fell 1.01 per cent. The benchmark 30-share Sensex fell 94.41 points to 9,291.01, at a near three-year low.—AFP