HONG KONG, Dec 4: Asian stocks were mixed for a second straight day on Tuesday as investors weighed hopes for a US rate cut next week against worries that the subprime mortage crisis has still not been put to rest.
Japan dropped 0.95 per cent, Hong Kong was up 0.77 per cent and Australia was flat, as different directions at three of the region’s main markets reflected investor uncertainty until clearer signals emerge, dealers said.
Two US Federal Reserve bank chiefs on Monday issued separate warnings about the US housing and mortage sectors, which dampened sentiment in the face of a hoped-for interest rate cut that could give the markets a boost.
Singapore added 0.18 percent, Bangkok picked up 0.27 percent and Manila gained 0.5 percent.
On the downside, Mumbai shed 0.38 percent while New Zealand was off 0.15 percent and Kuala Lumpur dropped 0.3 percent.
TOKYO: Japan’s Nikkei-225 index fell for a second straight day, with new US worries and a weak performance on Wall Street tempting investors to take profits and wait for fresh clues.
The benchmark dropped 148.78 points or 0.95 percent to 15,480.19. The broader Topix index of all first-section shares slipped 16.66 points or 1.09 percent to 1,515.50.
HONG KONG: The Hang Seng Index was up 0.77 per cent, with investors taking a shine to property stocks but relatively low turnover overall.
The benchmark index was up 221.17 points at 28,879.59.
Conviction that the Fed will cut rates overrode investor worries, but analysts saw little cheer in trading rooms.
SYDNEY: Australian stocks were little changed as weaker metals prices and the lingering concerns about the US economy kept the mood down.
The benchmark S&P/ASX 200 ended down 2.7 points at 6,530.8, while the broader All Ordinaries was off 8.4 points or 0.1 per cent at 6,588.8.
The whole global growth story is continuing to be under question, said Justin Gallagher, head of sales trading at ABN Amro, noting that the S&P rose less than half a point on Monday.
SINGAPORE: Singapore stocks were up 0.18 per cent with local investors were banking on a US rate cut next week. The Straits Times Index was up 6.31 points at 3,527.87.
Local banks were higher after Credit Suisse painted an upbeat outlook on Asian banks including Singapore lenders.
KUALA LUMPUR: Malaysian shares were down 0.3 per cent with investors taking profit in blue-chips.
The Kuala Lumpur Composite Index was down 3.53 points at 1,415.81.
Analysts said low trading volumes reflected a lack of confidence on the market.
The pullback today is expected following recent strong gains, said S. Sharath, an analyst at MIDF Sisma Research.
JAKARTA: Indonesian shares hit a record high with the market looking for the central bank to cut interest rates this week in the face of easing inflation data.
The Jakarta composite index closed up 26.02 points, or 1.0 percent, at 2,752.94 -- an all-time intraday and closing high.
Miners also ended mostly higher on expectations the sector will post strong earnings this year supported by higher commodity prices, he said.
WELLINGTON: New Zealand’s NZX-50 index was off 0.15 per cent as leading blue-chips lost ground. The benchmark shed 6.15 points to 4,053.86.
Telecom fell three cents to 4.35 New Zealand dollars while Fletcher Building dropped 16 cents to 11.49.
MUMBAI: Indian stocks slipped 0.38 per cent, snapping a three-day positive streak on fresh concerns about a US economic slowdown as investors locked in gains in index heavyweights.—AFP