CNBC: Asian Shares End Mixed, Nikkei at 2-Month Low
By: Reuters
Asian markets ended mixed Tuesday with Japanese stocks sliding, after the Dow Industrial Average closed below 10,000 points for the first time since November on heightened concerns about the euro zone's sovereign debt troubles.
Japan's Nikkei 225 average [JP;N225 9932.9 -18.9199 (-0.19%) ] edged down to a two-month closing low on Tuesday, with heightened concerns about the euro zone's sovereign debt woes continuing to eat away at investor confidence.
Toyota Motor climbed 2.9 percent on short covering as the company said it would recall nearly half a million of its flagship Prius and other hybrid cars for braking problems, a third major recall since September.
Toyota shares, which have lost about a fifth of their value since late January, dropped another 2.5 percent [TM 75.47 2.62 (+3.6%) ] on the New York Stock Exchange on Monday.
Sumitomo Mitsui Financial Group, Japan's third-biggest bank by assets, closed 2.05 percent high after it outshone its larger rivals and posted its biggest profit in seven quarters on Monday, helped by an improvement in its stock portfolio and a decline in bad loans.
The benchmark Nikkei shed 0.2 percent or 18.92 points to 9,932.90, its lowest close since Dec. 10. The broader Topix lost 0.2 percent to 881.57.
Seoul shares rebounded on Tuesday, with gains led by key technology issues including Samsung Electronics, while Lotte Shopping rose on news it had agreed to buy GS Retail units.
The Korea Composite Stock Price Index (KOSPI) finished up 1.14 percent to 1,570.49 points.
Gains in Kumho Asiana Group firms lent markets support, with Kumho Industrial and Kumho Petrochemical both spiking by the 15 percent daily limit after creditors pledged to support the group, quelling speculation Kumho Industrial could be put into court receivership.
Australian stocks fell 0.4 percent on Tuesday, led down by banks following their U.S. peers, but a positive finish from top miner BHP Billiton, saved the market from a bigger slide.
BHP is due to report its results before the market opens on Wednesday. There is speculation in the market it might announce a capital return and hope that it might beat market forecasts for a first-half profit of $5.1 billion. Those expectations sent its shares up 0.6 percent to close at A$39.85 after having traded lower much of the day.
Top investment bank Macquarie Group was among the worst performers, sliding 6.1 percent to A$47.28 after a lukewarm trading update and a forecast for second-half profit that was just below broker estimates.
The S&P/ASX 200 index [AU;XJO 4505.066 -16.289 (-0.36%) ] lost 16.3 points to close at 4505.1, erasing Monday's small gain. Upbeat outlooks from David Jones, Cochlear and Bradken helped those stocks outperform the market, but did not help overall sentiment.
Hong Kong, China Edge Higher
Hong Kong shares struggled to eke out gains in choppy trade, cheered by higher commodities prices. However, persistent worries about the eurozone debt crisis weighed on sentiment.
The benchmark Hang Seng Index, which hit its lowest closing level since Sept. 2, 2009, on Monday, closed 1.2 percent higher at 19,790.28.
China's top offshore oil producer CNOOC rose 2.11 percent after its partner Husky Energy said on Monday that it had made another big gas find off the coast of China, its third major discovery in the region.
Jiangxi Copper rose 1.1 percent after copper prices climbed on Monday, bouncing off a 3-½ month low amid bargain-hunting and a weaker dollar.
China Public Procurement soared as much as 21 percent to its highest level in more than six months during the morning after the country said it had agreed with a unit of China Railway Construction Materials Group, an affiliate unit of the Ministry of Railways, to provide at least 300 billion yuan ($44 billion) worth of services on procuring equipment, facilities and materials by the end of 2012.
China's key stock index edged up 0.16 percent in light turnover on Tuesday, with expressway shares rising as holiday traffic picked up, but China First Heavy Industries continued a string of disappointing market debuts. The stock sagged 2.98 percent to 5.53 yuan on its first day of trade in Shanghai after raising $1.67 billion in China's biggest IPO this year.
The Shanghai Composite Index was up 0.5 percent to close at 2,948.84 after moving within a narrow range. Activity is expected to thin out in the run-up to the one-week holiday for the Lunar New Year, which begins on Feb. 14.
Singapore's Straits Times Index was up 1.9 percent at 2,745.02. SingTel climbed after Southeast Asia's biggest telecoms firm reported an 18 percent rise in quarterly profit, roughly in line with market expectations, driven by strong growth in regional mobile customers.