* Asian stocks slip as some investors take profits
* Markets looking for fresh growth drivers
* U.S. dollar, yen benefit as safe-haven in vogue
* But some analysts say risk appetite still firm
SYDNEY, March 9 - Oil and higher-yielding currencies pulled back from multi-week highs on Tuesday and Asian stocks drifted lower as investors paused in their recent chase for riskier assets.
Investors appeared to be searching for reasons to stump up more money as a buoyant mood the previous day wore off, and some traders said this was an opportunity to take profits.
Yet, some analysts said the market's sudden moodiness was likely to be temporary. If anything, they said surveys show investors are keen to hold less cash, indicating that appetite for riskier assets is strengthening. "Throughout the recent market turbulence, investors have been nervous, yet there has been no sign of a dash for the safety of cash," Barclays said in a note. It said it expects riskier assets to rise, albeit at a slow and choppy pace.
Tuesday marks the one-year anniversary of the S&P 500's 13-year closing low.
The MSCI index of Asian shares outside Japan edged lower after hitting its highest level in over six weeks on Monday, lifted by encouraging U.S. economic data last week.
The pull-back benefitted the U.S. dollar and yen, which are favoured as "safer" investments in the currency market.
Investors in less riskier trades have been clear winners, even as a global recovery appears to slowly gather steam.
The yen and gold, traditional safe-haven plays, are up about 3 percent, while the Australian dollar, an investor favourite among riskier, higher-yielding currencies, is up just about a percent.
Japan's Nikkei average fell 0.2 percent on profit-taking after the market hit a six-week high the day before, while shares of Fujitsu extended losses on a dispute with its former president.
But makers of 3D TVs, Panasonic Corp and Sony Corp, gained after outlining their sales plans for what they hope will become the next hot product in the electronics industry.
"Given a lack of reasons to really push the Nikkei higher and the fact that it rose over 200 points yesterday, this is a good level for a bit of profit-taking," said Yutaka Miura, a senior technical analyst at Mizuho Securities.
"We may be close to a short-term peak right now."
Shanghai stocks closed up 0.5 percent, boosted by property shares after officials' comments eased worries about measures to curb prices, while upbeat signals on earnings lifted overall sentiment.
Property stocks were strong for a second session on continued signs that policymakers were unlikely to act to cool prices. Deputy central bank governor Su Ning said late on Monday that there were no reasons for new steps to curb property buying in China.
"The market is watching closely for signs of yuan appreciation and drawing positive sentiment from the property sector," said Ren Chengde, analyst at Galaxy Securities.
Hong Kong stocks recovered from an early soft start to end slightly firmer, with China Life, the world's biggest life insurer by market value, leading gains.
China Life, whose shares rose 3 percent, said its 2009 net profit may have more than tripled from a year ago, helped by a stock market surge and new accounting rules.
Australian stocks finished 0.3 percent higher, marking the eighth straight session of gains, after strong business confidence and job advertisements data encouraged investors.
Australian job advertisements surged by the most in a decade in February while firms reported improving sales and confidence, providing fresh signs of economic strength that added to the case for yet higher interest rates.
The Reserve Bank of Australia has already lifted its cash rate by 100 basis points since October as the economy surprised everyone with its vigour.
Shares in Taiwan, South Korea and Singapore rose less than quarter of a percent, while Indian shares fell 0.3 percent.
Commodity markets were also subdued. Oil prices slipped back from eight-week highs on expectations of a rise in U.S. crude inventories and a slightly stronger dollar.
