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Asian Markets End Mixed on Earnings Jitters

Published: Monday, 12 Oct 2009 | 5:16 AM ET

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By: Reuters

Asian markets painted a mixed picture in a lackluster session Monday, as some investors got nervous about the third-quarter earnings season, especially as economic data out of the United States in the past few weeks has suggested that its rebound from a deep recession may be losing momentum.

With Tokyo markets closed and most U.S. markets to be closed for a holiday, dealers said volumes were light. Japan was closed for the Sports Day holiday, and U.S. bond and currency markets will be shut for Columbus Day.

South Korea's KOSPI led the decline among Asian markets and shed 0.4 percent, hurt by heavyweights such as Samsung Electronics and steelmaking giant POSCO.

"Shares are likely to be volatile for some time, as investors increasingly want to confirm with their own eyes whether economic data and results are in line with earlier hyped-up expectations," said Hong Soon-pyo, a market analyst at Daishin Securities in Seoul.

In Australia, the benchmark S&P/ASX200 [AU;XJO Loading... () ] finished lower, hit by profit-taking in the banks.

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China's key stock index closed 0.59 percent lower on Monday, led by Sinopec, as huge supplies of new shares, including listed stocks freed up after the expiry of lock-up periods,
offset the positive impact of market-friendly government steps.

The Shanghai Composite Index [CN;SHI Loading... () ] finished lower at 2,894.483 points, hit also by profit-taking pressure after Friday's nearly 5 percent rise.

Sinopec closed down 1.61 percent at 11.60 yuan as 57 billion shares worth 670 billion yuan ($98 billion), or 66 percent of its total share capital, were converted to free float on Monday after a lock-up period expired.

Hong Kong shares had given up their initial gains to profit-takers by midday Monday, while some traders started discounting expectations for positive Chinese economic data due out later this week.

The benchmark Hang Seng Index [HK;HSI Loading... () ] fell to 21,299.35 points, off the session's high of 21,623.33, when early sentiment was buoyed by optimism for an improving China economy.