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Asia Shares Mixed, Eye on Portugal Debt Sale
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Asian shares were mixed on Wednesday, the day after economic data soothed global worries, and the focus returned to Europe with Portugal testing investor confidence in a debt sale and Greece resuming talks on its debt restructuring.
The FTSE CNBC Asia 100 Index [.FTFCNBCA Loading... ()], which measures markets across Asia, traded flat.
Japan's Nikkei average rose to its highest closing level in nearly two weeks with traders citing a boost from large program trade in the afternoon, while electrical wire companies were the small-cap favorite of the day.
Tokyo Electric Power jumped 7.8 percent and topped Japan's bluechip list as the biggest percentage gainer, after the utility said on Tuesday it will hike electricity rates for businesses by an average 17 percent as it struggles with massive costs in the aftermath of the Fukushima nuclear crisis.
Struggling Elpida Memory climbed 6.6 percent in heavy trade after the Yomiuri newspaper said the chipmaker will seek a capital tie-up with U.S. rival Micron Technology [MU
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]. Elpida only reiterated that it is in talks with banks about refinancing loans and discussing investments and prepayments with clients but declined to comment on the Micron report.
The Nikkei [.N225
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] gained 1 percent to 8,550.58, soaring past its 25-day moving average near 8,453 in a rise that traders attributed to technical short-covering after stop losses on Nikkei futures were triggered. The broader Topix climbed 0.5 percent to 734.98.
Seoul shares finished almost flat, as stubborn resistance near the 1,900 point line and technical adjustments following Tuesday's gains offset relatively positive sentiment.
Falls were led by automakers, with Hyundai Motor shedding 2.2 percent while Kia Motors retreated 2.9 percent.
The Korea Composite Stock Price Index (KOSPI) [.KS11
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] inched 0.02 percent lower to close at 1,892.39 points.
Australian shares ended a fraction higher, supported as global economic data calmed growth fears and BHP Billiton, the world's biggest mining company, forecast record iron ore production this year.
BHP rose 0.8 percent after its December production and upbeat 2012 outlook satisfied analyst expectations. Rival Rio Tinto was up 1.4 percent while Fortescue rallied 5.2 percent.
Top banks declined after a steep drop in profit from Citigroup [C
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], led by a 1.2 percent fall in ANZ Banking Group.
Specialty Fashion Group fell 8.5 percent after it said comparable store sales fell 4.5 percent in the first half and Christmas trading was disappointing, with sales for December down.
The benchmark S&P/ASX 200 index [.AXJO
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] added 2.3 points to 4,217.9. It rose 1.7 percent on Tuesday. New Zealand's benchmark NZX 50 index [.NZ50
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] rose 0.4 percent to 3,247.5 points.
China Shares Slip on Pre-Holiday Profit-Taking
China shares closed down 1.4 percent as investors cashed in gains on major beneficiaries in Tuesday's biggest single-day percentage gain in 27 months, as investors turned cautious ahead of a week-long Lunar New Year holiday next week.
The benchmark Shanghai Composite [.SSEC
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] finished at 2,266.4 points after jumping 4.2 percent a day earlier amid optimism over government policies to support the stock market after some media reports of potential market-boosting steps.
Top Chinese lender ICBC [601398.SS
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] closed 1.2 percent lower while the heaviest index weight, PetroChina [601857.SS
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] dropped 1 percent.
Hong Kong shares held firm, supported by insurers, even as mainland markets gave up some of the previous session's strong gains as investors turned cautious ahead of the Lunar New Year
holiday next week.
The Hang Seng Index [.HSI
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] closed up 0.3 percent at 19,686.92. The China Enterprises Index of top mainland listings in Hong Kong eased 0.09 percent to 10,952.60.
AIA Group [1299.HK
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] rose 1.6 percent after sources told Reuters that Asia's No.3 insurer, about one-third owned by American International Group [AIG
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], may bid for the $6 billion Asian insurance operation of ING Groep NV.
China Life Insurance [2628.HK
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], the world's largest insurer by market value, climbed 1.7 percent.
Swire Properties [1972.HK
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] pared gains on Wednesday but ended above its debut price on the first day of trade as a spinoff from Swire Pacific [0019.HK
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]. Swire Pacific, however, closed down 3.7 percent.
In Southeast Asia, Singapore's Straits Times Index [.FTSTI
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] and Malaysia's benchmark KLCI [.KLSE
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] both dipped 0.7 and 0.1 percent respectively.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
