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Asian markets mixed as Japanese rise on upbeat earnings as Hong Kong, India dip

Asian markets mixed as Japanese rise on upbeat earnings as Hong Kong, India dip

Asian markets were mixed Monday as Japanese stocks rose on upbeat earning results and shares in Hong Kong and India slipped.
Tokyo's Nikkei 225 index rose 48.53, or 0.3 percent, to close at 17,470.46. With earnings season getting into full swing, investors in Japan expect most companies to report solid quarterly results and upbeat forecasts for the fiscal year through March.
But the market may not get a major boost, as such expectations have already been factored into current stock prices after the Nikkei hit a six-year high last Thursday, traders said.
"As we saw a fairly strong rise last week and earnings reports have started in earnest, (the Nikkei) won't move substantially this week and will probably go lower," said Terushige Shibata, Mizuho Investors Securities' investment information officer.
Among sharp gainers, Seiko Epson ended up 5.7 percent at 3,320 yen (US$27.25) after the maker of electronics devices and printers said Friday its group net profit in the October-December quarter rose 49 percent on year.
Nomura Research Institute jumped 7.3 percent to 18,930 yen (US$155.42) after the think tank reported good earnings and unveiled plans of a 5-to-1 stock split and higher dividend for this fiscal year.
Seiyu _ Wal-Mart's Japanese unit _ surged 13 percent as hopes for a realignment in Japan's retail sector grew after Wal-Mart Stores Inc. Vice Chairman Michael Duke said in an interview with the Nikkei newspaper that the retail giant may look for future corporate acquisition opportunities in Japan.
In Hong Kong, the benchmark Hang Seng Index ended the session down 44.45 points, or 0.2 percent, to finish at 20,236.68.
Analysts said investors are staying on the sidelines before the two-day U.S. Federal Reserve interest rate meeting scheduled to start Tuesday.
Chinese airlines were Monday's biggest gainers in Hong Kong, led by China Southern Airlines _ the nation's largest by fleet size _ which surged 7.3 percent to HK$3.70. The airline said Monday it expects to report a full year profit for the first time in several years, fueled by a strong domestic economy and the continued appreciation of the Chinese yuan.
China Eastern Airlines also rose 3.7 percent while Air China gained 3.1 percent.
In currencies, the dollar was trading at 121.94 late Monday, up from 121.58 yen late Friday in New York. The euro fell to US$1.2918 from US$1.2910.
Elsewhere:
BANGKOK: Thailand's shares ended lower in thin trade on profit taking after gains last week. The Stock Exchange of Thailand's SET index dropped 0.6 percent to close at 653.92 points.
JAKARTA: Indonesia shares closed higher, led by gains in heavyweight Telkom, on bargain buying. The Jakarta Stock Exchange Composite index was up 5.78 points, or 0.3 percent, at 1,765.
KUALA LUMPUR: Malaysian shares ended higher, led by gains in telcos and government-linked companies on foreign buying interest, dealers said. The Kuala Lumpur Composite Index rose 7.64 points, or 0.7 percent, to 1,177.53.
MANILA: Philippine shares advanced on last-minute buying of Philippine Long Distance Telephone Co. and banking and property stocks. The 30-company Philippine Stock Exchange Index gained 14.54 points, or 0.5 percent, at 3,177.36.
MUMBAI: Indian shares fell Monday as concerns of a rate hike by the central bank later this week prompted selling in banking shares. The Bombay Stock Exchange's 30-stock Sensitive Index, or Sensex, slipped 70.76 points, or 0.5 percent, to 14,211.96 points.
SEOUL: South Korean shares fell, on foreign selling of technology shares amid bearish outlook. The Korea Composite Stock Price Index, or Kospi, dropped 8.12 points, or 0.6 percent, to 1,363.10.
SHANGHAI: Chinese shares rose as investors snapped up banks after funds that failed to win subscriptions in mid-sized lender Industrial Bank's IPO flooded back into the market. The benchmark Shanghai Composite Index, which tracks both A and B shares, gained 2.2 percent to finish at 2,945.26 points. The Shenzhen Composite Index rose 2.4 percent to 700.40.
SINGAPORE: Singapore shares rose, led by conglomerate Fraser and Neave and a rebound in property shares. The Straits Times Index jumped 41.2 points, or 1.3 percent, to 3,128.9.
SYDNEY: Australian stocks edged down in mixed trading. The benchmark S&P/ASX200 index fell 9.5 points, or 0.16 percent, to 5,760.4.
TAIPEI: Taiwan shares fell for the second straight session, driven down by memory chip makers on falling contract prices. The Weighted Price Index of the Taiwan Stock Exchange dropped 69.53 points, or 0.9 percent, to 7,751.79.
WELLINGTON: New Zealand stocks rose on low volumes due to the Auckland Anniversary Day holiday. The benchmark NZX-50 index rose 15.48 points, or 0.4 percent, to 4,136.33.


Updated : 2021-04-23 22:17 GMT+08:00