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Asian markets mixed; Chinese shares hit fresh record while Nikkei, Hang Seng dip

Asian markets mixed; Chinese shares hit fresh record while Nikkei, Hang Seng dip

Asian markets were mixed Tuesday, with Chinese stock prices hitting a seventh straight record close but Japanese shares slipped amid unease about foreign markets and a stronger yen.
Tokyo's Nikkei 225 index fell 13.90 points, or 0.1 percent, to 16,287.49.
Automakers fell after many announced drops in July domestic output because of temporary production stoppages last month due to earthquake damage at a key auto parts supplier. A stronger yen may also have hurt auto companies that rely on exports. A stronger yen makes their cars less competitive overseas and reduces their foreign exchange earnings.
Nissan Motor Co. dropped 1.69 percent to 1,107 yen (US$9.54), while Toyota Motor Corp. ended 0.60 percent lower at 6,660 yen (US$57.41).
Traders said the trend of little change in low volume will likely continue this week. Trading volume on the Tokyo Stock Exchange's first section was just 1.33 billion shares, its lowest since Jan. 4.
In Hong Kong, shares slipped as heavy profit-taking offset strong gains in China Life Insurance, which posted better-than-expected first half results. The blue chip Hang Seng Index fell 214.0 points, or 0.9 percent, to 23,363.76.
Analysts expect the benchmark index to remain volatile in the near term as global credit concerns linger. But interest in Hong Kong stocks will likely remain strong on expectations of fund inflows from mainland Chinese investors, they said.
"In this volatile market, the index can easily rise past 24,000 points, but whether further gains can be sustained will depend on resolving issues with the global credit market," said Y.K. Chan, a fund manager at Phillip Asset Management.
In Shanghai, the benchmark Shanghai Composite Index gained 0.9 percent to 5,194.69 in volatile trading as gains in medal companies and coal miners outweighed losses for big banks.
Chalco, China's biggest alumina and aluminum producer, surged by the 10 percent daily limit, to 55.68 yuan.
Zhang Yuheng, an analyst at CSC International Holdings, attributed the surge to speculation that Chalco's parent company will inject copper assets as well as alumina and aluminum assets into the listed firm to diversify its operations in the future.
Elsewhere:
JAKARTA: Indonesia's JSX Index ended down 0.7 percent at 2,159.609 in moderate volume following four previous days of gains totaling almost 9 percent.
KUALA LUMPUR: Malaysia shares finished almost flat in moderate volume, edging up 0.1 percent to close at 1,278.95 as local funds lend buying support in last hour of trade.
MANILA: Philippine shares climbed in moderately light volume after a three-day weekend. The 30-company Philippine Stock Exchange Index rose 1.4 percent to 3,251.77 points. Blue chips sustained their recovery from recent falls.
SEOUL: South Korean shares ended moderately higher, lifted by China-related stocks such as shipbuilders, steelmakers, transportation, machinery stocks. The Korea Composite Stock Prince Index, or Kospi, closed 1.5 percent up to 1,829.31.
SYDNEY: Australian stocks fell due to renewed weakness in offshore markets, with participants remaining cautious after recent sharp declines caused by the U.S. subprime lending crisis, countering some healthy local corporate earnings. The benchmark S&P/ASX 200 index closed down 0.1 percent, at 6,176.3 after falling to 6,136.7 in early trading.
TAIPEI: Taiwan shares rose slightly on the strength of big-name tech shares such as Hon Hai Precision Industry and Asustek. The Weighted Price Index of the Taiwan Stock Exchange rose 0.1 percent, to close at 8,727.55 points on weak volume.


Updated : 2021-06-20 19:19 GMT+08:00