Asian markets were mixed Friday, with Hong Kong and China stocks rising to records, while shares in Japan slipped as investors sold real estate and insurance companies following a three-day gain, according to AP. Shares also fell in Indonesia, the Philippines, Singapore and Taiwan. Gains were made in Malaysia, Thailand and South Korea. In Tokyo, the main Nikkei 225 index fell 0.3 percent to 16,785.69 points. The retreat came after a 3.2 percent gain the index the last three days. Tokyo-listed stocks were supported by solid gains on Wall Street on growing hopes for further rate cuts by the U.S. Federal Reserve. «If steel, shipping and precision (tool) makers ... continue to rise, it may drive the Nikkei up above 17000,» said Shoji Yoshigoe, general manager at Mitsubishi UFJ Securities. But he noted concerns over credit crisis fallout remained in the U.S. and other global markets because some major banks, such as Merrill Lynch and Bank of America, haven't reported their quarterly earnings yet. Losers included Mitsubishi Estate Co., which shed 2.9 percent, and Mitsui Sumitomo Insurance Co., which fell 3.3 percent. Sumitomo Realty&Develpoment Co. slipped 1.22 percent. The Topix index, which includes all Tokyo Stock Exchange First Section issues, rose 1.47 points, or 0.09 percent, to 1,616.62. Meanwhile, Hong Kong shares surged to a record close for a second straight session led by insurer China Life and oil company CNOOC. The blue chip Hang Seng Index rose 0.3 percent to 27,142.47, off an intraday record high of 27,254.97. Traders said liquidity in Asia will likely remain buoyant in the near future, which could help Hong Kong's benchmark index to scale new heights next week. «Hong Kong will still be flush with lots of liquidity next week, partly because stock markets on the mainland will be closed for the holiday,» said Francis Lun, a general manager at Fulbright Securities Ltd. China's markets will be closed next week for the weeklong National Day holiday, reopening Oct. 8. China Life rose 3.4 percent to end at a record HK$44.65. Chinese oil companies also soared, after front-month benchmark crude futures on the New York Mercantile Exchange rose back above US$83 in Asian trade. CNOOC, Petrochina and Sinopec all rose to record closing levels. CNOOC closed at HK$13.06, up 4.6 percent. PetroChina ended at HK$14.74, up 4.8 percent. Sinopec gained 2.3 percent to HK$9.71. The H-share index, which tracks mainland China companies listed in Hong Kong, rose 2.2 percent to a record 17,017.94. On the Chinese mainland, stocks also rose to a record close on domestic bourses in a pre-holiday rally. The benchmark Shanghai Composite Index surged 2.6 percent to 5,552.30. The Shenzhen Composite Index of China's smaller, second market rose 2.7 percent to 1,532.67. «Since China's bull market began, the markets have opened higher each time a long holiday ends,» said Du Changjiang, an analyst at Great Wall Securities. «Investors are snapping up shares today in the hope that they'll earn an automatic profit once the markets open again.» In currency dealings, the dollar was trading at 115.20 yen at 4:50 p.m. in Tokyo (0750 GMT), down from 115.59 yen late Thursday in New York.
