Asian markets were mixed Thursday, with a cut in the stamp duty on stock transactions in China lifting the major benchmarks in Shanghai, Shenzhen and Hong Kong, according to AP. The Shanghai Composite Index had its biggest gain in more than six years, rising 9.3 percent to 3,583.0. The index on China's smaller bourse in Shenzhen shot up nearly as much, rising 8.7 percent. And with an increasing number of companies listed in both Hong Kong and Shanghai, the territory's Hang Seng Index was pull 1.6 percent higher to 25,680.8. Late Wednesday, the Chinese government said it would cut the stamp duty on stock transactions to 0.1 percent from 0.3 percent effective Thursday. It was the second measure this week aimed at boosting China's flagging stock markets. «In recent weeks, expectations have been mounting on the government to take decisive steps to prop up the domestic markets,» Jing Ulrich, chairwoman of China equities for JPMorgan Chase & Co., said in a report to clients. «The lowering of stamp duty ... is among the most aggressive steps the government could have taken to improve sentiment,» she wrote. The Shanghai index was helped Thursday by a 9.9 percent advance in PetroChina's stock. The oil refiner's shares account for about one-fifth of the benchmark's total value. Among other big gainers in Shanghai, Aluminum Corp. of China rose 10 percent, Industrial and Commercial Bank of China gained 7.9 percent and Baoshan Iron & Steel Co. rose 10 percent. The share prices of at least 550 companies listed in Shanghai rose the 10 percent daily upside limit, according to figures compiled by market monitor Wind Consulting Co. On the Hong Kong Exchange, Chinese insurers led the day's blue-chip gains, with Ping An Insurance surging 10.5 percent, China Life rising 8 percent and PICC jumping 11.9 percent. «China's insurance companies have about 20 percent or more of their total investment portfolio in the A-share market (in Shanghai), thus explaining the buoyant interest in these stocks today,» said Castor Pang, a strategist at SHK Financial. Independent power producers also rose sharply on reports that China may raise electricity tariffs in the second half. China Resources Power rose 9.9 percent. Huadian Power climbed 9.9 percent. Huaneng Power jumped 8.4 percent. Meanwhile, Japanese stocks slipped as cautious investors took a wait-and-see stance ahead of the release of corporate earning results. The Nikkei 225 index declined 0.3 percent to 13,540.87. «The consensus is companies will report conservative forecasts, but with perceptions that the credit crisis is easing, we look to be at a comfortable level for the overall market,» said Yoji Takeda, head of Asian investments at RBC Investment Management. Among Tokyo blue chip stocks, Toyota Motor Corp. edged down 0.2 percent. The company on Wednesday announced its global sales in the January-March quarter rose 2.7 percent from a year ago to 2.41 million vehicles, beating its U.S. rival and the world's top automaker General Motors, which sold 2.25 million units in the quarter. Shares in Japan's No.2 automaker, Honda Motor Co., rose 0.3 percent, but Nissan Motor closed 0.5 percent lower. Elsewhere in Asia, benchmark indices posted gains of less than a percent in India, Malaysia, New Zealand and the Philippines. The key stock indicators lost ground in Australia, Indonesia, Singapore, South Korea, Taiwan and Thailand. In Tokyo currencies, the dollar was steady against the yen, standing at 103.68 at 6:50 p.m. (0950 GMT), even with late Wednesday in New York. The euro was quoted at US$1.5748, down from US$1.5896.
