(RTTNews) - Asian stocks exhibited a mixed trend on Wednesday as investors took some profits at higher levels amid some doubts about the pace of economic recovery.

While some traders looked to cash in on the recent strength in the markets, others were reluctant to sell stocks on concerns about missing out on any further upside in the markets. Gains if any, were modest as investors awaited a raft of U.S economic data such as CPI and housing starts for more clues about the health of the world's largest economy.

Crude oil prices extended gains on an inventory report from the American Petroleum Institute, while the dollar resumed its slide, slipping against the yen and the euro.

The Japanese market fell notably, dragged down by financial and real estate stocks on fund-raising worries. The benchmark Nikkei 225 fell 53 points or 0.55% to 9,677, its lowest close since October 5 and the broader Topix index of all the Tokyo Stock Exchange First Section issues closed at 850, down 7 points or 0.8%.

Real estate firm Tokyo Tatemono plunged 16.5% on massive volume after the company revealed its plans to raise up to Y45.64 billion via a new share offering. Tokyu Land Corp. plunged over 10% and Mitsubishi Estate fell 4.53%.

Mitsubishi UFJ Financial Group shed 0.62% ahead of its earnings announcement, Sumitomo Mitsui Financial Group slumped nearly 6% and Mizuho Financial Group fell by around 3%.
Japan Airlines tumbled nearly 4% after the nation's transport minister Seiji Maehara reportedly declined to rule out a legal liquidation for the struggling airline. Consumer lender Takefuji plummeted 18% on heavy volume after Standard & Poor's cut its long-term counterparty credit rating.

The South Korean market rose sharply, led by technology and brokerage stocks. The benchmark KOSPI rose 18 points or 1.13% to 1,604, the highest close since Oct 29 amid strong buying by overseas investors. On a net basis, foreigners and domestic funds bought shares worth KRW85.9 billion and KRW230.2 billion, respectively.

Among the top gainers, Daewoo Securities jumped nearly 7%, Samsung Electronics advanced 3%, chipmaker Hynix Semiconductor rose 1.9% and steel maker Posco gained 1.1%.

LG Household & Health Care rose over 3% on reports it is considering taking over cosmetic producer The Faceshop Korea Co. Hyundai Mobis rallied over 4% on reports Hyundai Motor will unload its entire 1.68% stake in Mobis to meet anti-trust regulations.

The Australian market finished a choppy session modestly higher. The benchmark S&P/ASX 200 closed at 4,739, up 10 points or 0.2% and the All Ordinaries index rose 9 points or 0.20% to 4,760.

 1   2   Next Page