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.
Financials witnessed good buying. ANZ rose 1.23%, National Australia Bank edged up 0.39% after it agreed to acquire Hong Kong-based Calibre Asset Management and Macquarie Group added 0.21%.Insurer QBE Group rose 2.54%. However, Commonwealth Bank and Westpac ended in the red.
Big miner BHP Billiton rose 0.25% after UBS upped its profit forecast, while its rival Rio Tinto ended down 1.09%. Gold miner Newcrest Mining and Lihir Gold showed sharp gains. In the energy sector, Santos fell 1.57% despite the price of crude oil rallying in Asian trade. Agri-giant AWB shed 0.40% on reporting its first annual loss in at least nine years.
The New Zealand market ended down for a second straight day, as investors braced for a wave of new share sales. The benchmark NZX-50 closed at 3,128, down 3 points or 0.10%.
Recently-listed Kathmandu Holdings fell over 3% towards its initial public offering price. Power firm Contact Energy declined 0.67% after it said power generation fell 13 percent in October on low inflows.
Building materials and construction firm Fletcher Building fell 0.75%, Sky Network fell 3.64% and Fisher & Paykel Appliances declined 3.08% while heavyweight Telecom rose 1.59% and Infratil, which reported a half year loss $31.4 million, closed unchanged.
The Chinese market closed higher for the fourth straight session, led by energy stocks on expectations for an imminent price hike . Shaanxi Provincial Natural Gas and Changchun Gas rallied by 10% each. The benchmark Shanghai Composite, which tracks both A and B shares, touched a three-month high of 3,316 before closing at 3,303, up 20 points or 0.62%. However, Hong Kong's Hang Seng index ended down 0.32% at 22,840, dragged down by declines in HSBC and other banking stocks on profit taking.
The Indian market is moving in a tight range on Wednesday amid alternate bouts of buying and selling. Currently, the BSE Sensex is trading at 17,011, down 39 points and the S&P CNX Nifty is at 5,057, down 0.10%. However, second-line stocks are receiving good buying support.
On Wall Street, the major averages reversed early losses to end near their best levels of the day on Tuesday. With the release of benign economic indicators prompting many traders to remain on the sidelines, the Dow ended up by a modest 0.29% to close at a new one-year high, while the Nasdaq advanced 0.27% and the S&P added 0.09%. The Dow futures are currently up by 4 points.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.