Asian shares close mixed with investors awaiting company results, economic data

Asian shares close mixed with investors awaiting company results, economic data

	Published : Mon, 29 Jan 2007 08:46 By : Agencies Print this Story

HONG KONG (XFN-ASIA) - Shares across the Asia-Pacific region closed mixed, with thin trade in some markets, as investors awaited the release of corporate earnings and economic data, dealers said.

Tokyo shares finished slightly higher in cautious trade, after moving within a narrow band just above Friday's close for most of the day, with investors mostly taking to the sidelines as they await more corporate earnings announcements in the coming weeks, dealers said.

The blue-chip Nikkei 225 Stock Average closed up 48.53 points or 0.28 pct at 17,470.46, off a high of 17,489.59.

The TOPIX index of all issues listed on the Tokyo Stock Exchange's first section finished up 5.57 points or 0.32 pct at 1,733.59, off a high of 1,738.53.

Dealers said the Nikkei opened lower as tech stocks were sold off following Advantest's profit warning late Friday, citing weaker-than-expected demand for semiconductor-related equipment.

The warning followed similarly bearish statements earlier last week by Elpida Memory and NEC Electronics, they noted.

But bargain-hunting lifted shares onto positive territory later in the day, buoyed by optimism that more companies will announce improved results as the quarterly earnings reporting season continues, they said.

'Trading was lackluster overall, but underlying sentiment continued to be solid, thanks to general optimism over corporate earnings,' said a trader at a European institution.

Australian shares closed lower as investors returned from a long weekend as sellers, taking profits after the market recorded four consecutive record closes last week, dealers said.

They said negative sentiment also arose from the fall in US shares on Friday, while lower base metal prices in London trading last week weighed on the resource sector.

The S&P/ASX 200 fell 9.5 points or 0.16 pct to close at 5,760.4, off Thursday's record closing level of 5,769.9.

The key index's low was 5,752.6 and the high was 5,777.3.

Hong Kong shares were up in afternoon trade, with continuing pressure on China stocks on concerns that mainland authorities may implement more macro-economic tightening measures to cool the country's economy and stock markets, dealers said.

At 3.15 pm the Hang Seng Index was up 23.45 points or 0.12 pct at 20,304.58.

In mainland China, A-shares in Shanghai and Shenzhen closed higher on the back of renewed capital inflows with telecom companies and steel makers in favor, dealers said.

The Shanghai A-share Index rose 65.95 points or 2.18 pct to 3,094.31 and the Shenzhen A-share Index was up 17.44 points or 2.46 pct at 727.23.

Seoul shares closed lower, reversing an early rebound, with Samsung Electronics and other IT stocks falling sharply on concerns over the outlook for the chip industry, dealers said.

Telecom stocks accelerated the pullback in the wake of KT's disappointing quarterly results, while POSCO rallied on the news that a senior executive from leading global steel maker Arcelor Mittal will visit this week for talks on cooperation with the company, they added.

Investors were largely cautious ahead of the US FOMC and key economic data both at home and abroad, they said.

The KOSPI index closed down 8.23 points or 0.6 pct at 1,363.10, off a low of 1,361.23 and a high of 1,378.28.