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Stocks fall in Japan, gain in Hong Kong

Stocks fall in Japan, gain in Hong Kong
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First Published: Thu, Aug 28 2008. 12 35 AM IST
Updated: Thu, Aug 28 2008. 12 35 AM IST
Hong Kong: Asian markets were mixed on Wednesday, as Japan stocks fell and Hong Kong shares rose sharply after solid earnings from leading phone company China Mobile Ltd.
Tokyo’s benchmark Nikkei 225 fell 0.20% to 12,752.96 and mainland Chinese shares slid for a fifth straight session, with the Shanghai Composite Index off 0.34% at 2342.15.
India, Singapore and Malaysia markets were also lower.
In Hong Kong, the blue-chip Hang Seng Index climbed 1.9% to 21,464.72 as China Mobile’s earnings boosted investor optimism about the region’s companies. The world’s biggest phone company by subscribers, reported a 45% jump in first half net profit. “That helped the market have a good move, it’s helping the market to stabilize,”said Linus Yip, a strategist at First Shanghai Securities.
Elsewhere, Taiwan’s benchmark climbed 1.7% and South Korea’s index gained 0.3%.
In Japan, investors stuck to the sidelines amid lingering global economic jitters and ahead of key economic data due later this week. Trading was again lethargic without new incentives to spur major moves, said Tomochika Kitaoka, strategist at Mizuho Securities in Tokyo.
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First Published: Thu, Aug 28 2008. 12 35 AM IST
More Topics: Stocks | Japan | Hong Kong | China Mobile Ltd. | Nikkei |