Asian Markets Mostly Gained on Technology (MarketWatch) (16-04-2008)

HONG KONG (MarketWatch) -- Asian markets were mostly ahead on Wednesday, as technology companies gained following chipmaker Intel Corp’s upbeat forecast overnight in the U.S., while soaring crude-oil prices lifted energy producers throughout the region.

Japan's Nikkei 225 Average finished 1.2% higher at 13,146.13, while the broader Topix index climbed 1.3% to 1,271.88.

Indices in China declined after government data showed the country's March consumer-price inflation rose 8.3% from the same month a year. Although inflation moderated from 8.7% in the previous month, there were worries the central bank may further raise interest rates to cool soaring prices.

Data released by the National Bureau of Statistics also showed the country's economic growth eased to 10.6% in the first quarter of 2008 from the year-ago period, reflecting the impact of severe weather conditions in the first two months of the year.

China's Shanghai Composite finished the day 1.7% lower at 3,291.60, while the Shenzhen All Share index dropped 2.4% to 1,004.18.

The inflation also dragged Hong Kong indexes lower in afternoon trading. The benchmark Hang Seng Index fell 0.3% to 23,830.17, after it rose as high as 24,194.18 earlier in the day. The Hang Seng China Enterprises Index lost 1% at 12,542.85.

Australia's S&P/ASX 200 advanced 1.3% to 5,470.30 and South Korea's Kospi added 0.9% to 1,758.56, while New Zealand's NZX 50 index gained 0.4% to 3,516.67.

India's Sensitive Index, or Sensex, climbed 0.8% to 16,282.99 and the broader S&P/CNX Nifty rose 0.6% to 4,910.95. Singapore's Straits Times Index rose 1% to 3,087.78 and Taiwan's Weighted index gained 1.6% to 9,066.04, reclaiming the 9,000 point level for the first time since early November.

Among financials, Mitsubishi UFJ Financial Group rose 4%, while Citigroup Inc. soared 5.3%, Mizuho gained 4.22% and Sumitomo added 4.42%

 Source: MarketWatch