Asian Markets break rally (MarketWatch) (18-04-2008)

HONG KONG (MarketWatch) -- Asian markets were mostly down on Friday, as investors engaged in end of the week profit taking in financials and resource stocks.

The Nikkei 225 Average ended the day higher by 0.58% closing at 13,476.45. The broader Topix index gained 0.83%, closing at 1,304.06.

In Hong Kong, the Hang Seng Index fell 0.19% to 24,292.47, while the Hang Seng China Enterprises Index lost 1.64% to 12,676.77.

China's Shanghai Composite fell 2.1% to 3,155.23 as investor confidence has collapsed, on fears of a slowdown in earnings growth.

In Sydney, the S&P/ASX 200 index lost 1.7% to 5,424.90. New Zealand's NZX 50 index lost 0.8% to 3,540.61, South Korea's Kospi rose 0.1% to 1,769.91, Singapore's Straits Times Index fell 0.3% to 3,115.58 and Taiwan's Weighted index fell 0.4% to 9,053.69.

Financials lost steam after U.S. investment banker Merrill Lynch & Co. Inc. reported a third straight quarterly loss, on more write-downs for soured mortgage investments.

Shares of Mizuho Financial had been down for most of the session in Tokyo but managed to end the day with a slim gain of 0.43%; Australia & New Zealand Banking Group lost 2.8% in Sydney, while HSBC Holdings slipped 0.2% in Hong Kong.

Among Japanese exporters, shares of Canon rose 2% and Toyota Motor Corp. advanced 1.9%.

Shares of BHP Billiton fell 2.6%, reversing direction as investors locked in profits after three straight days of gains.

In Asian currency trading, the U.S. dollar bought 102.46 yen. In New York, the dollar changed hands for 102.52 yen late Thursday and 101.82 yen late Wednesday.

SourceMarketWatch