Asian Markets end Little Changed  (08-01-2008)

HONG KONG -- Asian stocks traded mixed Tuesday, with Tokyo barely gaining in last minute bargain hunting, while Hong Kong ended fractionally down in late trading after leading gains among other regional markets as investors snapped up China-related shares and property stocks.

Shares of Sony Corp. climbed 2.4 %, adding to gains in the previous session, after Time Warner Inc.'s Warner Bros. said it plans to back the Japanese firm's Blu-ray standard for high-definition video.

Japan's Nikkei fell nearly 1 percent in the first few minutes of trade to briefly touch 14,365.86 on Tuesday but later clawed up to its first positive close of the year as bargain-hunters emerged to snap up bank, shipping and railway shares. It closed fractionally higher 14,528.67 as bargain-hunters emerged to snap up bank, shipping and railway shares. The Topix closed 0.74% higher to close at 1,403.06.

The Hang Seng Index came off a high of 27,637.60 late in the session to end lower by 0.25% at 27,112.90. The China Enterprises Index, or shares of mostly state-owned Chinese companies listed in Hong Kong, added 1.8% to 1,587.60. In China, the Shanghai's Composite Index added 0.8% to 5,435.26.

Australia's S&P/ASX 200 index fell 0.2%, New Zealand's NZX 50 index lost 1.6% and South Korea's Kospi was up 0.1%. Taiwan's Weighted Price Index added 1.2% and Singapore's Straits Times Index was up 0.5%.

Shares of Matsushita Electric Industrial fell 1.6% on reports the Panasonic-brand maker will team up with Google Inc. and YouTube to produce Internet-enabled televisions. The Nikkei News reported Tuesday the Web TVs should be made available to U.S. consumers this spring.

Banks in Japan surged on bargain hunting, with Sumitomo Mitsui Financial Group surging to 6.7 percent but ending up by 3.11% and Mizuho Financials gaining 5.17 percent at 529,000. Mitsubishi UFJ Financial Group (8306.T: Quote, Profile, Research) was up by 3.13% at 1,020 yen.

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