Asian Sessions Closed Mixed Wednesday (MarketWatch) (13-02-2008)

HONG KONG (MarketWatch) -- Trading in Asian markets on Wednesday ended mixed with Hong Kong stocks gaining on PetroChina Co. and financials in the afternoon session, while markets in Shanghai plunged after the week-long Lunar New Year holidays.

In Tokyo, shares came off session highs, but finished in positive territory, after a strong finish on Wall Street. Financials such as Mizuho Financial Group retreated on persistent worries about global markets.

In Tokyo, the Nikkei 225 Average ended the day 0.4% higher at 13,068.30, after rising as high as 13,240.26 earlier in the day. The broader Topix index slipped 0.1% to 1,285.35. Hong Kong's Hang Seng Index gained 0.9% to 23,119.12, while the Hang Seng China Enterprises Index jumped 1.3% to 12,907.37. China's Shanghai Composite dropped 1.9% at 4,514.21, as trading resumed for the first time since last Tuesday.

India's Sensitive Index surged 2.8% to 17,072.01 on bargain-hunting after five days of declines.

In Sydney, Australia's S&P/ASX 200 ended 1.2% lower at 5,542.10, in the wake of weaker-than-expected half-yearly results from Commonwealth Bank of Australia.

Elsewhere, New Zealand's NZX 50 index declined 0.8% to 3,545.77 and South Korea's Kospi lost 0.7% to 1,631.78, giving up early gains.

Singapore's Straits Times Index gained 1.3% at 2,965.52, while Taiwan's Weighted index was little changed at 7,550.55.

In Tokyo, exporters advanced after a higher close on Wall Street, with Canon Inc. rising 3.2% and Sony Corp. advancing 2.2%.

But financials were volatile and ended mostly lower, with Mizuho dropping 1.2% and Sumitomo Mitsui Financial Group shedding 2.2%.

Energy stocks in the region rallied for the second straight day as crude oil prices remained above the $90 a barrel level.

Woodside Petroleum, which has significant interests in the energy sector, rose 1.2% in Sydney. In Tokyo, shares of Inpex Holdings rose 3.7%. In Hong Kong, PetroChina Co. climbed 3.3%. PetroChina stock, however, lost 2.7% in Shanghai in a weak broad market.

Shares of Chinese financial companies also paced gains in Hong Kong, with China Life Insurance Co. adding 2.6% and Industrial & Commercial Bank of China rising 2.1%.

In Sydney, shares of Commonwealth Bank lost 6.5% after it reported a lower-than-expected 8% growth in half-yearly profit, on higher borrowing costs and provisions for bad debts. Shares of National Australia Bank dropped 5.6%.

Source: MarketWatch