Asian stocks mixed with advances led by technology (MarketWatch) (01-04-2008)

HONG KONG (MarketWatch) -- Asian stocks traded mixed Tuesday, with advances led by the technology sector, while in Shanghai retreated following comments by the People's Bank of China yesterday indicating a more hawkish stance on monetary policy.

Tokyo's Nikkei 225 Average was up 1.3%, rising 167 points to 12,692.21, irrespective of the tankan report showing a deteriorating confidence among large companies. The Topix index added 1.4% to 1,230.17. Sydney the S&P/ASX 200 reversed earlier losses to trade 0.1% higher at 5,360 while in Seoul, the Korean Composite Index, or Kospi, was up 0.3%.

Shanghai's Composite Index fell 3%. The benchmark fell 3% Monday, capping a 34% decline for the quarter, marking its worst performance since 1992.

Hong Kong's Hang Seng Index climbed 1.3% to 12,278.90. The China Enterprises Index, a local benchmark for mainly Chinese state-owned shares, added 1.6% .

In Tokyo trading, shares of Nikon Corp. added 3.6%, Canon Inc. rose 2.6% and Honda Motor climbed 2.3%. Financials were mostly up with Mitsubishi UFJ rising by 1.86%, Sumitomo jumping by 2.91% and Mizuho adding 0.55%

In Sydney, shares of Woodside Petroleum fell 0.3% and miner BHP Billiton climbed 1.7%.

Australian financial shares traded on a mixed note, with shares of Commonwealth Bank rising 0.2% and Australia & New Zealand Banking Group shedding 0.4%.

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 Source: MarketWatch