Asian markets decline as investors turn cautious (AP) (09-06-2009)

HONG KONG (AP) -- Asian stock markets fell on Tuesday as investors became concerned about whether the three-month rally can be sustained.

Japan's Nikkei 225 stock average lost 78.81, or 0.8 percent, to 9,786.82, while Hong Kong's Hang Seng fell 0.4 percent to 18,177.95 and South Korea's Kospi was off 1.5 percent at 1,371.84.

Worst performer was the market in Taiwan, which has surged nearly 50 percent from lows in March; today it sank by 3.2 percent. Australia's market was also lower while Singapore recovered losses to be slightly higher.

In mainland China, Shanghai's index pulled back 0.6 percent as investors across Asia awaited figures due out Thursday about the country's inflation rate.

Oil prices rose in Asia as traders mulled whether a weak global economy justified a doubling of crude since March. Benchmark crude for July delivery was up $1.10 to $69.19 a barrel; the contract fell 35 cents overnight.

In currencies, the dollar edged down to 98.18 yen from 98.39 yen. The euro was lower at $1.3909 from $1.3927.

Source: AP