Asian markets flat before U.S. economic reports (MarketWatch) (30-06-2008)

HONG KONG (MarketWatch) -- Most Asian indexes were treading water and remained practically unchanged on Monday, as investors await market direction and key economic data from the U.S. later in the week.

Energy-related stocks ranked among gainers on high-crude-oil prices, but energy sensitive shares such as airlines and refining shares extended losses.

In Asia, the Bank of Japan is due to release the results of its quarterly tankan business-confidence survey on Tuesday, when the Reserve Bank of Australia will also announce its decision on interest rates.

China's Shanghai Composite fell 0.9% to 2,722.91 by late morning, after rising as high as 2,766.80 earlier in the day. In Shenzhen, the All Share index lost 1% to 787.80.

The benchmark Hang Seng Index, which fell during six of the previous seven sessions in Hong Kong, recently slipped 0.2% to 22,007.56, while the Hang Seng China Enterprises Index rose 0.2% to 11,838.17.

Japan's Nikkei 225 Average rose 0.3% to 13,589.40, after declining for seven straight sessions, while the broader Topix index rose 0.3% to 13,589.40.

Australia's S&P/ASX 200 inched up 0.1% to 5,242.20, giving a large part of its gains after touching 5,305.90 earlier in the day.

Elsewhere, South Korea's Kospi fell 0.2% to 1,681.97 and Singapore's Straits Times Index rose 0.2% to 2,962.60, while Taiwan's Weighted index rose 0.1% to 7,552.89.

A number of the region's exporters and financial stocks declined after a drop on Wall Street. Shares of Commonwealth Bank of Australia lost 1.2% and Westpac Banking Corp. shed 3% in Sydney, while HSBC Holdings lost 1% in Hong Kong.

Source MarketWatch