Asian markets flat with Nikkei gaining (MarketWatch) (30-12-2008)

HONG KONG (MarketWatch) -- Japanese shares ended higher and most other Asian markets were neutral on Tuesday, with investors looking for bargains as a disastrous 2008 began to wind down.

The Nikkei rose 1.3% to end the half-day session at 8,859.56 in Tokyo, taking gains to a fourth straight session; losses for the main Japanese index, however, are 42.1% for the year, as the global financial crisis, recession in developed countries, declining consumer demand and a steep appreciation in the yen against major currencies combined.

The broader Topix index gained 0.5% to 859.24, but lost 41.8% of its value during the tumultuous year, when scores of stocks lost more than half their market capitalization as corporations cut their earnings forecasts.

Tokyo markets, shut for holidays through the rest of the week, will reopen Monday.

Elsewhere, Australia's S&P/ASX 200 rose 0.3% to 3,631.90, New Zealand's NZX 50 index added 0.1% to 2,680.30 and South Korea's Kospi added 1.7% to 1,136.95.

Singapore's Straits Times Index declined 0.6% to 1,769.12 and Taiwan's Taiex jumped 3.2% to 4,555.98.

China's Shanghai Composite rose 0.1% to 1,852.31, after sliding in the previous six sessions.

In Hong Kong, the Hang Seng Index advanced 0.8% to 14,448.28, while the Hang Seng China Enterprises Index added 1.4% to 7,903.26.

Source: MarketWatch