Asian markets mixed (MarketWatch) (02-09-2008)

HONG KONG (MarketWatch) -- After advancing in early trade on Tuesday, despite the surprise resignation of Prime Minister Yasuo Fukuda, the Nikeei 225 reversed morning gains, on heavy selling linked to the futures market, according to traders. The main index closed 1.8% lower at 12,609.47, after rising as high as 12,920.52 earlier in the day. The broader Topix index lost 1.5% to 1,212.37. Commodity related shares were hit hard.

Other markets in the region were mixed, as Wall Street remained closed for Labor Day.

Hong Kong's Hang Seng Index recently dipped 0.1% to 20,884.50 and the Hang Seng China Enterprises Index lost 0.1% to 11,424.34, after rising earlier. China's Shanghai Composite slipped 0.8% to 2,306.06.

Australia's S&P/ASX 200 rose 1.1% to 5,173.70 and South Korea's Kospi advanced 0.3% to 1,418.79, after sinking 4.1% in the previous session, while New Zealand's NZX 50 index added 0.3% to 3,367.47. Singapore's Straits Times index rose 0.1% to 2,717.15, while Taiwan's Taiex fell 0.6% to 6,774.26.

The region's energy-related shares dropped after crude-oil prices declined, with BHP Billiton losing 2.1% and Woodside Petroleum falling 1.6% in Sydney, while Cnooc lost 3.8% in Hong Kong.

But airline and automobile stocks gained, with Hyundai Motor Co. rising 1.9% in Seoul, while Air China shares added 3.2% in Hong Kong and 1.5% in Shanghai.

In electronic trading, October crude-oil futures recently fell $4.31 to $111.15 a barrel. U.S. financial markets were closed for Labor Day holiday Monday.

In Asian currency trading, the U.S. dollar bought 108.23 yen, compared with 108.11 yen late Monday.

Source: MarketWatch