Asian markets mixed on financials and exporters (MarketWatch) (10-07-2008)

HONG KONG (MarketWatch) -- Japanese and South Korean sessions were particularly volatile on Thursday, wavering between positive and negative territories on technology shares that offset some gains from bargain buying among battered financials, while Chinese stocks in Shanghai fell again as airlines declined after a regulator allowed Air China to issue new shares. Persistent worries about U.S. financial markets dragged down lenders such as Australia and New Zealand Banking Group in Sydney and Wellington.

Japan's Nikkei 225 Average recently rose 0.2% to 13,072.06, while the broader Topix index gained 0.5% to 1,291.52, with both benchmarks reversing early declines.

China's Shanghai Composite fell 0.7% to 2,898.94, giving up some of its recent gains. In Hong Kong, the Hang Seng Index slipped 0.1% to 21,789.76, but was off the day's low at 21,498.87. The Hang Seng China Enterprises index rose 1.5% to 12,010.93.

Australia's S&P/ASX 200 shed 1.5% to 4,938.50 and South Korea's Kospi slipped 0.3% to 1,514.44, also rebounding from the day's low at 1,495.44.

New Zealand's NZX 50 index gave up 1.8% to 3,121.66 and Singapore's Straits Times Index gave up 0.9% to 2,888.51, while Taiwan's Weighted index added 0.2% to 7,061.89.

Financial shares were mixed, with Citigroup Inc. losing 2.7% in Tokyo, but Mizuho Financial Group rose 2.5%, reversing early declines. In Seoul, Kookmin Bank rose 3.6% and Samsung Securities added 2.4%.

However, ANZ Banking Group dropped 2.5% in Sydney and 3.7% in Wellington on persistent worries about the health of the global credit markets and upcoming earnings reports from U.S. banks and brokerage firms. In Hong Kong, HSBC Holdings slipped 0.4%, but China-related financials advanced, with Bank of China rising 2.3%.

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  Source: MarketWatch