Asian markets mostly down while the Nikkei catches up (MarketWatch) (22-07-2008)

HONG KONG (MarketWatch) -- Asian markets were mostly lower on Tuesday while Japanese stocks were catching up with the region's strong gains in the previous session as trading resumed after a holiday.

After a volatile session the Hang Seng ended higher by 0.63 at 22,675.31, while the Nikkei 225 Average rose 1.4% to 12,983.94, while the broader Topix index added 1% to 1,265.14.

Australia's S&P/ASX 200 lost 0.7% to 4,978.20, New Zealand's NZX 50 index slipped 0.1% to 3,143.88, Taiwan's Weighted Index dipped 0.1% to 7,075.49 and China's Shanghai Composite gave up 0.3% to 2,851.84. South Korea's Kospi dropped 0.4% to 1,556.60 amid thin trading volumes.

Shares of Mitsubishi UFJ added 1.1% and Mizuho Financial Group advanced 1.1% in Tokyo, catching up with the gains in the region's financial stocks Monday.

Financials mostly declined elsewhere, after U.S. stocks dropped overnight. In Sydney, shares of Commonwealth Bank gave up 1% and National Australia Bank lost 2.1%. HSBC Holdings was unchanged, after rising in the previous three sessions, including a 4.1% advance Monday.

Bank of Communications Co. slipped 1% in Hong Kong and 1.4% in Shanghai and United Overseas Bank lost 1.3% in Singapore, while Cathay Financial Holding Co. gave up 0.6% in Taipei.

Energy stocks advanced after crude-oil futures rose $2.16 to $131.04 a barrel Monday on the New York Mercantile Exchange. The front-month August contract recently slipped as much as 37 cents to $130.67 a barrel in electronic trading.

Source: MarketWatch