The major markets Across the Asia-Pacific Region Closed Mixed on Wednesday

Wednesday, the Asia-Pacific markets opened on a bright note but could not sustain their initial gains. The major markets across the Asia-Pacific region closed mixed as a cautious undertone prevailed despite positive comments from the U.S. Treasury Secretary Timothy Geithner about the health of the U.S. financial system. Investors also expressed caution after the IMF said losses tied to distressed loans and securitized assets could reach $4.1 trillion worldwide by the end of 2010.


The Japanese market closed mixed ahead of earnings announcements from top blue-chip companies later in the week. While the Nikkei 225 index rose 16 points or 0.18% to 8,727, the broader Topix index of all First Section issues on the Tokyo Stock Exchange closed at 830, down 1 point or 0.09%. Securities, sea transport and electrical machinery stocks led the gainers, but stocks in the consumer finance, warehouse and construction sectors ended in the red.

Honda Motor shed 0.55% amid reports that its operating profit will decline 84 percent to 150 billion yen ($1.5 billion) for the year ended March. However, Suzuki Motor rose 2.16%, Toyota gained 1.08% and Nissan added 1.60%. Hino Motors tumbled 4.80% after reporting a wider-than-expected 61.8 billion yen loss for the year ended March.

Household products maker Kao Corp. fell 3.76% after Goldman Sachs Group reduced its rating on the stock to "neutral" from "buy". Mitsui Chemicals tumbled 4.80% after it widened its net loss estimate for the past financial year ended March to 95 billion yen, worse than its 13 billion yen loss forecast.

Toshiba Corp. soared 9.57% after its joint venture partner SanDisk Corp. (SNDK), the biggest maker of flash-memory cards, reported revenue that topped analysts' estimates in the first quarter. Pioneer Corp. climbed 17.19% on reports that the government is considering investing into the ailing electronics maker.

In economic news, Japan saw a merchandise trade surplus of 11 billion yen in March, the Ministry of Finance said on Wednesday - beating analyst expectations for a 10 billion yen surplus following the revised 82.1 billion yen surplus in February.

The Australian market showed a modest loss, as losses among gold miners and mining giant BHP Billiton more than offset gains in the financial sector. The benchmark S&P/ASX200 closed at 3,668, down 9 points or 0.25% and the All Ordinaries index fell 6 points or 0.16% to 3,627.

Commonwealth Bank of Australia rose 1.70% after it signed a 10-year contract worth A$100 million a year with Telstra Corp. Telstra also gained 1.88%.

Westpac Banking rose 1.27% and Macquarie Group added 2.12%, but National Australia Bank moved down 0.28% and ANZ slipped 0.12%,

Woodside Petroleum gained 0.35% after crude oil price rose on Tuesday. However, Oil Serach fell 1.16% and Santos moved down 1.98%. Among retailers, Woolworths fell 1.53%, but Harvey Norman Holding rose 1.78% and David Jones advanced 2.72%.

The South Korean market rose for the third straight day, as improving corporate earnings encouraged foreign and retail investors to pick up stocks amid attractive valuations. The benchmark KOSPI rose 19 points or 1.4% to 1,356, the highest closing since Oct. 14. Volume was at 717.59 million shares worth 8.43 trillion won (US$6.3 billion) and advancers outnumbered decliners by 613 to 257.

Chipmaker Hynix Semiconductor surged up 14.83% on reports that Japanese chip maker Elpida will raise memory chip prices by as much as 50 percent. LG Electronics added 3.77% after it forecast sales in the second quarter would rise 10 percent from the first quarter.

Among auto stocks, Ssangyong Motor closed flat, but Hyundai Motor gained 2.33% and Kia Motors rallied 5.84% ahead of its earnings announcement later this week. Shipbuilders retreated on profit taking. While Daewoo Shipbuilding lost 2.07%, Samsung Heavy Industries declined 1.73% and Hyundai Heavy slipped 0.24%

Among the other markets in the region, China's Shanghai Composite index fell 2.94%, Hong Kong's Hang Seng index moved down 2.67% and Singapore's STI Straits Times index closed down 2.32%, but Taiwan's TWII Weighed index moved up 0.08%

After opening higher, the Indian market pared its early gains and was trading in negative terrain, with oil & gas, metals and capital goods stocks shedding the most amid mixed global cues. The benchmark BSE Sensex was last trading at 10,801, down 97 points or 0.89% compared to the previous close.

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