Asian markets mixed as economic fears return

HONG KONG (AFP) - Asias markets were mixed Monday as economic fears resurfaced, while an outbreak of swine flu in Japan caused jitters among dealers and profit-takers took advantage of last weeks strong finish.
But in Mumbai, trading on the Sensex was suspended after shares surged more than 17 percent following a surprisingly clear victory for the ruling Congress-led alliance in general elections announced at the weekend.
Tokyo lost 2.44 percent as the number of confirmed swine flu cases soared to 135, raising fears economic activity will be hit. The market was also damaged by a stronger yen, which hurts exporters. Sydney fell one percent and Seoul dipped 0.36 percent.
However, Hong Kong put on 1.38 percent, helped by a strong show in Shanghai, which added 0.28 percent.
Regional markets had opened lower as they followed Wall Street, which shed 0.75 percent on lacklustre economic data and news that General Motors plans a major cut in the number of its dealers.
TOKYO: Down 2.44 percent. The Nikkei-225 lost 226.33 points to end at 9,038.69.
The market was hit by weak corporate earnings last week, dealers said.
The yen rose to a two-month high against the dollar. The greenback traded below 95 yen, a key level at which most exporters have based their earnings outlooks for the fiscal year.
HONG KONG: Up 1.38 percent. The Hang Seng Index ended up 232.21 points at 17,022.91.
The index has gained 9.7 percent since the beginning of the month.
The gains came despite figures Friday showing Hong Kongs economy contracted 7.8 percent in the first quarter from a year earlier, worse than the previous quarters 2.6 percent fall, on plunging exports and weak private consumption.
SYDNEY: Down 1.0 percent. The S&P/ASX200 index lost 37.6 points to 3,735.6.
The market eased as it took a breather after a weak lead from offshore and a series of local capital raisings, dealers said.
SHANGHAI: Up 0.28 percent. The Shanghai Composite Index, which covers A and B shares, was up 7.52 points at 2,652.78.
The market rebounded from early lows as coal and power producers offset losses in financial and real estate stocks, dealers said.
TAIPEI: Up 1.37 percent. The weighted index rose 88.72 points to 6,577.81. The rise came after Chinese state media said Beijing would push mainland businesses to invest in the island amid warming cross-strait ties, dealers said.
SEOUL: Down 0.36 percent. The KOSPI lost 5.05 points to 1,386.68.
SINGAPORE: Up 1.55 percent. The blue-chip Straits Times Index (STI) gained 33.14 points to 2,172.92.
Investors ignored data released earlier Monday showing Aprils non-oil domestic exports tumbling 19.2 percent from the year before its 12th straight month of decline.
KUALA LUMPUR: Down 0.2 percent. The Kuala Lumpur Composite Index dropped 2.20 points to 1,012.01.
BANGKOK: Up 1.18 percent. The Stock Exchange of Thailand gained 6.30 points to close at 540.22.
JAKARTA: Up 3.01 percent. The Jakarta Composite Index rose 52.65 points to 1,803.56.
MANILA: Down 1.3 percent. The composite index lost 29.33 points to 2,279.37.
The market suffered from profit taking after the key index hit a seven-month high last week, dealers said.
WELLINGTON: Down 0.47 percent. The NZX-50 index was 13.04 points lower at 2,777.86.
MUMBAI: Up 17.24 percent when suspended. The 30-share Sensex closed up 2,099.21 points the biggest gain since the index was launched in 1986 to 14,272.63.
The index soared on the back of the election result that analysts saw as boosting economic reform. Stock exchange officials said trading was halted for the day after rocketing share prices clicked through a series of circuit breakers before breaching the permitted upper limit. Exchange officials said the closing figure would likely be revised upwards, as prices did not reflect full updates due to a system overload.
The Sensex has already risen more than 50 percent from its low of 8,079 in early March.