Asian shares mixed, Shanghai leads losses

A man walks past an electronic stock board of a securities firm in Tokyo on Feb. 18, 2014. Asian markets closed mixed Tuesday, Feb. 25, ahead of the release of key US data, as a strong lead from Wall Street was offset by profit-taking while Chinese shares were hit by fresh liquidity concerns. AP PHOTO/KOJI SASAHARA

HONG KONG—Asian markets closed mixed Tuesday ahead of the release of key US data, as a strong lead from Wall Street was offset by profit-taking while Chinese shares were hit by fresh liquidity concerns.

Tokyo jumped 1.44 percent, or 213.92 points, to 15,051.60 and Seoul added 0.81 percent, or 15.81 points, to close at 1,964.86.

However, Hong Kong lost 0.32 percent, or 71.36 points, to end at 22,317.20 while Shanghai gave up earlier gains and closed 2.04 percent lower, shedding 42.47 points to 2,034.22, and Sydney eased 0.12 percent, or 6.4 points, to 5,433.8.

With few catalysts to drive business, attention has turned to the US economic figures including gross domestic product growth due out on Friday.

This week will also see the release of February consumer confidence, durable goods orders and initial jobless claims.

The results will be closely watched as they will give the clearest snapshot of economic health this year, with previous releases skewed by severe winter weather at the end of last year and the start of this one.

On Wall Street US shares pushed higher Monday, with analysts saying investors were growing more confident about the US recovery and viewed recent weak figures as the result of the bad weather.

The broad-market S&P 500 rose 0.62 percent, just short of a record high, while the Dow added 0.64 percent and the Nasdaq was up 0.69 percent.

While Asian shares suffered a pull-back Tuesday, global markets have in recent weeks clawed back some of the losses they suffered in January that were fueled by the US Federal Reserve’s decision to cut its stimulus program for a second straight month.

Cash fears return to China 

In China fresh concerns over liquidity in financial markets spooked investors as the country’s central bank effectively drew cash out of the system as it continues to fret over possible bad debts among lenders.

The move sparked worries of another cash crunch similar to those seen last year that sent stocks plunging.

Property plays were also under pressure after some mainland lenders said they would step back from making loans to developers as prices continue to surge in China.

“The market is cautious, as a slowdown in the housing market leads investors to be concerned about the health of the general economy,” Zheshang Securities analyst Zhang Yanbing told AFP.

In currency trade the dollar was at 102.30 yen compared with 102.48 yen in New York late Monday.

The euro bought $1.3753 and 140.66 yen against $1.3734 and 140.76 yen.

There was little immediate reaction to news that Italy’s new Prime Minister Matteo Renzi had won a confidence vote in the Senate following the ousting of Enrico Letta over his failure to boost the economy.

The new premier called for a “radical and immediate change” in recession-hit Italy as he outlined his new government’s reform agenda including overhauling the tax system, jobs market and public administration.

Oil prices slipped. New York’s main contract, West Texas Intermediate for April delivery, fell 70 cents to $102.12 and Brent North Sea crude for April was down 55 cents at $110.09.

Gold fetched $1,332.56 an ounce at 1050 GMT, compared to $1,333.44 late Monday.

In other markets:

— Bangkok added 0.19 percent, or 2.50 points, to 1,303.88.

Airports of Thailand gained 1.10 percent to 184.50 baht, while supermarket operator Big C Supercenter fell 1.39 percent to 178 baht.

— Jakarta fell 1 percent, or 46.28 points, to 4,577.29.

Bank Negara Indonesia lost 2.36 percent to 4,545 rupiah, while Hero Supermarket gained 4.20 percent to 2,730 rupiah.

— Taipei rose 0.18 percent, or 15.01 points, to 8,575.62.

Smartphone maker HTC rose 1.93 percent to Tw$132.0 while Taiwan Semiconductor Manufacturing Co. was up 0.93 percent at Tw$108.0.

— Wellington was flat, edging down 2.13 points to 4,967.51.

Fletcher Building was off 1.52 percent at NZ$9.72 and Air New Zealand added 0.29 percent to NZ$1.745.

— Manila closed flat, dipping 0.77 points to 6,295.55.

Megaworld Corp. rose 3.48 percent to 4.16 pesos and Universal Robina added 1.83 percent to 133.40 pesos but SM Prime Holdings tumbled 3.09 percent to 14.42 pesos.

— Singapore fell 0.07 percent, or 2.22 points, to 3,103.62.

Singapore Telecom gained 0.28 percent to Sg$3.65 and property developer CapitaLand ended 0.35 percent lower at Sg$2.84.

— Mumbai rose 0.20 percent, or 41.03 points, to 20,852.47.

Aurobindo Pharma gained 6.93 percent, or 33.50 points, to 517 rupees and Financial Technologies rose 4.99 percent, or 16.10 points, to 338.80 rupees.

— Kuala Lumpur rose 0.28 percent, or 5.07 points, to 1,833.75.

IOI Corp. gained 2.6 percent to 4.73 ringgit, while RHB Capital added 1.7 percent to 7.90 ringgit.