Most Asian stocks fall amid lingering concerns over US loan problem

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TOKYO: Stocks fell in most Asian markets Friday as traders locked in profits before the weekend due to lingering concerns about US housing loan problems.
Share prices rose in China, where stocks continued their recent bull run, and in India, where concerns about a domestic political crisis subsided. Indonesian shares also rose on last-minute bargain-hunting. Elsewhere, stocks fell.
Japan's benchmark Nikkei 225 stock index fell 67.35 points, or 0.41 per cent, to finish at 16,248.97 in thin trading on the Tokyo Stock Exchange.
Uncertainty remains, traders said.
"There are still credit worries in the background in the US," said Stephen Wright, an adviser with ASB Securities. "Leading up to the weekend, people are just taking a bit of money off the table."
Declines in oil and mining shares weighed on the overall market. Sumitomo Metal Industries shed 1.7 per cent, while Nippon Oil Corp. lost 2.5 per cent. Trading houses also fell. Marubeni Corp. fell 2.1 per cent, and Mitsui & Co. was off 1.1 per cent.
Shares also fell in Hong Kong, where profit-taking after a four-day rally led the Hang Seng Index down 45.08 points, or 0.2 per cent, to 22,921.89.
The benchmark index recovered most of its declines in the afternoon session on gains in China Mobile (Hong Kong) Ltd. and other China-related companies on China's relaxation of the controls on overseas investments.
China Mobile, the largest blue chip on the index, rose to a record close, gaining 0.7 per cent to HK$96.60.
"China allowing local residents to invest in Hong Kong stocks gives a strong boost to the local market. Strong buying interest in China-related stocks will continue to help push the Hang Seng Index up further in the near term," said YK Chan, a strategist at Phillip Asset Management (HK) Ltd.
Chinese insurers rose amid a series of record closes achieved by China's stock market this week. China Life rose 2.0 per cent to HK$33.65, while Ping An Insurance gained 4.6 per cent to HK$74.05.
Bank of China dropped 5.4 per cent to HK$3.87 despite stronger-than-expected first-half results reported Thursday. In its earnings report it also revealed it had a US$9.65 billion (€7.2 billion) exposure to subprime asset-backed securities and collateralized debt obligations, or CDOs.
In currencies, the dollar was trading at 115.80 yen at 7:50 p.m. (1050 GMT) Friday, down from 115.92 yen late Thursday in New York. The euro rose to US$1.3628 from US$1.3557.
BANGKOK: Thai shares slipped 0.1 per cent to 790.72 in thin trade due to lingering jitters over the US housing loan woes.
JAKARTA: Jakarta's main stock index closed up 1.2 per cent at 2,143.109 points on last minute bargain hunting.
KUALA LUMPUR: Malaysia's KLCI index fell 0.8 per cent to 1,273.52 after recouping larger losses on buying of government-linked construction and property stocks.
MANILA: Philippine shares fell due to lingering concerns over US credit risks and caution ahead of a long weekend. Markets will be closed Monday for a national holiday. The 30-company Philippine Stock Exchange Index fell 0.7 per cent to 3,206.94.
MUMBAI: The Bombay Stock Exchange's 30-share Sensex index rose 1.8 per cent to 14,424.87, boosted by buying in blue chips and in the shares of automobile and power utility companies. Also, a statement from the federal government's key communist allies that they will continue to support the coalition government eased fears of a mid-term election.
SEOUL: The Korea Composite Stock Price Index, or Kospi, fell 0.5 per cent to 1,791, but still ending the week with a 9.4 per cent gain.
SHANGHAI: Chinese stocks rose to another record close on strong buying by securities funds, with benchmark Shanghai Composite Index gaining 1.5 per cent to 5,107.91. The Shenzhen Composite Index of China's smaller, second market, rose 1.1 per cent to 1,431.28. The Shanghai Index has hit new record closes every day this week.
SINGAPORE: Singapore shares dipped after a two-day rally. Weak banking shares were offset by gains in property heavyweights. The benchmark Straits Times Index fell 0.04 per cent, to 3,369.45.
SYDNEY: Australian shares fell as sentiment deteriorated after US mortgage provider Countrywide's chief executive said the US housing slump could cause a recession. The benchmark S&P/ASX 200 index closed down 1.2 per cent at 6,088.5.
TAIPEI: Taiwan's main index fell 42.75 points, or 0.5 per cent, to 8,690.09 as investors cashed in profits before the weekend.
WELLINGTON: New Zealand shares fell as investors interpreted Wall Street's mixed session as a sign that global markets hadn't quite shaken off their jitters. The benchmark NZX-50 index closed down 0.9 per cent at 4,052.45.