Asian shares mixed ahead of earnings season

HONG KONG, Apr 25 (AFP): Asian stocks were mixed in quiet trade on Monday as dealers locked in profits from recent gains while two of the region's major markets were closed. Tokyo's Nikkei ended 0.11 per cent, or 10.25 points, lower at 9,671.96 and Shanghai fell 1.51 per cent, or 45.57 points, to 2,964.95. Seoul rose 0.83 per cent, or 18.18 points, to finish at 2,216.00. Hong Kong, Sydney and New Zealand were shut for public holidays, while European and US markets were closed on Friday for the Easter break. Japanese traders gave up earlier gains as they became nervous ahead of the reporting season this week, which will give the first clues to the impact of the March 11 earthquake and tsunami on the economy. Auto giants Toyota, Nissan and Honda all reported domestic production had slumped last month due to the quake, which led to power shortages and widespread factory closures. Despite the Nikkei's loss the market was given some support from a weaker yen after a report that the central bank will halve its projection for economic growth in the fiscal year to March 2012 because of last month's twin disasters. The Bank of Japan is expected to downgrade its outlook for the year from 1.6 per cent to around 0.8 per cent in light of the deadly disasters, the Nikkei daily said. The March 11 earthquake and tsunami battered the northeast coast of Japan and triggered the world's worst nuclear crisis since Chernobyl in 1986. The region's infrastructure, businesses and factories were destroyed, while many local residents were left without jobs, hammering output.