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Asia stocks mixed on Greece concerns; Nikkei adds 0.1%

Stock Markets May 17, 2011 02:49AM ET
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This article has already been saved in your Saved Items – Asian stock markets were mixed on Tuesday, amid lingering fears that Greece may have to restructure its debt, while the Nikkei eased up, with exporters rising on a weakening yen.

During late Asian trade, Hong Kong's Hang Seng Index dipped 0.4%, South Korea's Kospi Composite edged 0.08% lower, while Japan’s Nikkei 225 Index eased up 0.09%.

Shares in many of the big name Japanese exporters advanced as the yen weakened against the U.S. dollar and the euro, boosting the outlook for export earnings.

Consumer electronics giant Sony saw shares jump 1.5%, electronics manufacturer Sharp rose 2.1%, while shares in Nissan added 0.9%.

However, shares in Tokyo Electric Power Company extended sharp losses from the previous session, plunging 9.5% after Japanese Finance Minister Yoshihiko Noda said that all stakeholders will need to share the financial burden of compensation from the ongoing nuclear plant disaster.

Other Japanese power companies also retreated, with Kansai Electric Power dropping 3.7%, while Chubu Electric saw shares tumble 5.5%. 

In Hong Kong, shares in property developers led losses amid ongoing fears of further monetary tightening by China. Henderson Land Development saw shares fall 1.25%, while Hang Lung Properties dropped 1.95%.

On the upside, shares in oil producers were broadly higher after Zhang Fuqin, deputy chief engineer at PetroChina’s petroleum and petrochemical engineering institute said that China’s oil demand this year could rise 6.7%.

China Shenhua Energy saw shares climb 2.3%, while Sinopec added 0.8%.

The outlook for European equity markets, meanwhile, was modestly upbeat. The EURO STOXX 50 futures pointed to a gain of 0.15%, France’s CAC 40 futures added 0.13%, the FTSE 100 futures pointed to a rise of 0.15%, while Germany's DAX futures indicated an increase of 0.12%. 

Later in the day, the ZEW Centre for Economic Research was to publish a report on German economic sentiment, while the U.S. was to publish official data on building permits, and housing starts. The country was also to publish government data on the capacity utilization rate and industrial production.

Asia stocks mixed on Greece concerns; Nikkei adds 0.1%

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