The Hindu Business Line : Asian markets move range bound

MUMBAI: Asian markets were range bound on Tuesday after suffering their biggest one-day percentage drop in three months, but a strong yen weighed on Japanese exporters, keeping the Nikkei under pressure.

The Nikkei average fell on Tuesday, extending its losing streak into an eighth straight session, as energy-related stocks dropped on lower oil prices and the stronger-than-expected GDP data failed to lift the market.

The Nikkei average fell 70.46 points to 15,126.63, marking the longest losing streak since September 2004.

South Korea's Kospi rose 0.2 per cent, Hong Kong's Hang Seng Index was up 0.1 per cent, Australia's S&P/ASX 200 index put on 0.9 per cent and Taiwan's Taiex rose 0.7 percent.

Hong Kong blue chips fell 1.8 per cent and China plays tumbled 2.3 per cent after Wall Street declined for a fourth straight session. The benchmark Hang Seng Index drifted into positive territory briefly after a soft open but ended the morning lower at 2 7,171.83, having breached the 50-day moving average. The China Enterprises Index of Hong Kong-listed mainland companies ended at 16,266.48.

Taiwan stocks ended up 0.65 per cent, rebounding from the previous day's plunge as hotel operators such as Leofoo Development rose on a news report that key Chinese property executives would visit the island. The main TAIEX share index was up 56.60 poin ts at 8,727.21, after tumbling 3.35 per cent to a 10-week low yesterday.

Singapore's Straits Times Index fell 2 per cent on Tuesday as financial stocks lost ground after Wall Street extended falls. The index was down to 3,440.93 points, led by a 5.9 per cent decline in Singapore Exchange.

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