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Asia mixed

Asia's stocks finished mixed on Wednesday, in a largely muted response to the sell off on Wall Street.

The heavyweight Tokyo market etched out modest gains on optimism over leader-in-waiting Junichiro Korizumi, although the Yen appeared less certain of his ability to push needed reforms to drag the world's second biggest economy out of the doldrums. Tokyo's benchmark Nikkei average closed up 0.61 % at 13827.50.

Singapore ended lower in low key trading and Hong Kong fell, although losses were limited by investment in shares of mainland China companies listed in the territory. Wall Street had presented Asia with a bearish lead into the day's trading.

The blue chip Dow average fell 0.74 % on Tuesday and the high tech Nasdaq dropped more than 2 %. The S&P index, a wider measure of company stock performance, dropped 1.22 % to levels which Mobashar Ahmed, futuresdata.net's Chief Analyst, said signalled further losses to come.

The losses were driven by another series of weak earnings report from such major companies as AT&T internet technologies, Lucent Technologies and Compaq Computer Corp. In addition, the conference board reported that its broad index of consumer attitudes fell in April to match the 4 ½ year low seen in February.

The high tech sell off weighed down Taiwan where the main TAIEX index dropped 1.31 % to 5516.20. Otherwise, Asian markets steered their own course. Koizumi is set to appoint his cabinet ministers on Thursday. The line up is likely to reveal how he has had to balance maintaining party harmony with pushing reform. "The market seems to be factoring in the possibility of little downside risk from the new cabinet," said Mobashar Ahmed, Chief Analyst for futuresdata.net

However, while Koizumi heartened stocks, the yen was unable to regain any of its overnight losses against the dollar. By late trade, dollar was trading at 122.30 yen after gaining around one yen late Tuesday on worries that Koizumi will not be able to push through economic reforms.

Hong Kong shares fell as buyers stayed away from the market, although shares fell as buyers stayed away from the market. Support came from buyers of mainland Chinese companies, which left the Hang Seng index down 0.19 % at 13249. Technology play legend Holding rose 4.27 % AND CHINA Mobile gained 1.36 %. Singapore's Strait Times index ended the day 0.91 % lower at 1670.83 in mixed trade.

DBS Group, South east Asia's biggest bank, rose 1.27 % after it said it may not need to issue new shares to help pay for its S$ 10.50 billion purchase of Hong Kong's Das Heng Bank, the key composite index in Manila rose 1.26 % to 1462.18 pushed partly on news that former President Joseph Estrada would be arrested on charges of economic plunder.

Philippine Finance secretary Alberto Romulo said Estrada's detention would provide positive signals for investors. The biggest loser on the day was the Sheuzhen B share index, which fell 6.66 % to 363.69 points and made a small dent into the 205 % rally, since local investors were allowed to trade the B share market in late February.

TAIEX higher

TAIWAN'S TAIEX ended 2.13 % higher, with additional help from state linked funds, as the broader market was worried about signals of falling exports and a slowing doemstic economy.