Most Asian markets advanced Tuesday with Japanese shares climbing for a second straight session and markets in China and South Korea hitting new records, REPORTED AP. Hong Kong shares, however, dropped on concerns that authorities will take steps to curb China's booming stock market. In Tokyo, the Nikkei 225 index rose 84.97 points, or 0.48 percent, to finish at 17,672.56 points. Investors were heartened by reports that showed Japan's jobless rate fell to 3.8 percent, the lowest in nine years, and that household spending rose 1.1 percent in April. Also, recent gains in markets for start-ups and venture companies _ the Jasdaq market, the Tokyo bourse's Mothers market and the Hercules market of the Osaka bourse _ are «sending a signal of bottoming out,» said Nikko Cordial Securities' equity manager Hiroichi Nishi. Tuesday's gainers included banks and real estate shares, with Aozora Bank Ltd. rising 1.57 percent to 452 yen (US$3.74) and Mitsui Fudosan Co. climbing 1.38 percent to 3,680 yen (US$30.41). Shipping stocks also advanced, with Kawasaki Kisen Kaisha Ltd. posting a 2.21 percent gain to 1,431 yen (US$11.83). Sanyo Electric Co. jumped 10.36 percent to 213 yen (US$1.76) after the struggling electronics maker said Monday it expects to return to the black this fiscal year. In Hong Kong, the blue chip Hang Seng Index fell 60.17 points, or 0.29 percent, to 20,469.59. Investors are expecting China to issue further tightening measures to cool the domestic stock market after the benchmark Shanghai Composite Index rose to a third consecutive record high Tuesday. The Shanghai index ended up 1.5 percent at a record close 4,334.92 as new investors continued to pour into the stock market. Chinese financial stocks listed in Hong Kong fell, with Industrial and Commercial Bank of China sinking 1 percent to HK$4.07 and Bank of China dropping 1 percent to HK$3.81. China Life Insurance retreated 0.4 percent to HK$24.50. Heavyweight HSBC dropped 0.4 percent to HK$143.90, while China Mobile (Hong Kong) Ltd. fell 0.3 percent to HK$71.75. In currencies, the U.S. dollar was trading at 121.40 yen mid-Tuesday, down from 121.68 yen late Monday in Tokyo. The euro fell to US$1.3444 from US$1.3452.
