Asian markets were mixed Friday, with Hong Kong stocks rising to a fresh record close and Taiwan shares ending at a six-week high. Some markets fell as investors took profit from sharp gains earlier in the week on Tuesday's larger-than-expected cut in the key U.S. interest rate, according to AP. Shares rose in Indonesia, South Korea and Thailand. Stocks fell in Australia, China, Malaysia and Singapore. In Japan, investors took profit ahead of a three-day weekend and sold consumer finance shares on renewed concerns for the troubled sector after a Mitsubishi UJF subsidiary downgraded its earnings outlook. The benchmark Nikkei 225 stock index shed 0.62 percent to close at 16,312.61 on the Tokyo Stock Exchange. Japan's financial markets will be closed Monday for Autumnal Equinox day, a national holiday. Mitsubishi UFJ Nicos Co. plunged 13.38 percent in the wake of its announcement that it was cutting its earnings outlook to a 111.8 billion yen (US$969 million; ¤691 million) loss from the 15.5 billion yen profit it originally forecast. Fellow lender Takefuji Corp. shed 13.79 percent. Banking stocks dipped as well, as Japan's big banks have large stakes in the consumer finance sector. Nicos' parent Mitsubishi UFJ Financial Group fell 3.80 percent. Japan's consumer finance business has been in a slump, as companies face tighter regulations and cope with refund requests from a growing number of borrowers who overpaid interest on their loans. Semiconductor companies fell in the wake of preliminary August data from a trade body showing poor orders and declining chip prices. Elpida Memory lost 5.24 percent, while equipment maker Advantest Corp. fell 1.4 percent. Higher raw material prices boosted trading houses and commodity stocks. Marubeni Corp. rose 1.51 percent, oil producer Inpex Holdings added 2.52 percent, and steel maker JFE Holdings gained 2.96 percent. In Hong Kong, shares edged higher to a third straight record closing as the stock prices for the bourse's operator soared 12 percent. Analysts said they expect the local market to continue its upward trend in the near term, helped by ample liquidity and strong investor appetite for risk. The blue chip Hang Seng Index rose 142.65 points, or 0.65 percent, to 25,843.78, after gaining a total 1,125 points the previous two sessions. «The market will likely maintain its uptrend as investors' sentiment is very upbeat,» said Ben Kwong, chief operating officer of KGI Asia Ltd. Hong Kong Exchange & Clearing, operator of the city's stock and futures exchanges, was the biggest gainer among blue chips as it surged 12 percent to a record high. PetroChina closed up 4.7 percent from the previous session after touching a record intraday high following news China's securities regulator will hold a hearing on its application for an A-share listing on mainland. China's largest oil and gas producer was the most heavily traded stock on the broader stock market. Traders said investors shrugged off disclosure of a further sale in PetroChina's shares by Warren Buffett's Berkshire Hathaway in early September. Berkshire Hathaway's stake in PetroChina's listed shares fell to 8.93 percent from 9.07 percent in a sale Sept. 6, according to its latest filing. Cathay Pacific was suspended from trading only minutes into the start of the afternoon trading session, pending an announcement on a proposed transaction. Hong Kong's dominant carrier didn't elaborate on its statement. Its shares soared 10.7 percent before the afternoon break. In Tokyo currencies, the U.S. dollar was trading at 115.08 yen at 4:50 p.m. (0750 GMT) Friday, up from 114.44 yen late Thursday in New York. The euro fell to US$1.4070 from US$1.4076.
