HONG KONG: Asian markets were mixed on Wednesday with Tokyo experiencing a correction after weeks of gains but Hong Kong and Shanghai slightly up on bargain hunting and Seoul lifted by strong growth data.
Tokyo's Nikkei was 0.40 percent lower by lunch, but Shanghai's Composite was up 0.53 percent, Hong Kong's Hang Seng gained 0.44 percent and Seoul's KOSPI was 0.88 percent higher. Sydney was closed for a public holiday.
In Tokyo, strategist Hideyuki Ishiguro told Dow Jones Newswires a correction was under way in Japanese share prices but this "will not be based on a deterioration in economic fundamentals".
The Nikkei has risen more than 14 percent since November 1.
Hong Kong and Shanghai were expected to remain weak due to tight liquidity conditions on the mainland ahead of the Lunar New Year holiday, which starts next week.
However mainland power producers surged in Shanghai on expectations of strong earnings, while bargain-hunting helped push Hong Kong higher after four straight sessions of losses.
Seoul was buoyant after data showed the South Korean economy grew at an eight-year high of 6.1 percent last year, with fourth-quarter growth slowing compared with July-September but still up on a year earlier.
"The figure was not a big surprise" but affirms continuing global recovery, said Daewoo Securities analyst Han Chi-hwan.
US stocks closed flat Tuesday after a slew of mixed corporate earnings and ahead of President Barack Obama's State Of The Union address.
The Dow Jones Industrial Average slipped 0.03 percent, the broader S&P 500 index advanced 0.03 percent and the tech-rich Nasdaq rose 0.06 percent.
On Asian currency markets the euro fell against the dollar as profit-taking hit the common European currency after its rise to a nine-week high, dealers said.
The euro bought $1.3665 dollars in Tokyo morning trade, down from $1.3682 in New York late Tuesday.
The euro briefly rose to a high of $1.3703 in New York, passing $1.37 for the first time since November as greater confidence in the eurozone's ability to manage the heavy debts of its worst economies provided support.
The single European currency eased to 112.34 yen from 112.58, while the greenback fell to 82.04 yen from 82.20.
Crude prices rose in Asia as traders looked for bargains after recent losses.
New York's main contract, light sweet crude for March delivery, was up 24 cents at $86.43 per barrel.
The contract lost roughly six percent of its value as it fell for six straight sessions over the past week, and plunged to $86.12 in intraday trade on Tuesday, its lowest level since early December.
Brent North Sea crude for March rose 23 cents to $95.48.
Gold opened at $1,334.00-$1,335.00 an ounce in Hong Kong, slightly up from Tuesday's close of $1,331.00-$1,332.00.
In other markets:
-- Wellington fell 0.13 percent, or 4.35 points, to 3,354.72.
Air New Zealand fell 1.4 percent to NZ$1.43, Fletcher Building dropped 0.1 percent to NZ$7.89 and retailer The Warehouse Group rose 0.8 percent to NZ$3.71.
-- Manila fell 0.72 percent, or 28.66 points, to 3,931.64.
Manila Electric Co. fell 1.45 percent to 272 pesos, while Aboitiz Power was down 2.86 percent to 27.20 pesos. Ayala Land dropped 1.78 percent to 14.34 pesos.
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