By Virginia Harrison, MarketWatch
SYDNEY (MarketWatch) ? Stocks in Hong Kong and Shanghai traded modestly higher on Thursday, helped by expectations for a cut to China?s bank reserve ratios, but weakness in technology firms dragged Japan?s market lower.
In China, Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI +0.44% ?added 0.3%, and the Shanghai Composite /quotes/zigman/1859015 CN:000001 +0.32% ?rose 0.2% in early moves. South Korea?s Kospi /quotes/zigman/1652118 KR:0100 +0.29% ?added 0.4%.
Among decliners, Japan?s Nikkei Stock Average /quotes/zigman/5986735 JP:NIK -0.69% ?lost 0.6%, and Australia?s S&P/ASX 200 index /quotes/zigman/1653884 AU:XJO -1.08% ?fell 1.2%.
?The market is listless, there?s no clear direction, people are waiting for some kind of breakthrough [from the U.S.] and waiting for the announcement of the reduction of the reserve requirement ratios from mainland China,? said Peter Lai, Hong Kong-based director at DBS Vickers.
The performance in Asia tracked a mixed finish for U.S. stocks, with the Dow Jones Industrial Average /quotes/zigman/627449 DJIA +0.17% ?ending slightly higher as upbeat domestic retail- and cars-sales data helped offset renewed concerns about Europe?s debt crisis. Read more about the U.S. session.
China cancels nearly all reality TV shows
China implements its decision to cancel about two-thirds of all entertainment programming that it considers to be in poor taste. Photo: REUTERS/Barry Huang
Europe jitters
Financial firms were mostly under pressure across Asia. Tokyo-listed Daiwa Securities Group Inc. /quotes/zigman/192664 JP:8601 -1.59% ?dropped 2%, and Nomura Holdings Inc. /quotes/zigman/196701 JP:8604 -2.01% ? /quotes/zigman/296367/quotes/nls/nmr NMR +2.90% ?traded down 1.2%.
National Australia Bank Ltd. /quotes/zigman/181126 AU:NAB -1.94% ? /quotes/zigman/181112 NABZY +0.93% ?lost 1.7%, and Australia & New Zealand Banking Group Ltd. /quotes/zigman/180795 AU:ANZ -1.47% ? /quotes/zigman/180802 ANZBY +0.51% ?fell 1.3% in Sydney.
European banking stocks sold off sharply Wednesday as Italy?s largest bank sold shares at a sharp discount in a bid to raise capital, and reports surfaced that Spain may be considering applying for more financial aid. Read more about European stocks.
But Hong Kong-listed banks bucked the trend, notching mild gains ahead of an anticipated cut to China?s reserve ratios later this month.
Index heavyweight HSBC Holdings PLC /quotes/zigman/13834 HK:5 +0.50% ? /quotes/zigman/207333/quotes/nls/hbc HBC +0.05% ?rose 0.4%, Industrial & Commercial Bank of China Ltd. /quotes/zigman/37346 HK:1398 +1.70% ?added 0.9%, and Bank of Communications Co. /quotes/zigman/34374 HK:3328 +0.74% ?put on 1.1%.
?There is some buying from the overseas funds,? DBS Vickers? Lai said.
?The reduction of the reserve requirement ratios (RRR) will be beneficial to the mainland [Chinese] banks and consumer stocks. [Offshore] funds are buying the ... mainland banks because they believe the RRR will be reduced [as early as] next week,? he said.
Tech weak
Japanese technology shares lost ground, after the Nasdaq /quotes/zigman/123127 COMP -0.01% ?finished flat and as the euro /quotes/zigman/4868097/sampled EURJPY -0.1259% ?weakened to near the ?99 level.
Casio Computer Co. /quotes/zigman/192175 JP:6952 -1.32% ? /quotes/zigman/192519 CSIOY +0.62% ?gave up 2%, Sharp Corp. /quotes/zigman/197304 JP:6753 -1.18% ? /quotes/zigman/197313 SHCAF -5.47% ?fell 1.2%, and Sony Corp. /quotes/zigman/197500 JP:6758 -2.14% ? /quotes/zigman/197524/quotes/nls/sne SNE -0.87% ? lost 1.3%.
/quotes/zigman/2622475
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/quotes/zigman/1859015 Volume: 30.25M
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/quotes/zigman/1652118 Volume: 402.89M
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/quotes/zigman/5986735 Volume: 0.00
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/quotes/zigman/1653884 Volume: 0.00
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/quotes/zigman/627449 Volume: 145.13M
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/quotes/zigman/192664 Volume: 3.41M
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/quotes/zigman/196701 Volume: 13.61M
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/quotes/zigman/296367/quotes/nls/nmr Volume: 297,698
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/quotes/zigman/181126 Volume: 3.91M
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/quotes/zigman/181112 Volume: 51,054
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/quotes/zigman/180802 Volume: 113,460
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/quotes/zigman/13834 Volume: 2.67M
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/quotes/zigman/207333/quotes/nls/hbc Volume: 1.72M
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/quotes/zigman/37346 Volume: 88.42M
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/quotes/zigman/34374 Volume: 6.03M
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/quotes/zigman/123127 Volume: 0.00
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/quotes/zigman/4868097/sampled Volume: 0.0000
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/quotes/zigman/192175 Volume: 2.49M
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/quotes/zigman/192519 Volume: 100.00
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/quotes/zigman/197304 Volume: 6.84M
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/quotes/zigman/197313 Volume: 1,279
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/quotes/zigman/197500 ? 1,374.00
-30.00 -2.14%
Volume: 2.64M
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/quotes/zigman/197524/quotes/nls/sne Volume: 1.15M
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