TOKYO (AP): Asian markets were mixed Tuesday, with Chinese stock prices hitting a seventh straight record close but Japanese shares slipped amid unease about foreign markets and a stronger yen.
Tokyo's Nikkei 225 index fell 13.90 points, or 0.1 percent, to 16,287.49.
Automakers fell after many announced drops in July domestic output because of temporary production stoppages last month due to earthquake damage at a key auto parts supplier. A stronger yen may also have hurt auto companies that rely on exports. A stronger yen makes their cars less competitive overseas and reduces their foreign exchange earnings.
Nissan Motor Co. dropped 1.69 percent to 1,107 yen (US$9.54), while Toyota Motor Corp. ended 0.60 percent lower at 6,660 yen (US$57.41).
Traders said the trend of little change in low volume will likely continue this week. Trading volume on the Tokyo Stock Exchange's first section was just 1.33 billion shares, its lowest since Jan. 4.
In Hong Kong, shares slipped as heavy profit-taking offset strong gains in China Life Insurance, which posted better-than-expected first half results. The blue chip Hang Seng Index fell 214.0 points, or 0.9 percent, to 23,363.76.
Analysts expect the benchmark index to remain volatile in the near term as global credit concerns linger. But interest in Hong Kong stocks will likely remain strong on expectations of fund inflows from mainland Chinese investors, they said.
"In this volatile market, the index can easily rise past 24,000 points, but whether further gains can be sustained will depend on resolving issues with the global credit market," said Y.K. Chan, a fund manager at Phillip Asset Management.
In Shanghai, the benchmark Shanghai Composite Index gained 0.9 percent to 5,194.69 in volatile trading as gains in medal companies and coal miners outweighed losses for big banks.
Chalco, China's biggest alumina and aluminum producer, surged by the 10 percent daily limit, to 55.68 yuan.
Zhang Yuheng, an analyst at CSC International Holdings, attributed the surge to speculation that Chalco's parent company will inject copper assets as well as alumina and aluminum assets into the listed firm to diversify its operations in the future.
In Jakarta, JSX Index ended down 0.7 percent at 2,159.609 in moderate volume following four previous days of gains totaling almost 9 percent. (**)
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