Listless day for Asian stocks

Chinese economic growth seen moderating further

Asian markets ended mixed with the push provided by the hopes that Germany may drop its call for Greece to restructure its debt keeping stocks supported though worries of a further moderation in Chinese economic activity kept the sentiments strained. In overnight moves, the markets rose for a fourth consecutive session as optimism about financial help ahead for Greece offset earlier pressure from a disappointing reading on consumer confidence and house prices. The Dow ended with gains of 128.21 points, or 1%, to 12,569.79.



The economic data was mostly lax. Conference Board's consumer-confidence index fell to 60.8 in May from a revised 66 in April while the S&P/Case-Shiller index of 20 metro areas showed that the property values in 20 cities fell 3.6 percent from March 2010, the biggest year-over-year decline since November 2009. The gauge now stands at the weakest since March 2003.

In Japan, the markets added to the massive gains in the last session. Idemitsu Kosan Co., Japan's third-biggest refiner by capacity, jumped nearly 3% after crude prices advanced above $102 per barrel for the WTI variety. The Nikkei 225 Stock Average went up 0.3 percent to 9,719.61 at the 3 p.m. close in Tokyo after dropping as much as 0.4 percent. The gauge added 2 percent yesterday, the most since March 30.

In Australia, the markets cut losses to end on a flat note. The Australian economy shrank by the most in 20 years in the March quarter following rate hikes and a couple of natural disasters. Gross domestic product for the January-March period fell 1.2%, according to the Australian Bureau of Statistics (ABS). However, on an annual basis to the end of March, the economy grew 1%, according to the ABS data. The benchmark S&P/ASX 200 index was down 1 point, or 0.02% to close at 4707.30.

In China, the stock markets ended almost unchanged after ending an eight session losing spree yesterday. China's official purchasing managers index fell to 52.0 in May from 52.9 in April, marking its second consecutive month of decline. The benchmark Shanghai Composite Index closed up 0.50 basis points or 0.02% to end at 2743.97.

In Mumbai, the key benchmark indices strengthened in late trade and provisionally closed near the day's high as data showing heavy buying by foreign funds on Tuesday, 31 May 2011, boosted sentiment. The market rose for the second straight day. Capital goods stocks gained. M&M edged higher on strong auto sales in May 2011. Tata Motors declined on reporting weak passenger car sales for May 2011. ACC gained on strong cement dispatches in the month just gone by. Index heavyweight Reliance Industries (RIL) dropped. Telecom stocks were in demand. IT pivotals, too, rose on renewed buying. Realty stocks edged lower. Power generation and distribution firms were in demand. As per provisional figures, the BSE Sensex was up 111.19 points or 0.6% to 18,614.47. The Sensex jumped 132.84 points at the day's high of 18,636.12 in morning trade, its highest level since 13 May 2011.

In other markets, the Hang Seng index in Hong Kong dropped 0.24%, the Seoul Composite in South Korea shed 0.05%, the Taiwan Weighted index in Taiwan added 0.82% and the Straits Times Index in Singapore's went up 0.41%. Commodities drifted slightly lower. WTI Crude quotes at $102.56, down 14 cents on the day while Gold is at $1532, down $3.90 per ounce