A mixed day in Asian markets (MarketWatch) (14-05-2008)

HONG KONG (MarketWatch) -- Asian markets were mixed on Wednesday, with Australian indexes gaining on perceived Chinese interest in BHP Billiton, as its shares spiked 5.8%.

Hong Kong stocks, however, dropped hurt by the reaction to the destructive earthquake that hit China, weighing on China-related issues such as China Life Insurance Co. and Air China, despite a rally in Shanghai.

The benchmark Hang Seng Index dropped 1% to 25,291.70, while the Hang Seng China Enterprises Index gave up 1% to 13,835.24.

China's Shanghai Composite rose 1.6% to 3,618.34, after declining 1.8% in the previous session.

Stock markets in the rest of the region were mixed, with Japanese indexes moving within a range. Financial stocks such as Mitsubishi UFJ Financial Group were leading declines on worries about the health of financial markets, while exporters such as Honda Motor Co. rose on a weakened yen.

The benchmark Nikkei 225 Average was little changed at 13,951.53 and the broader Topix index slipped 0.1% to 1,359.15, after moving in either direction earlier in the day.

Also moving in a range, South Korea's Kospi fell 0.2% to 1,838.69 and New Zealand's NZX 50 index gave up 0.6% to 3,631.75. Singapore's Straits Times Index lost 0.7% to 3,182.15 and Taiwan's Weighted index added 0.3%.

Shares of Mitsubishi UFJ lost 4.7%, Citigroup Inc. dropped 2.6% and Sumitomo Mitsui Financial Group sank 3.9% in Tokyo.

In Sydney, Westpac Banking Corp. dropped 0.8% and National Australia Bank gave up 1.8%. In Seoul, Korea Exchange Bank shares fell 3.2% and Samsung Securities Co. stock lost 3.5%, while HSBC Holdings gave up 0.7% in Hong Kong.

  Source MarketWatch