Asian markets decline led by banks and profit taking (MarketWatch) (06-05-2008)

HONG KONG (MarketWatch) -- Most Asian markets pulled back on Tuesday, as banks lost ground in Australia after a Wall Street decline, while mainland China stocks fell on profit-taking after three gaining sessions.

Hong Kong and Seoul indexes were unsettled trading within a narrow range, while Japanese stock markets were still closed for a holiday.

China's Shanghai Composite dropped 0.5% to 3,743.40, after three straight days of gains. In Hong Kong, the Hang Seng Index fell 0.1% to 26,170.55, while the Hang Seng China Enterprises Index dropped 0.3% to 14,581.52. India's Sensitive Index, or Sensex, slipped 0.1% to 17,470.74 in the early minutes. Australia's S&P/ASX 200 index lost 0.4% at 5,709.10, after briefly flirting with the positive territory in early minutes.

South Korea's Kospi was unsettled, as trading resumed after a holiday-extended weekend. The index was recently 0.3% higher at 1,853.45, after dropping as low as 1,843.36, while New Zealand's NZX 50 index gave up 0.6% to 3,658.04. Singapore's Straits Times Index slipped 0.1% to 3,246.48 and Taiwan's Weighted index was little changed at 8,837.

Shares of Macquarie Group lost 2.2% and National Australia Bank shed 1.9% in Sydney, while in Seoul, Kookmin Bank gave up 2% and Industrial Bank of Korea stock lost 1.8%.

Shares of St. George Bank sank 3.3% in Sydney, after the lender's half-yearly net income dropped 10% and it cut its full-year earnings forecast.

Resource stocks advanced as crude oil prices soared overnight on concerns about supply disruptions in Nigeria. Shares of BHP Billiton added 0.9%, while Woodside Petroleum climbed 1.3%.

Source MarketWatch