Asian stocks decline led by banks and exporters, energy shares up (MarketWatch)  (22-04-2008)

HONG KONG (MarketWatch) -- Asian stocks declined on Tuesday, as exporters retreated after the previous session’s sharp gains and stocks in China lost steam in the second day of trading since the government unveiled a plan to soften the impact of big share sales.

Energy shares were gaining, after crude oil hit a closing record in U.S. trading above $117 a barrel.

Tokyo's Nikkei closed 1.09% lower, losing 148.73 points, ending at 13,547.82. The Topix index eased 1.51% to 1,311.46.

Shanghai's Composite Index fell 3%, wiping out Monday's 0.7% gain that followed news that securities regulators would require anyone selling more than 1% of a company's total shares within a month to do so on a special system for block trades.

Sydney's S&P/ASX 200 was down 1%, South Korea's Kospi dropped 0.5%. Hong Kong's Hang Seng Index was off 1% at 24,491.89 while the Hang Seng China Enterprises Index retreated 0.5% to 12,957.11.

Shares of Nomura Holdings Inc were down 3.7% after a Nikkei newspaper report that a group employee and two others are being investigated on suspicion of insider trading.

Financials in Japan were in a sea of red, with Mitsubishi UFJ down by 2.2%, Sumitomo retreating by 4.27% and Mizuho slumping by 5.11%.

SourceMarketWatch