Asian stocks end lower; Japan pares gains (MarketWatch) (07-05-2008)

HONG KONG (MarketWatch) -- Most Asian stock markets declined Wednesday, with losses offset by the likes of BHP Billiton and Inpex Holdings following the fresh spike in crude oil prices, while Japanese stocks first gained after the four-day holiday, but fell back to neutral in the afternoon session, although banking shares Mizuho Financial Group helped support the market.

The Nikkei 225 Average was up 0.1% at 14,509.43, slipping back from a 0.9% rise at midday. Wednesday's session is the first since the benchmark advanced 2.1% Friday. The Topix index advanced 0.7% to 1,386.69.

Hong Kong's Hang Seng Index ended the morning 2.1% lower at 25,708.62. The Hang Seng China Enterprises Index, Hong Kong's benchmark for mostly Chinese state-owned shares, fell 3% to 14,216.97.

In other regional action, Shanghai's Composite Index fell 1.1%, Thailand's SET index added 0.2% and Taiwan's Weighted Price Index added 0.8%. Australia's S&P/ASX 200 index fell 0.5%, South Korea's Kospi fell 0.7% and New Zealand's NZX 50 index declined 1.4%.

On the energy markets, June crude-oil futures slipped as much as 11 cents to $121.73 a barrel in electronic trading at midday Tokyo hours. The energy contract climbed $1.87 to finish at a record high of $121.84 a barrel Tuesday in regular trading on the New York Mercantile Exchange, advancing for a third straight session.

  Source MarketWatch