Asian markets mixed on selling pressure

Asian shares were mixed yesterday as lingering hopes for the global economy were offset by profit-taking after last week’s healthy gains, while heavy losses on Wall Street added to selling pressure. With few catalysts to spur action, traders took the opportunity to cash in after last week’s advances, which came on the back of data indicating China’s economy will pick up in the next three months. Tokyo ended 0.09% higher as late bargain-hunting wiped out the morning session’s losses sparked by Wall Street’s sharp fall and poor September trade figures. The Nikkei added 8.03 points to 9,010.71. Hong Kong added 0.68%, or 145.79 points, to 21,697.55 — a 14-month high — boosted by the Hong Kong Monetary Authority’s intervention in currency markets on Friday to lessen the local dollar’s rise against the greenback. Investors said the move showed confidence in Hong Kong’s as an investment destination. Shanghai rose 0.21%, or 4.46 points, to 2,132.76. But Sydney closed down 0.66%, or 30.1 points, at 4,541.0, while Seoul was 0.12%, or 2.25 points, off at 1,941.59. On oil markets New York’s main contract, light sweet crude for November, was up 52¢ to $90.57 a barrel in late afternoon trade after plunging $2.05 on Friday. Brent North Sea Crude for delivery in December gained 56¢ to $110.70, recovering from its $2.28 drop in London. In other markets; Taipei fell 0.48%, or 35.72 points, to 7,373.04; Manila closed 0.14% lower, shedding 7.57 points to 5,424.79; Wellington was closed for a public holiday; Kuala Lumpur fell 4.4 points, or 0.26%, to close at 1661.95; Singapore declined 0.11% or 3.25 points to 3,045.67; Bangkok ended up 0.21% or 2.71 points at 1,310.42 and Jakarta closed up 0.23%, or 10.12 points, at 4,341.38.