Nikkei: 9,607 (- 13.74) Hang Seng: 23,199 (+ 36.01) Shanghai Comp: 2,858.46 (- 1.12):THE NIKKEI stock average edged lower in thin trade yesterday but many investors moved to the sidelines, saying the benchmark may stay stuck in recent narrow ranges as the furious debate over the future of Japan's power industry hangs over the market.
Shares of banks have been hit as the market speculates how the government will structure Tokyo Electric Power’s fund to compensate victims of the crisis at its Fukushima Daiichi plant. The benchmark Nikkei average closed down 0.1 per cent at 9,607.08, while the broader Topix shed 0.5 per cent to 827.77. Tokyo Electric Power Co reported a net loss of $15 billion.
In Hong Kong, shares inched higher. The Hang Seng rose 0.2 per cent largely because of a 4.7 per cent jump in China Unicom shares.
The Shanghai Composite let early gains slip to finish flat.
PetroChina Co Ltd and China Citic Bank Corp Ltd provided the biggest support on the benchmark Shanghai Composite. Bellwether Cheung Kong rose 0.7 per cent, supported by attractive valuations and a break above the counter’s 200-day moving average which suggested there were more gains to come. – (Reuters)
