Asia Roundup: Mostly lower after recent gains

HONG KONG: Asian stock markets yesterday mostly reversed gains from the previous day even though the Dow hit another record on Wall Street, but Tokyo's Nikkei was supported by a weaker yen.

Tokyo rose 0.30 per cent, or 35.81 points, to 11,968.08 but Sydney eased 0.15 per cent, or 7.6 points, to 5,109.2 and Seoul dropped 0.81 per cent, or 16.34 points, to 2,004.40.

Shanghai fell 0.98 per cent, or 22.89 points, to 2,324.29.

Investors took a breather after Wednesday's rally, which was fuelled by the Dow hitting an all-time high the previous day.

The index extended its gains on Wednesday after data from payrolls firm ADP showed the private sector piled on 198,000 jobs last month, better than the average of the past six months.

The Federal Reserve's Beige Book report on conditions across the country said the US economy was expanding at a "modest to moderate pace", but healthcare reforms and January tax rises were hitting consumer spending.

Eyes will now be on the Labour Department, which is expected to report today that the US jobless rate held at 7.9 per cent for the second straight month amid modest job growth.

In other markets:

* Taipei rose 0.13 per cent, or 10.21 points, to 7,960.51.

* Manila closed 1.61 per cent lower, shedding 110.08 points to 6,725.13.

* Wellington closed 0.83 per cent higher, adding 35.51 points to 4,333.48.

* Jakarta closed up 0.49 per cent, or 23.61 points, at 4,848.29.

* Mumbai rose 0.84 per cent, or 160.93 points, to 19,413.54 points. AFP