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HONG KONG, Aug 28, 2008 (AFP) - Asian shares closed mostly up Thursday but Toyota took the spotlight after slashing its sales forecast, underlining concerns about waning company profits as the global economic slowdown bites.
The Japanese market edged up even though Toyota said that it now aimed to sell 9.7 million vehicles in 2009, down from a previous target of 10.4 million.
Investors were waiting nervously for Japanese inflation and industrial production data due Friday, with Asia's largest economy teetering on the brink of recession.
Among other major markets, Hong Kong slumped 2.3 percent and South Korea fell more than one percent, while both Taiwan and Singapore ended in the red. But Australia closed up more than one percent, and mainland Chinese stocks also finished higher on reports that taxes on dividends could be cut or scrapped.
Investors were looking ahead to US economic growth data due later Thursday for clues about whether the world's biggest economy is through the worst of the financial crisis sparked by a meltdown in higher risk US mortgages.
TOKYO: Japanese share prices closed mixed as many investors stayed on the sidelines ahead of domestic economic data despite a strong performance on Wall Street, dealers said.
The Tokyo Stock Exchange's benchmark Nikkei-225 index rose 15.29 points or 0.12 percent to close at 12,768.25. But the broader Topix index of all first-section shares slipped 4.16 points or 0.34 percent to 1,219.53.
HONG KONG: Hong Kong share prices closed down 2.3 percent, dealers said. The benchmark Hang Seng Index fell 492.43 points to 20,972.29. Turnover was 66.73 billion Hong Kong dollars (8.56 billion US).
SYDNEY: Australian share prices closed 1.1 percent firmer, dealers said. The benchmark S&P/ASX 200 index closed up 55.3 points at 5,066.5, while the broader All Ordinaries gained 55.5 points, or 1.09 percent, to 5,143.3.
CommSec chief equities economist Craig James said there had been clear gains over recent days, raising hope the stability will be prolonged so "we might see some more investors return to the market".
Market turnover stood at 1.3 billion shares, worth 5.45 billion Australian dollars (4.79 billion US).
SHANGHAI: Chinese share prices closed up 0.34, dealers said. The benchmark Shanghai Composite Index, which covers both A and B shares, was up 8.00 points at 2,350.14 on turnover of 28.6 billion yuan (4.2 billion dollars).
The state-run Shanghai Securities News reported Thursday that the China Securities Regulatory Commission was working with the State Administration of Taxation to cut or cancel the dividend tax that currently stands at 20 percent.
"The securities regulator has been trying to help the market with some new measures, but only a strong stimulus will spur investors' interest," said Li Wenhui, an analyst at Huatai Securities, told Dow Jones Newswires.
SEOUL: South Korean share prices fell 1.32 percent, dealers said. The KOSPI index fell 19.77 points to 1,474.15. Volume was 211.1 million shares worth 3.16 trillion won (2.92 billion dollars).
"Today's market performance was a reflection of very weak investor sentiment," So Jang-Ho, an analyst at Samsung Securities, told Dow Jones Newswires.
Samsung Electronics extended its losing streak into the third consecutive session on continued target price and rating cuts by foreign and domestic analysts. It fell 1.7 percent to 521,000 won.
Hynix Semiconductor slid three percent to 19,200 - its lowest level in a year - while LG Electronics dropped 2.4 percent to 103,500.
SINGAPORE: Singapore share prices closed 0.52 percent lower, dealers said. The blue-chip Straits Times Index was off 14.09 points at 2,691.Volume totalled 803 million shares worth 899 million Singapore dollars (637 million US).
"The market is likely to continue its sideways movement as investors remain cautious due to current uncertainty... higher oil prices could be a concern especially during this peak period for hurricanes," analysts from Westcomb said.
Property developer CapitaLand was off 11 cents to 4.29 Singapore dollars, City Developments sank 28 cents to 10.22 and Keppel Land dropped one cent to 3.85.
KUALA LUMPUR: Malaysian share prices ended 0.3 percent higher, dealers said.
The Kuala Lumpur Composite Index gained 2.81 points to close at 1,070.46. "Local funds accumulated some blue chips and index linked issues but there was very little commitment from retail players. Trade is likely to be relatively quiet tomorrow ahead of the budget announcement," a dealer told Dow Jones Newswires.
Plantation company IOI Corp gained 2.1 percent at 4.96, top bank Maybank added 1.4 percent at 7.40 and gaming firm Berjaya Sports Toto gained 3.6 percent at 4.60.
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