HONG KONG, July 9, 2009 (AFP) - Markets were mixed in Asia Thursday with a stronger yen sending Tokyo's market down for a seventh straight session, while jitters left many dealers sidelined before the corporate earnings season.

Japan's Nikkei lost 1.38 percent, while Sydney was 0.12 percent off.

However, Hong Kong bounced back from early selling pressure to rise 0.39 percent and cap a three-day losing streak, with dealers following further gains in China's markets.

Shanghai added 1.37 percent on strong car sales, while Singapore added 2.11 percent.

However, oil firms are still feeling the pinch as crude prices continue down, hovering around the 61 dollars a barrel.

Eyes were also on this week's G8 meeting in Italy, where leaders are expected to discuss new plans on tackling the global economic crisis.

TOKYO: Down 1.38 percent. The Nikkei-225 dropped 129.69 points to 9,291.06.

The market fell to its lowest level since May 22.

Buyers were scared off by a sharp rise in the value of the yen, which hit a near five-month high of 91.81 per dollar in US trade Wednesday, raising fresh concerns about the outlook for exports.

"Investors are increasingly worried about exporters" earnings as their foreign exchange assumptions are higher than the dollar's current level," Yumi Nishimura, market analyst at Daiwa Securities SMBC, told Dow Jones Newswires.

The Nikkei has now fallen 6.7 percent over the past seven trading days.

Toyota dropped 2.0 percent to 3,400 yen (S$52.70) and Honda shed 2.7 percent to 2,325 yen.

Sony dropped 2.8 percent to 2,250 yen.

HONG KONG: Up 0.39 percent. The Hang Seng Index ended up 69.52 points at 17,790.59.

Analysts said they do not expect the index's technical rebound to last, given continued weakness on Wall Street and concerns that the Beijing may implement measures to slow growth in lending.

China-related stocks were the day's biggest blue-chip gainers.

China Life Insurance added 5.2 percent to 30.50 dollars.

Chinese oil producers also edged higher on bargain hunting due to the weakness following a decline in crude prices.

Sinopec rose 3.4 percent to 6.19 dollars and PetroChina gained 1.0 percent to 8.06 dollars.

SYDNEY: Down 0.12 percent. The SP/ASX200 was 4.6 points lower at 3,763.3.

Macquarie Private Wealth trader Martin Lakos said data showing unemployment rose 0.1 points to 5.8 percent in June - beating forecasts of 5.9 percent - generated optimism that helped stem losses.

BHP Billiton closed up 15 cents at 32.29 dollars and rival Rio Tinto fell 60 cents to 47.60.

ANZ slipped 25 cents or 2.76 percent to 15.85 and Commonwealth Bank fell 16 cents to 37.10.

Telstra rose one cent to 3.37.

SHANGHAI: Up 1.37 percent. The Shanghai Composite Index, which covers A and B shares, was up 42.26 points to 3,123.04.

The key index broke the 3,100 mark for the first time in more than a year.

The market remained calm in the morning session following news that banks lent a total of 1.53 trillion yuan (224 billion dollars) in new yuan loans in June, much more than expectations.

Car makers extended after figures showed sales in June rose 36.48 percent from a year earlier to 1.14 million units, outstripping May's 34 percent increase.

SAIC Motor rose 8.6 percent to 19.00 yuan, and FAW Car surged 9.95 percent to 18.23 yuan.

Ping An Insurance rose 4.6 percent to 56.27 yuan, while China Life Insurance ended 4.6 percent higher.

TAIPEI: Up 1.20 percent. The weighted index rose 80.04 points to 6,748.18.

Investors tracked signs of closer economic cooperation with China as ties continue to warm, dealers said.

The market opened high and breezed past the psychological barrier of 6,800 points before profit-taking trimmed the gain in late trading.

Pharmaceuticals led the broad market, rising 4.15 percent. The financial sector rose 1.7 percent after profit-taking wiped out early gains.

Plastics gained 1.49 percent, the heavily weighted electronics sector was up 1.21 percent and construction closed 0.86 percent higher.

Taiwan Semiconductor Manufacturing Co edged up 1.65 percent at 55.3. SEOUL: Flat. The KOSPI ended down 0.13 points at 1,430.89 after hitting an intraday high for this year of 1,443.81.

Investors grew cautious after the KOSPI hit its high despite no fresh momentum and US markets finished mixed, said Choi Jai-Sic, an analyst at Daishin Securities.

They also brushed off the central bank's decision to freeze its key interest rate for a fifth month, a move that was widely expected.

Samsung Electronics closed down 0.8 percent at 650,000 won. KB Financial Group rose 3.4 percent to 45,700 won and Shinhan Financial Group added 0.5 percent to 33,050.

SINGAPORE: Singapore shares closed 2.11 percent higher Thursday but analysts said the rise will likely be limited due to concerns over June quarter corporate earnings.

The blue-chip Straits Times Index surged 47.84 points to 2,307.61. Volume was 1.28 billion shares worth 1.28 billion Singapore dollars (878 million US).

Risers outnumbered decliners 296 to 145, with 806 issues steady.

"There's no reason to chase the market higher when there is so much uncertainty ahead of the earnings season," said a trader with a local brokerage house.

Singapore Airlines rose 22 cents to 13.04 and Singapore Telecom advanced 11 cents to 3.17.

Property developer CapitaLand ended 12 cents higher at 3.50, while DBS climbed 20 cents to 11.54.

Container shipping firm Neptune Orient Lines was up one cent at 1.43.

KUALA LUMPUR: Flat. The Kuala Lumpur Composite Index gained 0.21 points, or 0.02 percent, to close at 1,065.68.

Maybank added 0.90 percent to 5.80 ringgit and Bumiputra-Commerce bank was up 0.60 percent to 9.20.

Palm oil producer IOI Corp lost 1.30 percent to 4.54 ringgit while Genting slid 1.80 percent to 5.60.

BANGKOK: Up 1.06 percent. The Stock Exchange of Thailand gained 6.12 points to close at 581.99.

JAKARTA: Flat. The Jakarta Composite Index gained 0.03 percent, or 0.73 points, to 2,083.97.

The index was virtually unchanged despite expectations of an exuberant market response to the likely re-election of President Susilo Bambang Yudhoyono, dealers said.

Palm oil company Astra Agro Lestari fell 2.0 percent to 16,850 rupiah. Bank Rakyat Indonesia 9.2 percent to 7,100.

MANILA: Up 0.48 percent. The Philippine Stock Exchange composite index added 11.86 points to close at 2,473.85.

Jose Vistan of AB Capital Securities said however that the market was not really gaining strength, noting that the day's gain was mostly pushed by second- and third-line stocks that showed good promise.

Philippine Long Distance Telephone Co. shed 0.4 percent to 2,325 pesos.

WELLINGTON: Down 0.32 percent. The NZX-50 fell 8.92 points to close at 2,741.68.

Market leader Telecom led the way down, dealers said.

Telecom closed down 10 cents at 2.70 dollars, after the price was inflated in late trading Thursday when a late order of 2.5 million shares went through.

Fletcher Building rose nine cents to 6.50 dollars, New Zealand Oil & Gas fell one cent to 1.51 dollars and chemicals maker Nuplex rose six cents to 1.53 dollars. Contact Energy fell one cent to 5.62.

MUMBAI: Flat. The 30-share Sensex fell 11.69 points or 0.08 percent to 13,757.46.

Investors unwound positions on concerns over the delay in the monsoon and ahead of June-end quarterly earnings, which are expected to be weak, dealers said.