LONDON (ShareCast) - The Nikkei fell Wednesday with real estate stocks down sharply on concern about the latest company to file for bankruptcy.
Real (Frankfurt: BJU.F - news)
estate developer
Sohken Homes sent jitters through its sector and the wider market after it filed for bankruptcy. It follows
Sebon's similar announcement on Monday.
Peers Mitsubishi Estate and Sumitomo Realty & Development tracked the decline as concern deepens about the strength of the housing market.
Honda, Toyota and Sony (Munich: 853687 - news) fell as the yen rose against the dollar.
The benchmark Nikkei 225 (news) index closed down 25 points at 12,752.
A rise in oil prices managed to keep a lid on a bigger market decline as oil stocks like Inpex made headway. Metals also provided some support. Defensives such as drugmaker Eisai Co (Frankfurt: 855526 - news) rose.
The Hang Seng rose Wednesday despite gloom elsewhere in Asia as oil producers spearheaded gains.
PetroChina and Cnooc (0883.HK - news) were amongst the biggest market gainers. The latter is expected to report a sharp rise in first half results.
The Hang Seng index closed up 408 points at 21,464.
China Life rallied for the second consecutive day after it released good earnings results.
Shares in shipping company giant China Cosco rose over 2% after it said first half profit more than doubled.
Mobile phone group China Mobile advanced after it posted a hefty rise in first half profit, ahead of market forecasts.
China Eastern Airlines headed south after its gloomy first half results, where higher fuel costs ate into profit while passenger numbers dwindled.
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