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Tech-Sector, Persian Gulf Roil Asian Stock Markets

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Asian stock markets churned on Thursday, as traders viewed tech-sector gyrations and fresh hostilities in the Persian Gulf.

Tokyo inched into the green, but Hong Kong and Shanghai lost ground. Other regional exchanges were also choppy.

In Japan, the Nikkei 225 opened lower but eked out a gain, finishing up 0.1% as tech issues firmed after recent declines.

The benchmark Nikkei 225 rose 38.00 to 64,217.27, although losing issues outnumbered gainers 141 to 81.

Leading the upside was IT conglomerate Toppan, up 15.7%, while vehicle maker Archion declined 6.1%.

In economic news, Japan's Business Survey Index for large companies declined to negative 0.5 in Q2 from positive 4.4 in Q1, as enterprises cited rising costs connected to Middle East turmoil, reported the Cabinet Office.

In Hong Kong, the Hang Seng Index opened evenly but lost ground, closing down 0.7% as strength in property issues could not offset tech-sector losses.

The broad gauge Hang Seng fell 158.67 to 24,249.29, as losing issues outnumbered gainers 62 to 28. The Hang Seng TECH Index lost 1.5% on the day, while the Mainland Properties Index rose 1.2%.

Leading the upside was insurer AIA, gaining 5%, while e-commerce colossus Alibaba declined 5.4%.

On the mainland, the Shanghai Composite fell 0.2% to 3,987.01.

On the other regional exchanges, the South Korean KOSPI rose 0.4%; the Taiwan TWSE declined 0.2%; the Australian ASX 200 declined 0.2%; the Singapore Straits Times Index rose 0.6%, and the Thai Set advanced 0.6%. In late trading in Mumbai, the Sensex was down 0.1%

The MSCI All Country Asia Pacific Index fell 0.4% on the day.

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