Tokyo: Asian share markets were mixed Wednesday in generally muted trading with a lack of fresh buying incentives. The only major regional market to make any significant gains was Hong Kong where strong buying in financial stocks helped the market's key barometer move up 1.4 per cent.Tokyo share prices fell 0.4 per cent as Japan's second biggest 24-hour store chain made a dismal market debut. Investors bought technology issues, however, after their counterparts on the US Nasdaq market recovered, brokers added.

The key Nikkei-225 average lost 70.98 points to finish at 16,502.61. The Topix benchmark of all first-section issues was up 2.08 points at 1,504.53. Convenience store chain Lawson Inc. was hammered on its first day of trading, with retailers out of favour following the spectacular collapse on July 12 of department store operator Sogo Co. Ltd.

"Lawson's debut was badly timed as retail issues have been depressed due to uncertainty over the domestic economy," said Muneyuki Ichihara, head of investment information at Nomura Securities. "Its weak debut further spoiled buying sentiment," he added. Lawson ended the day at 5,520 yen, well below its initial public offer price of 7,200 yen.

Hong Kong: Share prices closed 1.4 per cent higher following Federal Reserve Chairman Alan Greenspan's remarks overnight and strong gains by financial stocks. The benchmark Hang Seng index gained 244.89 points to close at 17,620.23, after trading in a range between 17,476.42-17,730.09, on turnover of 15.31 billion Hong Kong dollars ($1.97 billion).

Greenspan's comments reinforced investor views that the US Federal Reserve will hold interest rates steady in August, they said. Dealers said the Hang Seng index is likely to trade in a 17,600-17,800 point range ahead of the expiry of the July futures contract on Friday. Dealers said interest rate-sensitive stocks such as financials and properties will benefit as US interest rates appear to have stabilised.

Singapore: Share prices closed 0.9 percent weaker amid lacklustre trading. The Straits Times Index fell 19.13 points to 2,079.17, and in the broader market the All-Singapore Equities Index dropped 4.70 points closing at 560.03.

Sentiment turned cautious ahead of the release of corporate results for the half-year ended June 30, they said. "The market was generally lifeless," a dealer at a foreign securities firm said. Portfolio fund managers were generally sidelined, waiting for more significant leads, he added.

Kuala Lumpur: Malaysian shares ended 0.6 per cent lower as investors sold selected blue chip stocks. The Kuala Lumpur Stock Exchange composite index closed down 4.92 points at 814.96.

"Some foreign funds are selling some blue chips such as Genting, Telekom and Malaysian Pacific Industries. The selling is quite intense and has dragged down the market," a dealer with a local brokerage said.

The dealer said the selling was prompted by some research houses downgrading the stocks on concerns over earnings and, in the case of Malaysian Pacific Industries, the impact of a weaker Nasdaq.

Seoul: South Korean share prices rose 0.8 per cent in volatile trading after Wall Street's overnight rise, with local gains led by large-cap stocks. The Korea Stock Exchange index closed up 6.20 points at 743.84. Volume stood at 331 million shares worth 2.2 trillion won ($1.9 bllion).

The market fluctuated with a weak futures market and concerns about an unstable money market early in the session, before closing in positive territory on gains in large-cap blue chips, dealers said.

SK Securities Jang Keun-Joon said the market would see another fall after testing its 60-day moving average of 770 points. "The money market is unstable, with concerns about cash flow problems at some local companies, including the Hyundai group subsidiaries," Jang said.

Taipei: Taiwan share prices closed 0.8 per cent higher on government buying amid cautious sentiment. The Taiwan Stock Exchange weighted price index rose 61.15 points to 7,961.54, on turnover of 75.33 billion Taiwan dollars (2.43 billion US). "Buying from government funds has kept the market from falling further by targeting large-cap issues," said Bentham Hung, research department manager at Fuh-Hwa Securities Investment and Trust. However, institutional and retail investors were generally sidelined as political prospects under the new government remained unclear, he said.

Jakarta: Indonesian share prices closed 0.6 per cent lower on ongoing political concerns, with the current shortage of fuel in some parts of the country adding to uncertainties.