Asian markets mostly up after China easing, US rally

Asian markets mostly rose Tuesday after China's decision to ease mortgage rules fuelled hopes for further stimulus measures, but afternoon profit-taking pared a morning rally, with Tokyo and Shanghai ending more than one percent lower. While traders were given a strong lead from Wall Street, there is lingering nervousness over Greece's attempts to reform its bailout terms, putting downward pressure on the euro. Sydney added 0.78 percent, or 45.4 points, to 5,891.5 and Seoul put on 0.54 percent, or 10.99 points, to 2,041.03. Hong Kong gained 0.18 percent, or 45.77 points, to 24,900.89. But Tokyo -- which at one point Tuesday was up almost one percent -- slipped 1.05 percent, or 204.41 points, to finish at 19,206.99 as investors booked profits on the last day of the financial year. However, the market still rose more than 11 percent in the January-March quarter. And Shanghai, which has surged more than 13 percent in the past three weeks, sank 1.02 percent, or 38.67 points, to 3,747.90. Morning trade saw regional investors pick up where their US and European counterparts left off after the People's Bank of China on Monday lowered minimum downpayments on second homes from 60-70 percent to 40 percent in a bid to boost the slowing economy. The announcement came after the bank's head Zhou Xiaochuan at the weekend hinted at fresh measures to fend off deflation, while Premier Li Keqiang said at the start of the month the government had the firepower to support the economy. But Tuesday's rally weakened as the day went on. "People are starting to take profits on recent gains," Yan Liu, a trader at Guosen Securities Co. in Shenzhen, told Bloomberg News. "The correction won’t be long-lived though as the undercurrent in the market is very strong, with more people ready to jump in on declines." - Greece jitters - On Wall Street Monday the Dow rose 1.49 percent, the S&P 500 gained 1.22 percent and the Nasdaq advanced 1.15 percent. And in Europe the Frankfurt DAX 30 jumped 1.83 percent, the CAC 40 in Paris ended 0.98 percent higher and London's FTSE 100 climbed 0.53 percent. In currency markets the euro retreated as dealers track the bailout negotiations between Greece and its creditors. The single currency bought $1.0757 and 129.21 yen on Tuesday against $1.0825 and 130.10 yen in US trade. The dollar was at 120.16 yen Tuesday, down from 120.18 yen in New York. Experts from the IMF and the EU are scrutinising a list of reforms proposed by Athens to try to unblock a new 7.2-billion-euro tranche of loans and avoid a debt default. However, Greece was told the list needs more work and details. "We're not there yet," European Commission spokesman Margaritis Schinas warned. But he added, "the fact that experts worked through the entire weekend and continue today is a positive sign." Oil prices edged down, with speculation growing that any nuclear deal between Iran and the international community could see sanctions on the country lifted, leading to more oil hitting global markets. US benchmark West Texas Intermediate fell 85 cents to $47.83 while Brent eased 65 cents to $55.64. Gold fetched $1,183.06 against $1,185.40 late Monday. In other markets: -- Bangkok ended up 0.63 percent, or 9.43 points, at 1,505.94. Bumrungrad Hospital, a popular destination for medical tourists, jumped 3.40 percent to 152.00 baht while Kasikornbank rose 0.88 percent to 229.00 baht. -- Mumbai fell marginally by 0.07 percent, or 18.37 points, to end at 27,957.49. Oil & Natural Gas Corporation fell 2.51 percent to 306.80 rupees, while Tata Power gained 3.42 percent to 77.10 rupees. -- Jakarta rose 1.47 percent, or 80.02 points, to 5,518.68. Indonesian-based automotive business Astra International rose 2.39 per cent to 8,575 rupiah, while food processor Indofood Sukses Makmur fell 0.33 per cent to 7,450 rupiah. -- Kuala Lumpur gained 0.49 percent, or 8.95 points, to close at 1,830.78. AMMB Holdings added 0.95 percent to 6.36 ringgit and Tenaga Nasional rose 0.28 percent to 14.36. Telekom Malaysia fell 0.55 percent to 7.27 ringgit. -- Singapore eased 0.21 percent, or 7.25 points, to 3,447.01. Oil rig maker Keppel Corp was down 0.44 percent to Sg$9.00 while Singapore Telecom gained 0.46 percent to Sg$4.38. -- Taipei rose 0.68 percent, or 64.57 points, to 9,586.44. Taiwan Semiconductor Manufacturing Co closed 2.11 percent higher at Tw$145.5 while Hon Hai Precision Industry shed 2.55 percent to Tw$91.6. -- Wellington added 0.22 percent, or 12.70 points, to 5,833.98. Spark gained 1.71 percent to NZ$2.98 and Air New Zealand was up 0.55 percent at NZ$2.72. -- Manila closed 0.52 percent higher, adding 41.08 points to 7,940.49. Ayala Land gained 2.93 percent to 38.70 pesos but Nickel Asia Corp. slumped 10.45 percent to 24 pesos on concerns about growing stockpiles of nickel.