Most Asian stocks slide on North Korea concern

Most Asian stocks fell, led by banks and energy companies, as concerns North Korea will step up military tests outweighed signs the global recession is abating.

Five stocks declined for every four that advanced on the MSCI Asia Pacific Index, which lost 0.2 per cent to 103.74. It earlier climbed as much as 1.2 per cent and has gained 47 per cent in a rally since March 9.

Japan's Nikkei 225 Stock Average closed 0.3 per cent higher, paring a climb of as much as 1.2 per cent. The broader Topix index inched up 1.04, or 0.1 per cent, to 913.56, with almost three shares advancing for every two that retreated.

The Kospi Index lost 0.2 per cent in Seoul, erasing a 1.6 per cent gain. Australia's S&P/ASX 200 Index rose 1.6 per cent to 3,955.30, the highest close since November 11. New Zealand's NZX 50 Index advanced 1.6 per cent to 2,807.20. The following were among the most active shares today. Stock symbols are in parentheses after company names.

Hong Kong's Hang Seng Index slumped 2.6 per cent, led by Industrial and Commercial Bank of China after Goldman Sachs Group sold a stake in the Chinese lender at a discount. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, retreated 1.7 per cent to 10,753.99.

Also in Hong Kong, Parkson Retail Group, a department store operator, slumped 6.7 per cent as its controlling shareholder sought to divest stock. Neptune Orient Lines, Southeast Asia's No 1 container carrier, surged 11 per cent on plans to repay debt. EVA Airways surged 6.9 per cent in Taipei after winning permission to raise ticket surcharges.

Shinhan Financial Group, which controls South Korea's second-biggest bank, sank 2.3 per cent, erasing a 2.1 per cent gain, after reports said North Korea was preparing to launch a medium-range missile. PetroChina lost 3.6 per cent in Hong Kong after oil prices retreated.

Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here.