Asian shares mixed

Asian markets were mixed Tuesday with Tokyo clawing its way into the black after shrugging off a wave of selling orders that engulfed crisis-hit Japan Airlines. Shares in Asia's biggest airline plummeted 45 percent as reports pointed to a looming bankruptcy and delisting that would destroy investors' stakes under a court-ordered restructuring.
"Delisting now looks almost certain, so selling won't stop," SMBC Friend Research Center analyst Mitsuru Miyazaki told Dow Jones Newswires, as JAL dived by the daily limit of 30 yen to 37 yen. Investors were also boosted by American Airlines and its partners upping their investment offer to JAL to 1.4 billion dollars, as it seeks a tie-up with the Japanese carrier to increase its share of the lucrative Asian market.
The new offer, up from a previous 1.1 billion dollars, sees American raise the stakes in its battle with rival Delta Air Lines for JAL. The government has pledged to avoid a total collapse of the former state-owned carrier, but has refused to rule out bankruptcy proceedings, which could aid JAL's restructuring but would likely leave investors out of pocket.
"It is important that we do our utmost to rehabilitate JAL, while continuing its flights," transport minister Seiji Maehara told a news conference. Sydney ended down 1.03 percent, or 51.2 points, at 4,899.70 and Hong Kong ended 0.38 percent, or 84.88 points, lower at 22,326.64. In Sydney minerals firm Alumina lost 4.85 percent to 1.96 dollars (1.82 US) after US firm Alcoa - the first blue chip to report quarterly earnings on Wall Street - posted a lower-than-forecast profit Monday.
Alumina and Alcoa are joint venture partners. Singapore finished down 0.60 percent, or 17.42 points, at 2,916.11. Seoul closed up 0.27 percent, or 4.52 points, at 1,698.64. Taipei lost 0.17 percent, or 14.45 points, to close at 8,309.37. Investors moved to take profits on previous gains. Kuala Lumpur was 0.13 percent, or 1.66 points, lower at 1,292.85.
"Lower liners dominated the actives today but despite some profit-taking, the index stayed pretty much within a tight range," a dealer said. Leading investment holdings company Tanjong gained 2.5 percent to 17.78 ringgit while retail corporate group AEON was down 3.1 percent to 5.04 ringgit. Bangkok lost 0.23 percent, or 1.71 points, to close at 745.24.
Energy giant PTT Plc lost 2.00 baht to 245.00 baht while coal producer Banpu plunged 20.00 baht to 608.00 baht. Wellington fell 0.41 percent, or 13.46 points, to 3,290.29. Indonesia rose 1.04 percent, or 27.35 points, to 2,659.55. "I think the main index could test the important level of 2,700 later this week, if foreign funds continue buying," a trader at Lautandhana Securities said. Bank Central Asia jumped 5.1 percent to 5,150 rupiah and Bank Mandiri advanced 1.1 percent to 4,800 rupiah.
Manila added 0.59 percent, or 18.27 points, to 3,105.62. Top-traded Philippine Long Distance Telephone Co rose 0.74 percent to 2,730 pesos. In Mumbai, the 30-share Sensex closed down 104.2 points, or 0.59 percent, at 17,422.51. The market saw its fourth straight day of losses, as investors sold on concerns of a hike in interest rates, after industrial production grew at the fastest pace in 25 months, dealers said.
India's second-largest software exporter Infosys Technologies rose 3.97 percent or 98.9 rupees to 2,587.45 on a smaller-than-expected fall in net profit. India's biggest mobile phone firm Bharti Airtel fell 2.07 percent or 6.8 rupees to 322.15, on profit-taking after the company announced it would acquire a 70 percent stake in Bangladesh-based Warid Telecom.