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Asia: Nikkei and Hang Seng decline

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Date: Wednesday 30 Apr 2008

LONDON (ShareCast) - The Nikkei fell on Wednesday as investors offloaded a wide range of commodity stocks as oil and gold prices slipped.

Metal producers came under pressure as commodities experienced a wide scale sell-off. Japan's biggest gold producer Sumitomo Metal Mining fell over 7% after it said profit will fall in 2008 and as gold futures fell to a four-month low.

The Nikkei 225 Stock Average ended the session down 44 points at 13,849, off a low of 13,766.

Japan's stock exchanges were closed for a public holiday on Tuesday.

Financial stocks did well after sector giant Mitsubishi UFJ Financial rose on optimism that the worst of the credit market crunch is now over.

Consumer electronics maker Matsushita Electric Industrial soared after it predicted record earnings.

Fujifilm fell after it posted a disappointing earnings outlook.

Elsewhere Matsushita Electric Industrial rallied after it produced an upbeat earnings outlook.

Softbank rose after a press report said the group is planning to buy a Chinese Internet company.

The Hang Seng fell on Wednesday, following a mixed close on Wall Street, and as focus turns to the Fed’s decision on interest rates.

Profit takers also moved in following the previous day’s strong gains.

The Hang seng index closed down 143 points at 25,770.

Shares in ICBC fell despite reporting a 77% surge in first quarter profit yesterday.

China's Bank of Communications also fell despite reporting a sharp rise in first quarter profit. Analysts said their upbeat results had already been factored into the market.

In broker news Goldman Sachs upgraded HSBC to “buy” from “sell”, citing the bank’s good growth outlook in emerging markets in Asia.