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Asia: Hang Seng falls sharply, Nikkei up

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Date: Wednesday 07 May 2008

LONDON (ShareCast) - The Nikkei rose on Wednesday, as trading resumed following the extended holiday weekend.

Oil producers such as Inpex Holdings charged higher on record oil prices while overall sentiment was lifted ahead of earnings and outlook from Toyota Motor on Thursday.

The blue chip Nikkei 225 closed 53 points higher at 14,102.

Trading house Mitsubishi Corp was another strong riser, gaining over 6% while Sumitomo Metal Mining rallied over 4%.

Japan's largest bank Mitsubishi UFJ Financial Group rose sharply but Sumitomo Mitsui Financial fell after Fannie Mae’s weak earnings report on Tuesday.

Shares in Fast Retailing dragged after the group warned that monthly sales at its Uniqlo clothing stores fell 2.8% in April, as consumers stayed away amid poor weather.

The Hang Seng fell sharply on Wednesday as shares in Sinopec and PetroChina slumped more than 4% on surging oil prices.

Hong Kong's Hang Seng index closed down 651 points at 25,610.

Airlines also took a hit on concern about higher oil prices. Air China declined over 4% in Hong Kong. China Southern and China Eastern were also sharply lower.

However Chinese oil producer CNOOC rose strongly on the back of record oil prices.

Elsewhere China Mobile fell over 2% on the back of profit taking.