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Date: Wednesday 20 Aug 2008

LONDON (ShareCast) - The Nikkei finished lower Wednesday, after a volatile session, as concern about the underlying health of the US economy resurfaced.

Earlier the Nikkei had tracked gains in Chinese markets on news that the government will introduce measures to fuel growth but concern about US growth brought the benchmark Nikkei 225 index 13 points lower at 12,851 in Tokyo.

Exporters Canon and Toyota were friendless as the dollar retreated against the yen and on concern about slowing growth.

A broad recovery in commodities brought shares in trading houses Sumitomo and Mitsubishi higher. Metal giants Nippon Steel and Sumitomo Metal Industries also powered ahead.

However financials remained in the doldrums on concern about the US financial sector. Mitsubishi UFJ and Mizuho Financial both drifted lower.

The Hang Seng stepped ahead on optimism that the Chinese government will pump as much as 400bn yuan into the economy to boost growth.

Hong Kong's Hang Seng index closed up 446 points at 20,931.

Shares in heavyweight China Mobile were in demand while Ping An Insurance was another sharp riser.

Financials enjoyed broad gains with shares in China Life, China Construction Bank and ICBC all stepping ahead.

Property stocks pushed through strong gains ahead of Cheung Kong's first half earnings due Thursday. Sun Hung Kai and Sino Land were among the biggest sector risers.

Oil giants PetroChina, Cnooc and Sinopec rose strongly after crude oil prices gained overnight in New York.

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