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Asian shares in lacklustre start Japan's Nikkei up on investment hopes
(about 4 hours later)
Shares in Asia were lacklustre on Monday despite shares in the US ending the week in positive territory, with the S&P 500 index closing at a new record. Japan's Nikkei index closed higher on Monday after machinery orders rose in March, lifting hopes that business investment could be picking up.
In Japan, the leading Nikkei index was up 0.31% in early trade at 19,794.32 points. The Nikkei index ended up 0.8% at 19,890.27.
While in Australia, the S&P/ASX 200 was down 0.02% at 5,734.20. The latest official figures showed that machinery orders rose 2.6% in March from a year earlier, and were up 2.9% from the previous month.
Mining giant BHP Billiton's spinoff company South32 is set to begin trading on the city's stock exchange later. A weaker yen has helped to drive the country's exports and has boosted its manufacturing orders.
South32 is the result of one of the largest corporate break-ups in the industry's history and is made up of Australian and South African assets including aluminium, nickel and manganese mines. In Australia, the S&P/ASX 200 index closed down 1.3% at 5,659.20.
Analysts estimate it could be worth between $7bn and $15bn, depending on currency and commodity prices. Mining giant BHP Billiton's shares led the commodities sector lower after its spin-off company South32 began trading on Sydney's stock exchange.
In South Korea, the benchmark Kospi index was flat, down 0.04% at 2,105.59. South32 is the result of one of the largest corporate break-ups in the industry's history and holds Australian and South African assets including aluminium, nickel and manganese mines.
In Greater China, shares in Hong Kong ended up some 2% on Friday on speculation that an investment link between Shenzhen and Hong Kong could be established later this year. Shares in the firm closed at A$2.09, at the lower end of forecasts, while BHP's shares closed down more than 7%.
On the mainland, however, the Shanghai Composite index finished the week 1.59% lower at 4,308.69. South32's chief executive Graham Kerr said the sector was facing challenging times, but that the new firm would "start life with a strong balance sheet, along with high-quality, well maintained, cash generative assets and highly talented people".
Analysts said mainland investors were probably selling off holdings to raise enough cash to invest in a fresh round of flotations - or initial public offerings (IPOs) expected this week. In China, shares fell after showed that house prices on the mainland had fallen further.
Hong Kong's Hang Seng index was down 1.1% at 27,508.03 in afternoon trade. The Shanghai Composite had risen initially, but then went into reverse and was down 0.24% at 4,297.01.
After trading flat for most of the day, South Korea's benchmark Kospi index closed up 0.34% at 2,113.72.