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Market Update

Asian Markets End Mostly Lower

Asian markets gave up most of their gains to end lower Tuesday.

The Nikkei slipped 0.2%, weighed by a stronger yen. The Shanghai Composite also slipped 0.2% while the Hang Seng ended flat with a negative bias. The Sensex edged up 0.2% while the All Ordinaries lost 0.6%.

Chinese companies mostly extended Monday's gains in Hong Kong, continuing to gain on the detailed reform proposals that were released late Friday last week.

Overnight, Wall Street stocks ended lower after billionaire investor Carl Icahn told a conference sponsored by Reuters he was "very cautious" about the stock market which could see a "big drop."

Stocks on the Move

Some exporters were lower in Japan as the yen strengthened slightly. Toyota backed down 0.8% while Honda also reversed 1.1%. Nissan edged 0.1% lower.

Tokyo Electron dropped 3.6% while Advantest was down 1.4%.

In Hong Kong, ICBC extended gains, up half a percent while China Life Insurance advanced 5%.

Top gainers in Mumbai included Jindal Steel, up 4.4%, followed by Hindalco, up 4.3%, and Maruti Suzuki, up 3.3%. SBI rose 3.2% while Airtel, L&T, Gail India, Infosys, and BHEL all rose in a range between 1.1% and 1.9%.

In Sydney, Commonwealth Property Office Fund rose 5% after the company became the subject of a bidding war.

Index leader BHP Billiton edged marginally lower.