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Updated Saturday, December 15, 2007 0:00 am TWN, AP & AFP

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Most Asia markets fall on regional factors

BANGKOK -- Most Asian markets fell Friday on a mixture of regional factors, from expectations China may raise interest rates soon to signs of growing pessimism among Japanese corporate executives.

Lingering worries about fallout from the subprime mortgage crisis in the U.S., a vital export market, continued to weigh on sentiment.

In Tokyo, the benchmark Nikkei 225 stock index fell 22.01 points, or 0.14 percent, to 15,514.51 points, bringing its three-day loss to 3.3 percent.

Investors were disappointed by the Bank of Japan’s quarter “tankan” survey that showed confidence at major Japanese companies has fallen to its lowest in more than two years amid worries about the strong yen and higher oil prices. The survey’s most-watched number, the sentiment index for large manufacturers, fell from 23 last quarter to 19, the lowest since September 2005.

Real estate companies like Mitsui Fudosan Co. were among the decliners.

Banking stocks also fell after Citigroup Inc. said overnight it plans to assume control of the seven “structured investment vehicles” the bank advises to help them repay their debts. Mizuho Financial Group sank 4.9 percent and Mitsubishi UFJ Financial Group fell 4.78 percent.

Meanwhile, the dollar’s recent recovery against the yen helped lifted exporters like Matsushita Electric Industrial Co. and Nintendo.

With no major market-moving news expected next week, traders expect the Nikkei to be volatile.

In Hong Kong, shares fell on continued concern about the U.S. economy and expectations China might raise interest rates this weekend to curb inflation.

The blue chip Hang Seng Index fell 180.81 points, or 0.65 percent, to 27,563.64. It’s dropped 6.8 percent since it closed at 29,530.32 last Thursday.

Traders said the correction may not be over yet and selling pressure will remain in the near term on continuing concerns over the weakening U.S. economy.

“Trading has become lethargic with no positive leads now,” said Castor Pang, a strategist at Sun Hung Kai Research.

Banks were under pressure Friday on uncertainty over the impact of the sub-prime crisis. Industrial and Commercial Bank of China fell 3.4 while China Construction Bank dropped 2.4 percent.

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