Asian markets mostly up as bargain hunters move in

Regional markets had fallen in the morning after recording strong rallies the previous day on the back of better-than-expected jobs figures in the United States at the end of last week.

Dealers had been looking ahead at inflation and trade figures from Beijing this week, fearing leaders could use the data to introduce credit-tightening measures.

However, rumors that Beijing may not be as stringent as feared lifted stocks.

Shanghai closed 0.52 percent, or 15.91 points, higher at 3,069.14, while Hong Kong ended flat, squeezing out a 10.68 point gain to 21,207.55.

Zhao Jianxing from China Merchants Securities said: "The current news flow regarding policies to curb property prices was within expectations, nothing too painful. The rally in that sector probably also helped to lift bank stocks."

Eyes have been on a key parliamentary session in China for any policy clues, as leaders plan to rein in lending and bring an end to huge stimulus measures introduced to overcome the global downturn.

Beijing has for some time fretted over the liquidity it says is leading to asset bubbles that could burst and hammer the economy.

Sydney was 0.25 percent, or 12.2 points, higher at 4,820.1, marking its eighth consecutive gain helped by gains in the banking sector.

Tokyo stocks slipped 0.17 percent, or 18.27 points, to 10,567.65 after hitting a six-week high the previous day.

Wall Street provided no direction, falling 0.13 percent on Monday, despite Friday's rally that was caused by data showing unemployment in the world's biggest economy holding steady at 9.7 percent in February.

The U.S. Labor Department said 36,000 jobs were lost in February. Most economists had forecast about 67,000 job losses and a 9.8 percent unemployment rate.

That news had helped Asian markets post strong gains on Monday.

The Greek debt crisis continued to hurt the euro as dealers showed caution ahead of meetings between Greek Prime Minister George Papandreou and U.S. President Barack Obama and his Treasury Secretary Timothy Geithner.

In other markets:

— Singapore closed 0.18 percent, or 4.97 points, higher at 2,839.54.

— Seoul ended flat, edging up 0.79 points to 1,660.83.

— Manila rose 0.40 percent, or 12.37 points, to 3,107.35.

— Jakarta rose 1.17 percent, or 30.71 points to 2,657.16.

— Wellington ended 0.30 percent, or 9.61 points, to 3,213.21. The loss ended a nine-day winning streak for the index.

— Bangkok slipped 0.21 percent, or 1.52 points, to close at 718.77.

— Mumbai ended 0.29 percent, or 50.06 points, lower at 17,052.54.

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