HONG KONG - ASIAN stocks closed mixed on Wednesday with bargain hunting continuing in some sectors but broader sentiment was again weighed down by fears over the state of the US economy.

Most benchmarks had been in a slight upswing in post-Easter trade but a weak overnight performance by Wall Street had forced many buyers out of the market.

This followed the release of US data which showed consumer confidence sinking to a five-year low in March, while home prices fell 11.4 per cent in January.

KUALA LUMPUR
Malaysian share prices closed up 1.3 per cent on Wednesday after the government announced measures to boost the stock market and pledged to proceed with major development projects, dealers said.

The Kuala Lumpur Composite Index closed up 15.47 points at 1,245.42.

HONG KONG
Hong Kong stocks inched up in sluggish trade on Wednesday, buoyed by strong results from blue-chip financial firms, but the upside was capped as investors remained cautious about the market's outlook.

The benchmark Hang Seng Index ended 0.68 per cent higher at 22,617.01 points. The China Enterprises Index of Hong Kong-listed mainland companies , or H shares, finished up 1.14 per cent at 11,860.22.

SHANGHAI
Chinese share prices closed mixed on Wednesday, with the main Shanghai bourse down 0.63 per cent amid new supply pressures chiefly triggered by China Pacific Insurance, dealers said.

China Pacific Insurance plunged over eight percent to 27.98 yuan, below its Shanghai initial public offering price of 30 yuan for the first time.

About 300 million of its A shares became freely tradeable on Wednesday after a lock-up period expired.

The benchmark Shanghai Composite Index, which covers A and B shares, closed down 22.76 points at 3,606.86 on turnover of 70.51 billion yuan (S$13.7 billion).

The Shanghai A-share Index was down 23.94 points or 0.63 per cent at 3,784.29 on turnover of 70.32 billion yuan. The Shenzhen A-share Index was up 3.39 points or 0.28 per cent to 1,213.19 on turnover of 33.99 billion yuan.

TOKYO
Japan's Nikkei average fell 0.3 per cent on Wednesday as exporters such as Canon Inc slipped on a stronger yen and many shares sagged after the date passed for investors to get the latest dividends.

The benchmark Nikkei ended down 38.59 points to 12,706.63. The negative impact of ex-rights, or losing dividend rights, on the index was seen about 100 points. The broader Topix index finished down 0.4 per cent at 1,237.55.-- AFP, REUTERS