Asian stocks mixed after tech tumble; Japan falls

JOE McDONALD

BEIJING (AP) — Asian stock markets were mixed Tuesday after Japan's central bank refrained from expanding its stimulus and declines in tech stocks weighed on prices.

Oil gained 50 cents but stayed below $101 per barrel amid reports supplies from Libya might soon expand.

China's benchmark Shanghai Composite Index added 1.3 percent to 2,086.39 and Hong Kong's Hang Seng gained 0.9 percent to 22,574.30. Taiwan and Seoul gained.

The regional heavyweight, Tokyo's Nikkei 225, shed 1 percent to 14,665.53 after Japan's central bank refrained from expanding its ultra-loose monetary policy. That was despite a sales tax hike from 5 percent to 8 percent that markets worry might stall growth in consumer spending.

Overnight, U.S. markets tumbled on concern technology and consumer-oriented stocks were overvalued.

"The growing roar of the bears was easy to see," said strategist Evan Lucas of IG markets in a report. "The pullback in the U.S. high-growth spaces of technology, consumer discretionary and social media is completely understandable."

Seoul's Kospi added 0.2 percent to 1,993.49 and Taiwan's Taiex gained 0.1 percent to 8,880.70. Markets in Southeast Asia were mostly lower.

Sydney's S&P/ASX 200 was off 0.2 percent at 5,403.2 and New Zealand shed 1 percent to 5,361.42.

The Standard & Poor's 500 fell 20 points, or 1.1 percent, to close at 1,845 Monday. It was the third straight down day for the index, its longest losing span since late January. The Dow Jones industrial average dropped 166 points, or 1 percent, to 16,245. The Nasdaq slipped 47 points, or 1.2 percent, to 4,079.

Investors were looking ahead to the release of minutes Wednesday from the U.S. Federal Reserve's policy setting committee.

In currency markets, the euro was steady at $1.3744. The dollar fell to 102.95 yen from 103.09 yen late Monday.

Benchmark crude for May delivery gained 50 cents to $100.94. On Monday, the contract tumbled 70 cents to close at $100.44 on reports four Libyan oil terminals under militia control could soon open and possibly boost global supplies.