Mixed trends in Asian markets

TOKYO: Stock markets in Tokyo and Hong Kong experienced varying fortunes on Wednesday, with the Nikkei 225 hitting a seven-day winning streak while the Hang Seng index slid by 3.4 per cent. Much of the Nikkei's boost came from a further weakening of the yen against the dollar, which is now at its highest point against the Japanese currency since December 1st. This helped shares in exporters to advance, Reuters reported. Further speculation that Barack Obama's proposed economic stimulus package could lead the US out of recession also led to gains. Over the last seven days, the benchmark Nikkei index has climbed by 8.5 per cent - its first positive week-long run since 2000, the news agency said. In Hong Kong, shares prices fell, with China Construction Bank (CCB) and a number of telecoms stocks leading the retreat. CCB dropped by 8.8 per cent after Bank of America sold its stake in the institution. Meanwhile, China Mobile declined after Beijing awarded it a 3G licence for an untested, domestically-developed network that is expected to be more complicated and expensive to establish than proven technology being used by others.