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Asian Stocks Lower After Wall Street Retreats
10 Feb 2011 EST - CNBC.com
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Asian stocks were mostly lower on Thursday after a retreat on Wall Street.

Japan's stocks edged lower as investors kept taking profits on a recent rise in share prices and amid wariness about overheating in the market.

Analysts said investors stayed on the sidelines on Thursday ahead of a three-day weekend, while weaker-than-expected machinery orders dented the mood. Japanese markets are closed on Friday for a national holiday.

The benchmark Nikkei ended the day down 0.1 percent, or 12.18 points, at 10,605.65. The broader Topix added 0.3 percent to 946.63.

Nissan Motor fell 2.8 percent to 868 yen even though Japan's No.2 automaker raised its annual forecasts the previous day, as some analysts were disappointed by its pace of growth in China and other emerging markets in the latest quarter.

Asahi Glass dropped 1.9 percent after UBS Securities cut its rating to "neutral" from "buy", saying short-term positives had all been priced in.

Seoul shares fell on heavy foreign selling and profit-locking moves amid a regional pullback, analysts said.

Foreign investors offloaded 940 billion won ($846.5 million) worth of stocks, the largest amount in three months, provisional data from the Korea Exchange showed.

The Korea Composite Stock Price Index (KOSPI) finished down 1.8 percent.

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