SHANGHAI (AP) -- Asia's stock market rally seemed to be running out of steam Wednesday, despite an overnight surge on Wall Street, as investors cashed in on recent gains amid persistent doubts about the outlook for the global economy."So far, the market has followed the U.S. rebound, but the index is facing resistance," said Castor Pang, an analyst at Sun Hung Kai Financial in Hong Kong. "The rebound has almost reached its limit," he said, noting that turnover in most markets is not rising quickly enough to suggest a recovery.
Hong Kong's Hang Seng index led the region, gaining 204.30 points, or 1.5 percent, to 13,082.77, while Shanghai's benchmark Composite Index added 0.5 percent to 2,229.72.
Tokyo's Nikkei 225 stock average briefly surpassed 8,000 for the first time in a month, but succumbed to selling as investors cashed in on recent gains. As afternoon trading began, the index slid 0.5 percent to 7,910.94.
Australia's benchmark S&P/ASX 200 edged 0.1 percent lower to 3,449.50 after miner Rio Tinto dropped 8.6 percent on worries over its deal with Aluminum Corp. of China. South Korea's key index was flat.
Wall Street got a surprise boost Tuesday, posting its fifth gain in six trading sessions, from a government report that home construction picked up in February. The news, which was unexpected, injected new energy into a week-old rally.
Banking shares in Asia extended gains, with Mitsubishi UFJ Financial Group up more than 1 percent and Mizuho Financial Group advancing more than 3 percent. more...
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