Pedestrians walk past an electronic stock board outside a securities firm in Tokyo. The Nikkei closed up 0.23% to 14,636.52 points yesterday.

AFP/London

Asian markets mostly fell yesterday, retreating from the previous day’s gains, but Tokyo bucked the trend as the yen dipped against the dollar. The euro edged up after suffering losses in the previous session.

Tokyo rose 0.23% or 34 points to finish at 14,636.52, the Nikkei’s highest close in nearly two months, while Sydney was a tad lower, skidding 1.1 points to 5,511.7.

Seoul dropped 0.63 or 12.72 points to 1,997.63 and Shanghai fell 0.34%, or 6.91 points, to 2,034.57. Hong Kong ended almost flat, dipping 18.88 points to 22,944.30.

In other markets, Bangkok added 0.32% or 4.44 points to 1,392.73; telecoms company Advanced Info Service dropped 1.73% to 227baht, while Siam Cement fell 0.97% to 408baht.

Jakarta dipped 0.18% or 9.13 points to 4963.93; reinsurance firm Maskapai Reasuransi Indonesia ended 21.43% at 3,400 rupiah, while Jakarta International Hotel & Development dropped 5.86% to 1,445 rupiah.

Kuala Lumpur’s main stock index gained 4.77 points or 0.26% to 1,867.57; AMMB Holdings rose 0.28% to 7.28 ringgit, Malayan Banking added 0.61% to 9.94 while Sime Darby lost 0.63% to 9.47 ringgit.

Manila closed 0.15% lower, dipping 10.16 points to 6,780.26; Philippine Long Distance Telephone Co fell 0.21% to 2,894 pesos but Megaworld rose 0.66% to 4.60 pesos.

Singapore’s Straits Times Index eased 0.27%, or 8.82 points, to 3,274.06; Singapore Airlines gained 0.49% to Sg$10.35 while DBS bank eased 0.65% to Sg$16.87. Taipei added 0.21%, or 19.17 points, to 9,055.29; Taiwan Semiconductor Manufacturing Co was 0.41% higher at Tw$123.5, while leading chip design house MediaTek added 2.93% to Tw$509.0.

Wellington fell 0.15%, or 7.83 points, to 5,145.85; Air New Zealand lost 1.82% to end at NZ$2.16 and Chorus dipped 0.59% to NZ$1.69.

There were no cues from London and New York, where markets were closed for public holidays. With few catalysts to fuel buying, dealers took their cash off the table. Attention is on the release this week of key US data, including revised economic growth for the first three months of the year.

Despite the regional sell-off Tokyo enjoyed a pick-up thanks to a weaker yen as a more bullish outlook saw investors move away from the safe-haven currency and into higher-risk assets. “Technically, (Tuesday’s Nikkei) move was significant, and could signal further bullishness ahead,” Yoshihiro Okumura, general manager at Chibagin Asset Management said.

In the afternoon the dollar was changing hands at 101.88 yen, against 101.85 yen on Monday in Europe, while the euro rose to $1.3655 and 139.10 yen from $1.3652 and 139.05 yen.

The euro reversed losses seen in Asia on Monday caused by weak German business data that had boosted speculation of further monetary easing measures by the European Central Bank.

Oil prices edged down but were supported by concerns over a dramatic escalation in the Ukraine crisis that could potentially cause a disruption to supplies, analysts said.

A fierce battle erupted in the rebel-held eastern belt of Ukraine Monday, just hours after president-elect Petro Poroshenko vowed he would not let the country become another Somalia.