Nikkei and KOSPI end lower after hitting highs early in the

ZHANG:
Asia stocks were mixed on Tuesday. Financial shares were boosted by hopes that U.S. bond insurers will keep their credit ratings.

But a ratings downgrade of Japanese mobile carrier KDDI pressured the benchmark Nikkei near the end of the session. KDDI shares dropped 5 percent.

Japan's Nikkei ended only 0.7 percent lower (13,825), but the index had hit fresh six-week highs earlier in the day.

Korean stocks also ended lower, but had tapped five-week highs early in the session.

Hong Kong property stocks were among the top performers. HSBC was also a top gainer in Hong Kong. The global bank jumped after Standard and Poor's removed a threat to downgrade the ratings of bond
insurers, easing concerns about sub-prime related losses at big lending houses.

On the downside, gold extended losses after the U.S. Treasury said it would support gold sales by the International Monetary Fund, which holds more than 3,000 tonnes of bullion.

Australian gold miner Rio Tinto fell despite reporting a 9 percent rise in underlying profit. The firm again rebuffed a $147 billion takeover bid from BHP Billliton.

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[DonJowsey]

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