Asia stocks sink as investors eye US stimulus plan

Updated at: 1349 PST, Tuesday, February 10, 2009 HONG KONG: Asian stock markets were mostly lower in erratic trade Tuesday, as investors’ awaited details of massive U.S. spending plans to revive the world's largest economy and bolster its troubled financial industry. Markets fluctuated throughout the day after rising sharply last week on hopes the U.S. stimulus measures will speed recovery in its recession-hit economy.Japan's Nikkei 225 stock average was down 23.09 points, or 0.3 percent, at 7,945.94, while South Korea's Kospi shed 3.82 points, or 0.3 percent, at 1,198.87. Benchmarks in Australia, New Zealand the Philippines and Thailand also fell. In Hong Kong, the Hang Seng was up just 0.4 percent at 13,824.45after swinging in and out of negative territory throughout the session. Markets in India and Taiwan also gained. In mainland China, Shanghai's key index _ which had surged about12 percent over the last six trading days _ rebounded from the red to close 1.8 percent higher as figures showed the country's inflation eased to just 1 percent in January.For the most part, Asian trade matched a listless session in the U.S., where markets wavered ahead of announcements from Washington. The Dow Jones industrial average fell 9.72, or 0.12 percent, to 8,270.87. The blue chips fluctuated between gains and losses 49 times during the session. The Standard & Poor's 500 index rose 1.29,or 0.15 percent, to 869.89. Wall Street futures pointed to a lower open in the U.S. Dow Jones industrial futures were down 63 points, or 0.8 percent, at 8,155.Standard & Poor's 500 futures were down 7.9, or 0.9 percent, at 857.2.