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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Most Asian shares down as traders sell off gains AFP - Wednesday, June 23 Send IM Story Print Most Asian shares down as traders sell off gains HONG KONG (AFP) - – Asian stock markets mostly retreated on Tuesday as traders cashed in on massive gains in the previous session after China vowed to make its yuan currency more flexible. Regional shares soared Monday after the weekend announcement from Beijing that it would "strengthen the flexibility" of the yuan exchange rate, raising hopes China is ready to adjust its dollar peg and allow the currency to rise. The move came a week before President Hu Jintao attends the Group of 20 leaders' summit in Toronto, where he was expected to face pressure over the yuan, which critics claim China is keeping artificially low to boost exports. However, investors sold up Tuesday as it became apparent a massive revaluation was not on the books. Tokyo fell 1.22 percent, or 125.12 points, to 10,112.89 and Sydney dropped 1.16 percent, or 53.7 points, to end at 4,558.3. Hong Kong fell 0.45 percent, capping a nine-day rally. The Hang Seng shed 93.10 points to end at 20,819.08. However, Shanghai picked up 0.10 percent on hopes the yuan would continue to strengthen. The composite index added 2.49 points to close at 2,588.70. "The markets are now digesting the news and it would appear that it's not as significant an initiative by the Chinese as some people had hoped," said Jason Feer, vice president of energy market analysts Argus Media. Jacky Zhang, an analyst from Capital Securities, said: "The news about the increased flexibility of the exchange rate would have been digested already, and the market may take a breather today." Traders were unmoved by news Tuesday that the central bank had set the central parity rate -- the centre point of the currency's official trading band -- at 6.7980 to the dollar, 0.43 percent stronger than Monday's 6.8275. In early trading on Tuesday, the yuan strengthened to 6.7968 on China's main foreign exchange market before weakening to 6.8200 on domestic demand for the dollar, Dow Jones Newswires said. Tuesday's level was still within Beijing's tight trading band and analysts said China's pledge did not presage a major revaluation. Despite an early bull run on Wall Street, the Dow ended 0.08 percent lower as excitement over the yuan move was replaced by concern at a lack of specifics from Beijing. Europe's debt also gave some cause for concern after the credit rating of banking giant BNP Paribas was downgraded, which led dealers to sell the already under-pressure euro. Fitch ratings cut BNP Paribas' rating by a notch because of the French banking giant's exposure to risky businesses and assets. The agency said the bank relied heavily on corporate and investment banking and had put aside slightly less in reserves than its peers. It added that given the bank's importance both in France and internationally, BNP could count on "state support being forthcoming if necessary". The euro fell to 1.2292 dollars in Tokyo morning trade from 1.2323 in New York and to 111.65 yen from 112.07. The dollar was at 90.86 yen from 91.05. The single currency has been on the back foot despite a recent plan to unveil "stress tests" of Europe's 25 largest banks by mid-July, designed to soothe investor fears about their exposure to Greek national debt. And ratings agency Standard & Poor's on Monday warned of future downgrades on six top Spanish banks. Japanese traders overlooked news that Tokyo had raised its economic growth forecast to 2.6 percent in the year to March 2011 from 1.4 percent. Eyes will also be on a two-day Federal Reserve rate setting meeting in Washington, where traders will be looking for clues as to the state of the world's biggest economy. Oil was lower. New York's main futures contract, light sweet crude for delivery in July, was down 72 cents to 77.10 dollars a barrel, while Brent North Sea crude for August tumbled 74 cents to 78.08 dollars. Gold fell in Hong Kong after hitting a record high on Monday. The precious metal ended at 1,237.50 US dollars an ounce, sharply down from its Monday close of 1,264.50 dollars. In other markets: -- Singapore closed down 0.46 percent, or 13.34 points, to 2,872.30. Singapore Airlines was unchanged at 14.50 dollars, banking group DBS was even at 13.98 dollars and Singapore Telecom shed 2.88 percent to 3.04 dollars. -- Seoul closed 0.47 percent, or 8.20 points, lower at 1,731.48. -- Taipei fell 0.30 percent, or 22.88 points, to 7,612.68. Hon Hai Precision dropped 2.37 percent to 123.5 Taiwan dollars while Taiwan Semiconductor Manufacturing Co closed 1.11 percent lower at 62.6. -- Jakarta fell 0.25 percent, or 7.32 points, to 2,934.58. Coal miner Adaro dropped 3.6 percent to 2,000 rupiah while rival Bumi Resources shed 1.5 percent to 1,930 rupiah. -- Kuala Lumpur closed down 0.89 percent, or 11.85 points, at 1,323.44. Tobacco giant BAT slid 1.1 percent to 43.82 ringgit while HLBank slipped 1.5 percent to 8.59 as state energy firm Tenaga dropped 1.7 percent to 8.44. -- Manila closed 0.18 percent, or 6.19 points, lower at 3,351.69. Philippine Long Distance Telephone lost one percent to 2,380 pesos, port operator International Container Terminal Services fell 4.5 percent to 32.00 and property developer Megaworld was off 1.4 percent at 1.38. -- Wellington shed 0.46 percent, or 14.06 points, to close at 3,054.19. Telecom closed down 2.1 percent at 1.90 New Zealand dollars while Telstra shed 2.4 percent to 4.05 on profit-taking from big gains on Monday. -- Bangkok shed 0.24 percent or 1.94 points to close at 804.13. Banpu fell 10.00 baht to 634.00 and PTT Plc dropped 2.00 baht to 255.00. 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