LOS ANGELES (MarketWatch) — Asian benchmark stock indexes moved mostly lower in late morning trade after initial gains, with Japanese shipping stocks and Chinese telecoms among the decliners. Japan’s Mitsui O.S.K. Lines Ltd. was down 2.7% and Nippon Yusen K.K. was 3.1% lower at the end of the morning session after a report in the Nikkei that rates on container ships from Asia to North America had dropped for the first time in three years. In Hong Kong, China Telecom Corp. was 1.4% lower and China Mobile Ltd. fell 1.3%. Among the major indexes, Tokyo’s Nikkei 225 Average was marginally lower at the midday break after some early gains, and Hong Kong’s Hang Seng Index was off 0.4%. Korea’s Kospi was 0.8% lower, but Australia’s S&P/ASX 200 rose 0.1%.
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