Most Asian Markets Close Flat 

Most Asian Markets Close Flat

HONG KONG -- Most Asian markets ended flat on Monday. though India's benchmark index tumbled 3.4 percent and Japanese stocks rose for a second consecutive session. lifted by news that the economy grew faster than expected in the first quarter.
The Tokyo Stock Exchange's Nikkei 225 index rose 82.17 points.833.01 points. Stocks advanced after the government reported the economy grew at an annual pace of 3.1 percent in the first quarter. up from a preliminary 1.9 percent.
Businessmen watch the stock update on the board outside a Tokyo securities firm. 2006. Japanese stocks bounced back moderately Friday after plunging to six-months lows the previous day. helped by a report showing better-than-expected machinery orders. The Nikkei 225 index rose 117.81 points.750.84 points on the Tokyo Stock Exchange. (AP Photo/Katsumi Kasahara)
Indian shares fell sharply on selling of blue chips. The 30-company Sensex of the Bombay Stock Exchange closed 334 points down at 9.476. On the rival National Stock Exchange. with weakness on interest rate concerns offset by bargain-hunting and gains in Swire Pacific following news its Cathay Pacific unit is acquiring rival Dragonair.
The Hang Seng index has fallen nearly 10 percent since mid-May due to massive declines in global equities triggered by interest-rate concerns and commodity prices.
The lingering interest rate concerns hurt property companies. including New World Development. which dropped 1.03 percent.
Top gainer of the day was Swire Pacific. the parent company of Cathay Pacific. which announced a takeover of rival Dragonair last week. Swire shares rose 5.02 percent. while Cathay shares gained 7 percent.
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