Asian markets close mixed

in lackluster trading day

HONG KONG (Reuter): Asian markets closed mixed yesterday in a day of lackluster trading.

Shares in Hong Kong managed modest gains but were well off early morning highs as profit-taking emerged in the late afternoon. The Hang Seng Index rose 31.26 points to 9,521.37, below the day's peak of 9,664.07.

Tokyo stocks closed firmer after dealers began buying blue chips in late afternoon trade. But the index closed just short of its 1994 high.

The 225-share Nikkei average closed up 41.51 points, or 0.20 percent, at 20,663.63. This year's closing high was 20,677.77 on March 16.

In Taipei and Bangkok stocks ended modestly higher. The index in Taiwan ended up 6.06 points at 5,775.18, off an opening high of 5,836. The Thailand's SET index closed 10.21 points higher at 1,348.80 after shedding four points in early trading.

In Seoul, the composite stock index shed 1.97 points to 943.92, off the day's high of 949.74. Losers led gainers by 456 to 301.

In Australia stocks went into reverse after commodities prices weakened, shattering investor confidence.

The All Ordinaries Index closed down 26.5 points, or 1.24 percent, at 2105.9, with the gold sub-index losing 39.9 points, or 1.68 percent, to 2333.4.

Markets in Singapore, Malaysia, India, Indonesia and Sri Lanka were all closed for a holiday.

In London, the Financial Times-Stock Exchange index of 100 leading British shares had fallen 18.7 points to 3,070.4. While in Paris, the CAC-40 share index dropped 11.69 to 2,121.63.

In New York, stocks, bonds and the dollar on Tuesday climbed after a drop in commodities prices calmed fears of a resurgence of inflation.

A breakthrough in U.S.-Japan trade talks -- the failure of which had weighed on the dollar -- also gave investors confidence.

The Dow Jones industrial average closed 2.76 points higher at 3,745.17. In the broader market advances led declines 1,215 to 917 on moderate volume on the New York Stock Exchange of 280 million shares.