Asian stocks mostly lower after two-day rally

Asian stock markets were mostly lower, ending a two-day rally after investors were rattled by the European Central Banks huge loan to bolster the continents banks.Tokyos main index was off 0.9 percent at 8,424.5 and Chinas benchmark declined 0.8 percent to 2,172.67. Taiwans Taiex was the regions only main index to gain, rising 0.2 percent to 6,983.27.The declines came after Asian stocks plunged early this week on anxiety over the death of North Korean leader Kim Jong Il, then rallied on positive U.S. construction data and a strong Spanish government debt auction.Were seeing the markets fall on their own weight here in Asia, with no one looking to step in and buy, said Chris Weston, an institutional dealer for Australias IG Markets.On Wednesday, investors were spooked by the huge size of the ECBs €489 billion ($639 billion) loan to 523 banks.The loan will help to ensure banks have enough money to lend next year but cannot address the underlying problem of government debts.The ECB tender was obviously a good situation. It alleviates some of the symptoms. But its not going to change the situation long-term, said Weston.European markets fell Wednesday and on Wall Street, the Dow Jones Industrial Average was off 0.5 percent. The broader S&P 500 index fell 0.6 percent, led by an 11 percent decline for Oracle Corp., which said it was struggling to close deals, reinforcing worries business and the government may cut technology spending.European officials says banks need to raise €115 billion ($150 billion) in new capital but investors are leery of putting more money into them. It would be politically unpopular for governments to do it and their finances are stressed as well.Elsewhere in Asia, Hong Kongs Hang Seng was off 0.4 percent at 18,334.1 points while Seouls Kospi was down 0.1 percent at 1,845.85. Singapore declined 0.1 percent to 2,669.27 while Sydneys S&P/ASX 200 shed nearly 1 percent to 4,101.3.Benchmark crude for February delivery was off 13 cents at $98.80 in electronic trading on the New York Mercantile Exchange.The euro was little changed at $1.304 while the dollar was off slightly at 78.06 yen.