BANGKOK (AP) ? Asian stock markets made little headway Wednesday after a second massive bailout for Greece failed to reassure investors that Europe's debt crisis has been contained.
Japan's Nikkei 225 index rose 0.2 percent to 9,477.59 while Hong Kong's Hang Seng lost 0.5 percent to 21,368.99. South Korea's Kospi slipped marginally to 2,022.84. Australia's S&P/ASX 200 fell 0.1 percent to 4,286.40.
Under a deal reached Tuesday after a 12-hour negotiating marathon in Brussels, Greece will get 130 billion euros ($172 billion) from other European nations and the International Monetary Fund to meet its immediate debt obligations. That was Greece's second bailout following a 110 billion euros ($146 billion) rescue in 2010.
Separately, private investors in Greek bonds will be asked to forgive 107 billion euros in debt ? a 53.5 percent loss on the face value of their bonds. Such action could dampen any willingness for future investments in debt-mired Greece.
It remains uncertain whether the deal will give Greece enough time to enact economic reforms and get back on the path to growth. Many hurdles remain.
"The positive reaction to the Greek bailout deal failed to gain traction leaving risk assets under a degree of pressure. The fact that the deal was highly expected played a role in the unenthusiastic reaction but markets may also be cautious given the major tasks that still (lie) ahead," said analysts at Credit Agricole CIB in Hong Kong.
Budget cuts could keep Greece's economy in deep recession instead of returning to growth in 2013, as the deal assumes. That would undermine chances of paying even the reduced debt load. Spending cuts could reduce tax revenue and possibly worsen the government's finances.
The deal also doesn't directly address the debt problems in other struggling countries that use the euro.
In Asian trading, Hong Kong-listed Alibaba.com soared 42.5 percent after its parent said it wants to take the Chinese e-commerce company private for $2.5 billion, part of a shift in business strategy that also includes plans to buy back a stake from Yahoo Inc.
Benchmark oil for April delivery was down 44 cents to $105.81 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose by $2.65 to finish at $106.25 per barrel on Tuesday.
In currencies, the euro fell to $1.3226 from $1.3244 late Tuesday in New York. The dollar rose to 79.84 yen from 79.71 yen.
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