By JEREMIAH MARQUEZ, AP Business Writer Jeremiah Marquez, Ap Business Writer

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Wed Dec 30, 12:23 am ET

HONG KONG – Asian stock markets were mixed in sluggish, year-end trade Wednesday, following a lackluster session on Wall Street as many investors held back after this year’s global rally.

A number of markets fluctuated, with Japan’s benchmark flat as shares of Japan Airlines plummeted amid fears the beleaguered carrier could end up in bankruptcy proceedings as part of a turnaround plan. The dollar regained some strength against the euro and the yen, while oil prices were slightly higher.

Weighing on the broader market was a middling session on Wall Street, where stocks snapped a six-day advance as reports showing upticks in home prices and consumer confidence did little to inspire buyers.

Stocks in Asia and other fast-growing regions have risen massively in 2009 and investors are reluctant to take on more risk.

“Markets have … shot up too much, and there’s a reluctance to invest any more,” said Linus Yip, a strategist at First Shanghai Securities in Hong Kong.

In Japan, the Nikkei 225 stock average was little changed, off 2.58 points at 10,635.48, with shares of JAL tumbling nearly 25 percent to a new low. Hong Kong’s Hang Seng fell 109.96, or 0.5 percent, to 21,389.48.

Among other losing markets, Australia’s benchmark shed 0.2 percent and Singapore’s key index was down 0.1 percent.

Elsewhere, South Korea’s Kospi gained 0.2 percent to 1,675.40 and China’s Shanghai market rose 1.1 percent to 3,245.32.

In the U.S. Tuesday, the Dow slipped 1.67, or less than 0.1 percent, to 10,545.41.

The Standard & Poor’s 500 index fell 1.58, or 0.1 percent, to 1,126.20, while the Nasdaq composite index fell 2.68, or 0.1 percent, to 2,288.40.

Oil prices were slightly higher in Asia, with benchmark crude for February delivery up 8 cents to $78.95 a barrel. The contract added 10 cents to settle at $78.87 on Tuesday.

In currencies, the dollar rose to 91.15 yen from 91.02 yen. The euro was lower at $1.4317 from $1.4355.