Asia’s major stock markets ended mixed Tuesday, with most indexes making only modest moves, as reaction to European approval for new aid to Greece was muted by widespread anticipation of the deal.
In Japan, the Nikkei 225 Index slumped 22.07 points, or 0.2%, to end Tuesday at 9,463.02
In Hong Kong, the Hang Seng Index added 53.93 points, or 0.3%, to 21,478.70
European finance ministers concluded a marathon meeting early Tuesday with agreement on the terms of a new bailout deal for Greece, totaling 130 billion euros ($171.9 billion U.S.).
Greece needed the additional funds in order to make a €14.5-billion bond redemption on March 20.
While some Asian markets received a boost immediately after news of the Greek deal broke, those gains quickly faded.
Many blue-chip Japanese exporters lost ground after a strong rally on Monday.
Sony Corp. dropped 1.4%, Sharp Corp. lost 2%, and Citizen Holdings Co. fell 2.9%.
Car makers were especially weak, with Mazda Motor Corp. suffering from reports that it would need to issue new stock in order to shore up its finances.
Shares of Mazda dropped 9.9%, while Nissan Motor Co. lost 1.5%, and Mitsubishi Motors Corp. finished down 2%.
In Hong Kong, telecoms were among the outperformers, with China Telecom Corp. rising 4.1% on news it would begin offering Apple Inc.’s popular iPhone 4S next month.
Rival iPhone carrier China Unicom Hong Kong Ltd. added 2.3%, while China Mobile Ltd. closed 1% higher.
In South Korea, Samsung Electronics Co. added 0.4% a day after saying it would spin off its liquid-crystal display business into a separate company.
Meanwhile, Korea’s key shipbuilding sector weighed on the market, as Hyundai Mipo Dockyard Co. fell 2.8%, Daewoo Shipbuilding & Marine Engineering Co. dropped 2.7%, and Hanjin Heavy Industries & Construction Co. retreated by 2.2%.
Resource stocks diverged across Asia, showing particular weakness in Hong Kong.
Shares of Chinese oil giant Cnooc Ltd. fell 2.9%, while China Petroleum & Chemical Corp., or Sinopec, dropped 1% after Citigroup downgraded its shares to neutral from buy.
Aluminum Corp. of China Ltd. and Jiangxi Copper Co. each finished down 1.2%, and Angang Steel Co. fell 0.5%.
In Sydney, however, miners moved higher, with Rio Tinto Ltd. rising 1.7%, and Alumina Ltd. closing with a 3.7% gain.
Australia’s OneSteel Ltd. jumped 12.3% after first-half underlying profit slightly beat expectations.
The firm also said it expects iron-ore production to almost double and that its steel business would improve as well.
Shares in BlueScope Steel Ltd. climbed 6.9%.
Mining-services firms MacMahon Holdings Ltd. and Downer EDI Ltd. gained 7.3% and 5.9%, respectively, receiving market approval of their own first-half profit results.
CHINA
Over in Shanghai, real-estate shares and financials were among the best performers.
The Shanghai CSI 300 gained 21.75 points, or 0.9%, to 2,562.45
Gemdale Corp. rose 1.7%, and Poly Real Estate Group Co. added 2%, while Bank of China Ltd. improved by 1.7%, and China Life Insurance Co. advanced 1.6%.
In other markets;
Taiwan’s Taiex Index shed 33.32 points, or 0.4%, to 7,921.50
Korea’s Kospi Index sliced off 0.66 points to 2,024.24
Singapore’s Straits Times Index tacked on 3.88 points, or 0.1%, to 3,025.07
New Zealand’s NZX 50 Index grew 21.75 points, or 0.7%, to 3,337.32
Australia’s S&P/ASX 200 Index progressed 35.10 points, or 0.8%, to 4,291.21
