Japanese stocks rose the most in two weeks on Tuesday, clawing back some losses after a heavy sell-off in the previous day.
In Japan, the Nikkei 225 regained 370.26 points, or 2.2%, to 17,344.06, after Monday’s 500-point-plus plunge. Investors watched for Prime Minister Shinzo Abe’s decision on delaying a planned tax rate hike after official data showed Japan’s economy entered a recession in the third quarter. Abe may also call for early elections to be held next month.
However, in Hong Kong, stocks fell for a second day in a row after the launch of Hong Kong-Shanghai Stock Connect program, which allows direct trade between the two markets and foreign individual investors to buy mainland stocks for the first time ever.
In Hong Kong, the Hang Seng index fell another 267.91 points, or 1.1%, to 23,529.17. Last week, the index rose for five consecutive trading sessions, posting a weekly gain of 2.3%.
The yen meanwhile, traded a little weaker versus the U.S. dollar at ¥116.75, compared with ¥116.71 a day earlier.
Among the biggest winners, media conglomerate Sony Corp. surged 6.4%, console maker Nintendo Co. Ltd. spiked 3.3%, electronics giant Panasonic Corp. jumped 3.1%, rival Hitachi Ltd. climbed 3%, and life insurer Dai-Ichi Life Insurance Co. Ltd. advanced 2.8%.
Among market movers, Chinese online major Tencent Holdings Ltd. slid 2.6%, mainland bank China Minsheng Banking Corp retreated 2.5%, Hong Kong Exchanges & Clearing Ltd., the city’s sole exchange operator, shredded 2.4%, and mainland developer China Overseas Land & Investment Ltd. declined 1.9%.
In other markets;
Shanghai’s CSI 300 index dropped 25.69 points, or 1%, to 2,541.42
Singapore’s Straits Times Index gained 25.06 points, or 0.8%, to 3,313.73
The Taiex index in Taiwan skidded 25.32 points, or 0.3%, to 8,859.07
Korea’s Kospi index regained 23.38 points, or 1.2%, to 1,967.01
New Zealand’s Exchange 50 added 14.80 points, or 0.3%, to 5,505.03
Australia’s S&P/ASX 200 backtracked 12.86 points, or 0.2%, to 5,399.69.
