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Asia Mostly Rises While Japan Falls

Asia-Pacific stocks were mostly higher Wednesday as investors assessed corporate earnings and China’s efforts to bolster its market.

In Japan, the Nikkei 225 fell 30.74 points, or 0.1%, to 36,119.92.

In Hong Kong, the Hang Seng index docked 54.98 points, or 0.3%, to 16,081.89.

DBS Group, Southeast Asia’s largest bank, reported a 2% year-over-year increase in fourth quarter net profit to $2.39 billion, while maintaining its full-year net interest income forecast for 2024. Shares of the bank jumped 2%.

China’s biggest chipmaker SMIC said Wednesday persistent global macroeconomic headwinds and geopolitical tensions could impact the business in 2024, a day after it posted a 54.7% drop in fourth-quarter profit.

Shares of SMIC fell nearly 5% in Hong Kong trading.

Electric vehicles shares listed in Hong Kong rose after China’s commerce ministry released a document that laid out its plan for “healthy development of new energy vehicles” in the country.

In other markets

Markets in Taiwan remained shuttered for holiday.

In Shanghai, the CSI 300 eked up 31.94 points, or 1%, to 3,343.63.

In Singapore, the Straits Times Index recovered 31.94 points or 1%, to 3,156.15.

In Korea, the Kospi index recouped 33.38 points, or 1.3%, to 2,609.58.

In New Zealand, the NZX 50 returned to trading, gaining 23.48 points, or 0.2%, to 11,952.18.

In Australia, the ASX 200 picked up 34.26 points, or 0.5%, to 7,615.84.