Most Asian markets rose Tuesday against the backdrop of a retreat in crude-oil prices, with a weakened yen and strong retail sales lifting Japanese stocks despite a fall in technology shares after Elpida Memory Inc.’s bankruptcy filing.
In Japan, the Nikkei 225 Index jumped 88.59 points, or 0.9%, to close at 9,722.52
In Hong Kong, the Hang Seng Index rallied 350.87 points, or 1.7%, to 21,568.73
Retail stocks led Tokyo higher in the afternoon session after a 1.9% year-on-year rise for January retail sales.
Fast Retailing Co. added 2.1%, Seven & I Holdings Co. gained 1.1% and Takashimaya Co. rose 1.7%.
The yen’s decline against the dollar and the euro spurred many exporters, lifting Fanuc Corp. 2% and Nikon Corp. 1.9% and Sony Corp. 0.7%.
Shares of Nissan Motor Co. dropped 1.1% after saying it would recall 79,275 cars over problems with the vehicles’ fuel sensors.
Those gains helped offset weakness in technology stocks after memory chip maker Elpida announced its bankruptcy filing late Monday, due to its inability to restructure or refinance a heavy debt load.
Elpida stock plummeted 24%, also dragging down shares of some other technology shares. Renesas Electronics Corp. fell 3.3% and Advantest Corp. lost 1.5%.
But Elpida rivals elsewhere gained on hopes investments to boost production capacity will fall, boosting prices. In Seoul, Hynix Semiconductor Inc. climbed 6.8%, while Samsung Electronics Co. gained 1.2%.
Samsung, Hynix and Elpida are the world’s three largest DRAM-chip producers.
Several airline stocks in the region rose in the region as crude-oil prices declined. Korean Air Lines Co. gaining 3.2%, Cathay Pacific Airways Ltd. jumping 5.7% in Hong Kong, Qantas Airways Ltd. adding 1.8% in Sydney and All Nippon Airways Co. up 0.4% in Tokyo.
Among regional stocks that moved on the back of their earnings reports, Hang Seng Bank Ltd rose 5.1% in Hong Kong after posting a 12% gain in 2011 profit.
But index heavyweight HSBC Holdings PLC fell 0.7%, tracking the previous day’s losses in London, as earnings results overnight showed profit in line with analysts’ expectations but costs continuing to rise.
In Sydney, disappointing results from construction-materials provider James Hardie and Boral sent their shares 4.2% and 2.7% lower, respectively.
Among other movers in Australia, Goodman Fielder Ltd. shot up 33% after Singapore-listed Wilmar International Ltd. said it had bought a 10.1% stake in the grocery manufacturer. Billabong International Ltd. lost 2.3% after the surf- and snow-wear retailer rejected a sweetened bid from U.S. private-equity firm TPG Capital.
CHINA
Property shares sagged on mainland Chinese bourses, meanwhile, coinciding with Credit Suisse research citing cuts in prices and pressure on profits.
The Shanghai CSI 300 picked up 5.89 points, or 0.2%, to 2,662.46
Among the major names, China Vanke Co. fell 0.7% in Shenzhen, while Gemdale Corp. dropped 0.7% in Shanghai.
In other markets;
Markets in Taiwan had the day off
Korea’s Kospi Index recovered 12.53 points, or 0.6%, to 2,003.69
Singapore’s Straits Times Index spiked 22.95 points, or 0.8%, to 2,969.73
New Zealand’s NZX 50 Index inched up 6.35 points, or 0.2%, to 3,309.80
Australia’s S&P/ASX 200 Index moved lower by 4.63 points, or 0.1%, to 4,262.74
