Most Asia stock markets notched slim gains Tuesday, but the rebound was constrained by political uncertainty in Greece, and Chinese shares slipped to the downside.
Japan’s Nikkei 225 Index poked ahead 62.51 points, or 0.7%, to 9,181.65
The Hang Seng Index in Hong Kong subtracted 51.90 points, or 0.3%, to 20,484.75
For most Asia bourses, the performance marked a modest recovery from a 2%-3% plunge many of them suffered on Monday.
Talks in Greece have so far failed to secure a cross-party coalition after the nation’s president gave New Democracy leader Antonis Samaras three days to put together an alliance on Monday. Failure to form a stable government would result in fresh elections in Greece
The uncertainty kept the euro relatively weak against the yen, and the U.S. dollar traded just below the ¥80 level in afternoon Tuesday trading, helping technology and car exporters’ stocks rebound a little from Monday’s battering.
Shares of Hitachi Ltd. rose 2.6%, Advantest Corp. climbed 2.1% and Toshiba Corp traded 2.9% higher ahead of its earnings report due after the market close.
In the auto sector, Honda Motor Co. advanced 2.2% after Credit Suisse upgraded the shares to outperform and hiked its price target, while Nissan Motor Co. gained 3.1%.
Gains for benchmark heavyweight HSBC Holdings PLC lent support in Hong Kong. Shares rose 0.5% ahead of its earnings report due later in the day.
Delta Asia Financial’s Hung said many investors would trade cautiously ahead of the results.
Transport-related stocks were among other advancers in Hong Kong, with oil lower in electronic trading in Asian hours. Air China Ltd. climbed 3.2% and Cathay Pacific Airways Ltd. added 0.9%, while shipping firm China Cosco Holdings Co. firmed by 0.5%.
However, commodity-sector moving lower in Hong Kong and Shanghai included Aluminum Corp. of China Ltd. down 2.8% in Hong Kong and down 1.5% in Shanghai, and Jiangxi Copper Co. down 0.9% in Hong Kong and down 1.4% in Shanghai.
In Seoul, Korea’s key shipbuilding sector showed strength. Shares of Samsung Engineering Co. added 2.3%, while Daewoo Engineering & Construction Co. put on 1.3%.
Gains in Sydney moderated after Australia’s trade deficit widened in March to $1.6 billion U.S.
Shares of Fortescue Metals Group Ltd. put on 2.9%, while BHP Billiton Ltd. added 0.3% and Rio Tinto Ltd. gained 0.4%.
Iluka Resources Ltd. bucked the trend, with shares plunging 12.6%, after the mineral sands producer cut its production guidance.
Australia’s federal budget was due to be handed down later Tuesday, with the government expected to deliver a modest 1.5-billion-Australian-dollar ($1.5 billion U.S.) surplus for the current year.
In other markets;
Shanghai’s CSI 300 Composite Index sifted off 8.66 points, or 0.3%, to 2,709.12
Singapore's Straits Times Index inched up 7.03 points, or 0.2%, to 2,931.98
Korea’s Kospi Index edged up 10.57 points, or 0.5%, to 1,967.01
Taiwan’s Taiex Index regained 7.63 points, or 0.1%, to 7,545.71
New Zealand’s NXZ Index gained 11.93 points, or 0.3%, to 3,552.06
Australia’s ASX Index reacquired 13.06 points, or 0.3%, to 4,314.35
