Asian shares mostly advanced Tuesday, snapping out of a series of recent declines and reversing some of Monday’s steep losses, amid hopes that policy makers would step in to stem growing concerns about the global economy.
Japan’s Nikkei 225 Index regained 86.37 points, or 1%, to 8,382.
The Hang Seng Index in Hong Kong gained 73.44 points, or 0.4%, to 18,259.03
The broad gains came amid optimism that European policy makers would act to help ease the region’s debt problems, amid news that finance ministers and central-bank governors from the Group of Seven major economies will hold an emergency conference call later Tuesday to discuss the euro-zone crisis.
Tokyo-listed electronics and technology firms traded higher as well, with Fujitsu Ltd. jumped 5.5%, and Sony Corp. rose 3.3%.
Canon Inc. climbed 3.4% after the firm said that it would buy back up to 50 billion yen ($640 million U.S.) of its outstanding shares. Inpex Corp. added 2.5% in Tokyo.
In South Korea, LG Electronics Inc. climbed 4.7% and Samsung Electronics Co. gained 0.6% in Seoul, while Asustek Computer Inc. rose 3.6% and Nanya Technology Corp. climbed 6.8% in Taipei.
Some energy stocks also bounced back as Nymex crude-oil futures moved toward $85 U.S. a barrel in electronic trading.
Shares of Wharf Holdings Ltd. jumped 1.5% on news that the diversified conglomerate had accepted the Hong Kong government’s terms for renewal of a lease on a container terminal.
Ranking among decliners, shares of Fast Retailing Co. tumbled 8.8% in Tokyo after the firm reported that domestic same-store sales for its Uniqlo casual-clothes chain fell 10.3% compared to the year-ago period.
The Sydney market gained after the Reserve Bank of Australia cut its key cash rate by a quarter percentage point to 3.5%, citing modest domestic economic growth and an more uncertain international environment.
Qantas Airways Ltd. fell to an all-time low of 1.15 Australian dollars ($1.13 U.S.) before recovering a cent to finish at A$1.16, down 18.7% from the previous day’s close. The slump came after the airline warned its annual pre-tax underlying profit could fall as much as 90% amid weakness at its international division.
Woodside Petroleum Ltd. rose 3.8% and Beach Energy Ltd. soared 10.1% in Sydney
In other markets
Shanghai’s CSI 300 Composite Index dropped 0.18 points to 2,558.84
Korea’s Kospi Index tacked on 18.72 points, or 1.1%, to 1,801.85
Singapore's Straits Times Index raised itself 13.41 points, or 0.5%, to 2,712.31
Taiwan’s Taiex Index prospered 105.79 points, or 1.5%, to 7,000.45
New Zealand’s NZX index returned from holiday to doff 31.20 points, or 0.9%, to 3,420.79
Australia’s ASX Index restored 58.67 points, or 1.5%, to 4,043.69
