Most Asian markets advanced Tuesday on continued hopes for policy easing from major global central banks and some positive earnings reports, with Japanese and Hong Kong stocks among those clinching a fourth straight day of gains.
In Japan, the Nikkei 225 Index gained 59.62 points, or 0.7%, to 8,695.06
The Hang Seng Index in Hong Kong zoomed 211.41 points, or 1.1%, to 19,796.81
The performance capped a mixed month for regional markets. China’s Shanghai Composite was the worst performer among major benchmarks, dropping 5.5% in July, and was followed by a 3.5% decline for the Nikkei.
Australia’s S&P/ASX 200 Index rose 4.3%, the Hang Seng Index climbed 1.8% and the Kospi added 1.5% during the month.
Earnings reports and expectations were among the drivers for the Japanese market Tuesday.
Panasonic Corp. jumped 4.6% after the Nikkei newspaper reported that it will likely swing back to profit in the April-June quarter, with group net income estimated at ¥10 billion, compared to a ¥30.3-billion loss in the year-earlier period.
Tech and industrial conglomerate Hitachi Ltd. rose 2% after reporting its quarterly profit more than doubled from the year-earlier period to 7 billion yen ($89.2 million U.S).
Renesas Electronics Corp. soared 16.4% after another Nikkei report that Hitachi will provide it with ¥17.5 billion of financing. Hitachi holds a major stake in Renesas.
Canon Inc. rallied 5.8% after announcing a share-buyback plan covering 1.8% of its outstanding stock.
Going in the opposite direction, shares of Sumitomo Mitsui Financial Group Inc. slipped 0.6% at the end of a choppy session, after the lender posted a 43% drop in profit.
Aozora Bank Ltd. lost 3.7% after its quarterly net profit slipped to ¥10.44 billion from ¥10.95 billion in the year-ago period.
In Hong Kong, a 0.6% gain for heavyweight stock HSBC Holdings PLC helped support the Hang Seng Index.
HSBC’s London shares rallied 2.3% on Monday, although the lender posted lower profit for the first half of the year as it set aside cash to cover possible fines related to a U.S. money-laundering probe.
Hopes for monetary easing by the Fed and the European Central Bank helped lift several other stocks around the region.
In Hong Kong, banks and property developers among the benefiting sectors. Industrial & Commercial Bank of China Ltd. climbed 3% and China Construction Bank Corp. rose 3.4%, while Hang Lung Properties Ltd. advanced 3.8%.
Energy shares were generally higher around the region as Nymex crude-oil prices hovered around the $90-U.S.-a-barrel level.
In Sydney, Woodside Petroleum Ltd. rose 1.6% and Oil Search Ltd. gained 1.2%; Inpex Corp. added 1.7% in Tokyo, and Cnooc Ltd. rose 1.4% in Hong Kong.
Technology and shipbuilding stocks were behind the rally in Seoul, with Samsung Electronics Co. rising 2.7%, SK Hynix Inc. climbing 1.9% and Hyundai Heavy Industries Co. soaring 6.6%.
CHINA
Shanghai’s CSI 300 index slid 2.87 points, or 0.1%, to 2,332.92
Automobile and metals shares dragged in Shanghai, with Dongfeng Automobile Co. down 3% and Jiangxi Copper Co. losing 2.7% in Shanghai; in Shenzhen, FAW Car Co. lost 3.4% and Yunnan Tin Co. shed 1.7%.
In other markets
Korea’s Kospi Index improved 38.20 points, or 2.1%, to 1,881.99
Singapore's Straits Times Index picked up 3.60 points, or 0.1%, to 3,036.40
Taiwan’s Taiex Index advanced 111.61 points, or 1.6%, to 7,270.49
New Zealand’s NZX index added 26.12 points, or 0.7%, to 3,545.01
Australia’s ASX Index moved forward 23.44 points, or 0.6%, to 4,269.15
