Asian markets were higher Thursday, as investors countered downbeat manufacturing data from China with heightened expectations of central-bank stimulus to support global economic growth.
In Japan, the Nikkei 225 Index recovered 46.38 points, or 0.5%, to 9,178.12
The Hang Seng Index in Hong Kong regained 244.46 points, or 1.2%, to 20,132.24
Jiangxi Copper Co. moved 3.6% higher and Aluminum Corp. of China climbed 1.8% in Hong Kong.
Korea Zinc Co. jumped 4.5% in South Korean trading. In Sydney, Alumina Ltd. advanced 2.8%, while Paladin Energy Ltd. rose 0.7%.
Hong Kong property firms also benefited from the stimulus hopes.
China Overseas Land & Investment Ltd. advanced 2.7%, while Henderson Land & Development Co. added 4.7% after it reported a more than 12% drop in first-half net profit, but also tipped a coming improvement in sales and raised its interim dividend.
Wharf Holdings Ltd. climbed 4.7% after the real estate conglomerate reported strong first-half results at the midday break.
The greenback traded at 78.54 yen in Asian hours Thursday, after falling below ¥79 overnight for the first time this week.
The move weighed on Japanese exporters, with Pioneer Corp. tumbling 4.1%, Mitsubishi Motors Corp. lower by 2.6% and Panasonic Corp. ending flat.
Among the blue-chip gainers in Japan, Sharp Corp. rose 1.1% after an NHK report said the cash-strapped firm may soon get an additional ¥200 billion ($2.56 billion U.S.) in loans.
Earnings also provided a boost for some firms, with Australian airline Qantas Ltd. climbing 2.6% despite posting its first annual loss in around two decades.
Adjusted profit came in toward the top of the company’s forecasts, while the carrier also said it’s canceling some plane orders from Boeing Co. Shares of China Telecom Corp. extended their Wednesday post-earnings climb by surging 6.7%.
CHINA
China stocks ended higher in spite of a preliminary manufacturing survey that showed conditions in the mainland weakened to a nine-month low of 47.8 in August, compared with a final reading of 49.3 in July.
Shanghai’s CSI 300 index added 6.61 points, or 0.3%, to 2,302.20
Analysts said the weak preliminary Purchasing Manager’s Index, along with dovish comments by People’s Bank of China Gov. Zhou Xiaochuan late Wednesday, were seen by investors as increasing the odds of a forthcoming policy response.
Mainland China-listed property firms fell, were downbeat, with Poly Real Estate Group Co. falling 0.8% and Gemdale Corp. ending unchanged in Shanghai.
In other markets
Korea’s Kospi index tacked on 7.35 points, or 0.4%, to 1,942.54
The Singapore Straits Times Index gained 6.90 points, or 0.2%, to 3,056.37
Taiwan’s Taiex Index rose 7.35 points, or 0.4%, to 7,505.17
New Zealand’s NZX index inched forward 4.97 points, or 0.1%, to 3,663.34
Australia’s ASX Index hiked 7.66 points, or 0.2%, to 4,383.70
