South Korean and Japanese stocks rose and mainland Chinese shares fell after a choppy trading session in Asia Wednesday as investors looked ahead to U.S. Federal Reserve Chairman Ben Bernanke’s congressional testimony later in the day.
Japan’s Nikkei 225 picked up 15.92 points, or 0.1%, to 14,615.04
Hong Kong’s Hang Seng Index jumped 59.49 points, or 0.3%, to 21,371.87
BHP Billiton Ltd. and Rio Tinto Ltd. rose in Sydney after issuing strong production reports, while Datang International Power Generation Co. climbed in Shanghai and Hong Kong on an upbeat profit forecast.
Most regional benchmarks changed direction at least once during the session as investors awaited the Fed chairman’s outlook for monetary policy and the central bank’s monthly bond purchases.
The mild gains in Hong Kong came as official data showing foreign-direct-investment flows into China jumped more than 20% in June.
Australian miners had been among the region’s notable stock gainers Tuesday, with BHP climbing 2.3% after its iron-ore production hit a record high in the previous financial year. The diversified resources firm also produced more oil and gas in the year ended June 30.
Fellow miner Rio Tinto rose 1.1%, on top of its 1.4% advance Tuesday, when it said its own iron-ore production hit a record level in the second quarter.
Shares of surfwear maker Billabong International Ltd. spiked 34% on news the company has secured a private-equity loan and was replacing its chief executive.
In Tokyo, shares of Mitsubishi Motors Corp. soared 11.1% accompanied by massive volume after the Nikkei newspaper reported it will likely pay out 30%-40% of its profit during the current financial year ending in March in the form of dividends.
NEC Corp. jumped 4.8% after a separate Nikkei report said the company will exit the smartphones business after it was unable to link up with Lenovo Group Ltd. Shares of Lenovo gained 0.4% in Hong Kong.
CHINA
The Shanghai Shenzhen CSI 300 eased 35.01 points, or 1.5%, to 2,282.84
Meanwhile, the Xinhua news service reported that profit at state-owned companies outside the financial sector rose 7% in the first half of the year, accelerating from a 6.5% increase in the first five months of 2013.
China’s Ministry of Land and Resources said separately that land prices were expected to rise further in the current quarter, according to a Reuters report.
Datang International Power Generation Co. rose 3.5% in Shanghai after the company said it expects a jump of 70%-80% in the first half profit from the year-earlier period.
Chinese coal miners posted strong gains in Hong Kong after sharp losses over the past month, with China Shenhua Energy Co. jumping 5.3%, and China Coal Energy Co. rising 3%.
In other markets;
Taiwan’s Taiex Index subtracted 1.16 points to 8,258.95
Singapore’s Straits Times Index fell 16.63 points, or 0.5%, to 3,208.33
Korea’s Kospi Index was up 21.13 points, or 1.1%, to 1,887.49
In New Zealand, the Exchange 50 Gross Index improved 2.42 points to 4,578.97
In Australia, the S&P/ASX 200 demurred 4.33 points, or 0.1%, to 4,981.68
