Asian markets ended mostly higher Wednesday as most financial stocks staged another rally. But trading was volatile and gains were limited as investors looked for profit-taking opportunities after recent price rises.
The advance came in the wake of surprisingly strong U.S. housing data, with most Japanese lenders also aided after the Bank of Japan said it would provide more than $10 billion in subordinated loans to the banks.
Japan's Nikkei 225 advanced for a fourth straight session, ending 23.04 points, or 0.3%, up at 7,972.17, after flirting with losses. Shares of Mizuho Financial Group gained 3% and Resona Holdings jumped 5.4%, while Sumitomo Mitsui Financial Group climbed 3.4%.
Hong Kong's Hang Seng Index gained 239.08 points, or 1.9%, to 13, 117.17 with the latter led again by a surge in market heavyweight HSBC Holdings which gained 5.5% for a seventh-straight higher finish.
Australia's S&P/ASX 200 index defied the broad regional trend after hefty gains Tuesday, to finish down 5.60 points or 0.2% at 3,446.30.
The index was weighed down by an 8.7% tumble in Rio Tinto on concerns about its $19.5-billion U.S. transaction with Aluminum Corp. of China after the Australian Senate agreed to conduct an inquiry on the proposed acquisition.
The U.S. data also helped some construction stocks in Asia, with Australia's Boral rising 4.5% and James Hardie surging 5.9%. New Zealand's Fletcher Building added 6.1% and South Korea's GS Engineering & Construction Corp. rose 3.6%, while DLF jumped 7.9% in Mumbai afternoon trading.
Among financials, Australia & New Zealand Banking Group added 2.6% in Sydney and Cathay Financial Holding Co. rose 1.1% in Taipei.
Chugai Pharmaceutical Co. ended 5.9% lower in Tokyo, after saying a study showed its rheumatoid arthritis drug Actemra might be a causal factor in the deaths of 15 patients.
CHINA
In Hong Kong, trading in shares of China Huiyuan Juice was halted early in the day, after its shares plunged 19.4% on concerns over Coca-Cola Co.'s $2.4-billion U.S. bid for the company. Later in the afternoon, the Chinese Ministry of Commerce said it rejected Coke's offer, as it didn't comply with China's anti-monopoly law.
Elsewhere:
China’s Shanghai Composite Index ended 10.25 points, or 0.4%, higher at 2,332.65
Singapore’s Straits Times Index gained back 16.91, or 1.1%, to 1,575.94
South Korea’s Kospi Composite Index picked up 6.07 points, or 0.5%, to 1,169.95
Taiwan’s Taiex Index edged up 6.15 points, or 0.1% to 5,047.54
New Zealand’s NZX Index advanced 41.60 points, or 1.6% to 2,606.33
