Asian markets finished mostly higher Tuesday as technology stocks tracked gains in their U.S. counterparts and a weaker Japanese yen helped pull exporters higher in Tokyo, lifting the Nikkei 225 to its highest closing level in three months.
But weakness in metals shares following recent losses in gold prices weighed on the Shanghai market.
In Tokyo, the Nikkei 225 Index zoomed ahead 194.56 points, or 1.9%, to 10,378.03, its strongest closing level since Sept. 24.
In Hong Kong, the Hang Seng Index finally ended its multi-session losing streak by strengthening 143.94 points, or 0.7%, to 21,092.04
Japanese stocks found support from gains in the technology sector, after Barclays Capital upgraded its rating on the world's biggest chip maker, Intel, to "overweight" from "market weight".
Toshiba climbed 4.7% and Elpida Memory gained 4.6%, also helped by a Nikkei report that they were resuming capital spending to boost semiconductor production capacity, to make the most of a solid recovery in the global market.
Toyota Motor rose 2.2% with the car manufacturer boosted by the yen's weakness. Hopes for cost cuts also lifted investor confidence; Toyota was seeking to reduce parts costs by 30%, a person familiar with the matter told Dow Jones Newswires.
Nissan Motor rallied 6.1% after the car maker reported a rise of 20.5%, the first year-to-year increase in 14 months, in Japanese auto production for November.
In Seoul, shipbuilders were leading gains on news of order wins. Daewoo Shipbuilding rose 2.1% on 752 billion Korean won ($633.9 million U.S.) oil carrier order in Europe.
Nuclear-power-related stocks also advanced on Korea government's plan to develop its nuclear power sector as new growth engine. Nuclear-power-plant designer Korea Power Engineering jumped 14.9% and Doosan Heavy rose 9.6% on growing expectations for possible orders for nuclear power plant construction in UAE, said one expert.
Australian banks led the Sydney market higher with Westpac up 3.4% and Australia & New Zealand Banking Group up 2.5%. NAB announced its move on AXA AP.
Newcrest Mining fell 2.1% on recent weakness in gold prices and news it has halted production from the Telfer gold mine in Western Australia due to weather associated with Tropical Cyclone Laurence. Other resources stocks were firm with BHP Billiton up 1.7% and Rio Tinto up 3.1%.
Gloucester Coal and MacArthur Coal were both suspended from trading. After the market closed, Macarthur said it has made a takeover offer for Gloucester and will acquire interests in Australian coal-mining assets held by Gloucester's major shareholder, Noble Group.
In foreign exchange markets, the U.S. dollar traded in tight ranges against other major currencies, taking a breather after solid gains Monday. The dollar was at 91.20 yen from 91.19 yen in late New York trade Monday, while the euro was at $1.4312 from $1.4283 and 130.55 yen from 130.25 yen.
CHINA
Shares in Shanghai, however, finished sharply lower, with the Shanghai 300 Composite Index tailed off 91.08 points, or 2.7%, to 3,305.54
Shandong Gold-Mining was among the stocks making the largest declines, down 4.5% after gold futures prices in New York fell by more than $15 U.S. an ounce on Monday. Other metals shares on the exchange declined, with Jiangxi Copper losing 4% and Sino-Platinum Metals down 4.9%.
Elsewhere;
Taiwan’s Taiex index tacked on 68.73, or 0.9%, to 7,856.00
Singapore’s Straits Times index regained 37.01 points, or 1.3%, to 2,823.82
Korea’s Kospi index picked up 11.31 points, or 0.7%, to 1,655.54
New Zealand’s NZX Index finished 29.38 points, 0.9%, higher at 3,149.80
Australia’s S&P/ASX 200 improved 69.10 points, or 1.5%, to 4,704.20
