Asian markets were mixed Tuesday, with Australia closing at its highest level in more than two months supported by gains in agrichemical firm Nufarm on news of a strategic investment from Japan's Sumitomo Chemical.
In Tokyo, the Nikkei 225 index inched higher by 3.83 points, to 10,638.06.
Hong Kong’s Hang Seng Index picked up 19.22 points to 21,499.44.
Among Australian banks, Commonwealth Bank closed up 1.2% and National Australia Bank gained 1.8% while miner BHP Billiton was up 1.1% and Rio Tinto rose 1.3%.
Nufarm advanced 2.8% to 10.86 Australian dollars ($9.68 U.S.) after earlier hitting 11.10 Australian dollars on news of a strategic investment by Sumitomo Chemical.
The Japanese company has the Australian foreign investment review board's approval to buy 20% of Nufarm for 14 Australian dollars a share. Nufarm rejected a lower offer from China's Sinochem and is planning a 250-million-Australian-dollar entitlement offer, fully underwritten by UBS.
In Tokyo, Sumitomo Chemical ended flat for the day. But financial stocks fell, tracking their U.S. counterparts with Sumitomo Mitsui Financial Group down 2.8% and Mizuho Financial Group off 0.6%.
The Hong Kong stock market was lifted by gains in property stocks, which were rebounding after declines on Monday in the wake of weaker-than-expected land auction results. Sino Land rose 0.5% and Henderson Land rose 0.9%.
New Zealand's exchange operator NZX continued its pre-Christmas run and rose 3.1% due to its share split and its decision to pay out a higher proportion of profits.
Korea's Kospi Composite posted the biggest decline in the region, with selling in financial stocks fed by lingering concerns over 2010 earnings. Shares of Korea Exchange Bank dropped 4.5% and Shinhan Financial Group lost 2.6%.
CHINA
The Shanghai 300 Composite Index grew by 22.30 points, or 0.6%, to 3,500.74
In China, locomotive maker China CNR Corp.’s debut was weaker than expected. Interest in large Shanghai initial public offerings was waning after two recent large IPOs dropped below their public offering prices.
CNR's IPO price was at 5.56 Chinese yuan or 81 U.S. cents, and the stock opened up 4.3%, well below expectations for a 16.5% surge. It closed 2.3% higher.
Elsewhere;
Taiwan’s Taiex index let go of 3.66 points to 8,063.83
Singapore’s Straits Times index gained 14.08 points, or 0.5%, to 2,869.76
Korea’s Kospi index slid 13.11 points, or 0.8%, to 1,672.48
New Zealand’s NZX Index finished 19.93 points, or 0.6%, higher at 3,225.13
Australia’s S&P/ASX 200 improved 54.20 points, or 1.1%, to 4,845.10
