Japanese stocks began their journey in 2012 on a positive note Wednesday as investors got their first chance to react to an upbeat start to global equity markets, while Chinese shares lost a struggle to advance amid lingering concerns about tight liquidity.
Australian stocks were the region’s best performers, with resource stocks buoyant after crude-oil futures topped $102 U.S. a barrel and gold prices finished above $1,600 U.S. an ounce in U.S. trading. Hong Kong and South Korean stocks lagged behind, after recording solid gains Tuesday.
Japanese markets emerged from a long weekend with a bang, as Tokyo’s Nikkei 225 Index gathered 104.76 points, or 1.2%, to 8,560.11
In Hong Kong, however, the Hang Seng Index fell back 150.10 points, or 0.8%, to 18,727.30
The performance in Asia followed an overnight rally for U.S. stocks, cheering a six-month high for the Institute for Supply Management’s key manufacturing survey, as well as a two-decade low for German unemployment.
The strong data also helped spur higher prices for base metals Tuesday, pushing Australian miners higher Wednesday.
In Sydney, major global miners BHP Billiton Ltd. and Rio Tinto Ltd. climbed 4.1% and 2.9%, respectively, while energy producer Woodside Petroleum Ltd. climbed 2.3%.
In Hong Kong, PetroChina Co. climbed 1.2%, and Maanshan Iron & Steel Co. added 5.5%.
Those gains in Hong Kong were countered by a 14% tumble in shares of Swire Pacific Ltd., after some analysts highlighted likely lower valuations for the conglomerate after a spin-off of its property division.
In Tokyo, Japanese exporters and financials rode the upbeat data which fueled the Wall Street advance to gains of their own.
Among the major climbers, Sony Corp. rose 1.6%, and Toyota Motor Corp. improved by 3.1%.
Technology shares also rallied, with Renesas Electronics Corp. climbing 1.7%, and Fujitsu Ltd. rising 3.5%.
Shares of Elpida Memory Inc. jumped 5.6% after a report in Taiwan’s DigiTimes on Tuesday said the firm might be pushed into a tie-up with Toshiba Corp. by the Japanese government. Toshiba fell 1%, although it reportedly denied the account.
Brokerage stocks also posted strong gains, with Nomura Holdings Inc. climbing 6.9% and Daiwa Securities Group Inc. climbed 4.6%.
CHINA
One expert said the Chinese stock markets were likely to perform better in 2012 after suffering deep losses last year.
In Shanghai, the CSI 300 Index faded 46.99 points, or 2%, to 2,298.75
Experts also said it was likely that the People’s Bank of China may cut banks’ reserve requirement ratio before the Chinese New Year holidays later this month.
PetroChina Co. climbed 0.1%, and Maanshan Iron & Steel Co. added 0.4% in Shanghai.
Many Chinese banking and property shares declined. Industrial & Commercial Bank of China Ltd. shed 1.1% and China Resources Land Ltd. gave up 2.4% in Hong Kong; on the mainland bourses, ICBC dropped 0.5% in Shanghai, while China Vanke Co. shed 1.9% in Shenzhen.
In other markets;
Taiwan’s Taiex Index tacked on 29.59 points, or 0.4%, to 7,082.97
Korea’s Kospi Index shed 9.19 opints, or 0.5%, to 1,866.22
Singapore’s Straits Times Index added 22.66 points, or 0.8%, to 2,711.02
New Zealand’s NZX 50 Index gained 13.40 points, or 0.4%, to 3,288.11
Australia’s S&P/ASX 200 Index acquired 86.60 points, or 2.1%, to 4,187.80
