Asian equity markets advanced Tuesday, with South Korean shares ending at their highest level in more than three years as Hyundai Heavy Industries led shipbuilders higher on a big new order.
Metal and energy shares also advanced across the region as a weakened U.S. dollar boosted commodity prices.
In Japan, the Nikkei 225 Index gained 22.88 points, or 0.2%, to 10,316.80
Hong Kong’s Hang Seng Index surged 113.58 points, or 0.5%, to 23,431.20
Shipbuilding stocks jumped in Seoul after Hyundai Heavy Industries said it received a $1.45-billion U.S. order from German liner Hapag-Lloyd AG to build four container ships.
Hyundai Heavy surged 8.9%, Samsung Heavy Industries climbed 5.7% and STX Pan Ocean jumped 8.3%.
Woori Finance Holdings fell 4.6% on worries that the government’s efforts to sell its 57% stake in the firm may falter after South Korean groups that had shown interest in the stake said late Monday that they were dropping out of the sales process.
Stock gains in Tokyo were constrained as the yen’s overnight strength against the U.S. dollar dragged down some exporters.
Shares of Canon Inc. fell 0.5% and Sony Corp. declined 0.6%.
The dollar was at 83.28 yen from ¥83.39 late Monday in New York. The euro was fetching $1.3432 U.S. from $1.3393 U.S., and ¥112.18 from ¥111.69.
CHINA
Beijing raised banks’ reserve requirement ratio by 0.5 percentage points Friday, but refrained from an interest-rate increase despite a sharp increase in monthly inflation.
Shanghai’s CSI 300 Index inched forward 8.41 points, or 0.3%, to 3,269.47
The restraint in tightening, in addition to boosting Shanghai-traded stocks, also helped to support commodity prices and stocks on Wall Street overnight.
Shares of PetroChina rose 0.6% and Zijin Mining Group added 1% in Hong Kong, while Jiangxi Copper added 1% in Shanghai.
In other markets
Singapore’s Straits Times Index let go of 5.41 points, or 0.2%, to 3,176.91
Korea’s Kospi Index added 12.46 points, or 0.6%, to 2,009.05, its first finish above 2,000
points since November 2007.
Taiwan’s Taiex Index eked out a gain of 3.84 points, or 0.2%, to 8,740.43
New Zealand’s NZX 50 Index slid 2.33 points to 3,288.96
Australia’s S&P/ASX 200 Index was 9.80 points, or 0.2%, to the good at 4,766.90
