Most major Asian markets advanced Tuesday, with higher crude-oil prices helping support energy producers in Hong Kong, while Chinese stocks got a lift as property stocks attracted buyers on cheap valuations.
Japanese stocks ended on a mixed note amid lingering concerns about the euro zone’s sovereign-debt worries, while Australian shares were held back by massive flooding in the state of Queensland. Indian stocks were higher after jerky late-afternoon trading, with banks helping the market snap a five-day losing streak.
Japan’s Nikkei 225 Index returned from a long weekend to slide 30.36 points, or 0.3%, to 10,510.70.
Hong Kong’s Hang Seng Index reacquired 233.08 points, or 1%, to 23,760.30
Leading the gains in Hong Kong, Cnooc rose 2.3% and PetroChina Co. added 1.8% after crude-oil prices jumped back above $89 a barrel overnight. Crude for February delivery rose 17 cents to $89.42 U.S. a barrel on Globex, after an overnight rise of $1.22 in New York.
Some small and midsize banks also gained on speculative buying after Taiwan’s Fubon Financial Holding said late Monday it planned to take its Hong Kong-listed banking unit private. The deal values Fubon Bank (Hong Kong) Ltd. at 5.86 billion Hong Kong dollars ($754 million U.S.).
Dah Sing Bank gained 2.4% and Chong Hing Bank rose 2%. Trading in Fubon Bank has been suspended since Monday. In Taiwan, Fubon Financial added 1.4%.
In Japan, worries about euro-zone debt weighed on stocks, though the market came off its lows, helped by the euro’s gains against the Japanese yen.
The euro rose to a high of about 107.86 yen, compared with 107.10 yen in late New York trade Monday, spurred by comments from Japanese Finance Minister Yoshihiko Noda that Japan planned to buy European debt.
The single currency had recently slipped back to 107.46 yen, following a clarification from Noda, who said Tokyo planned to buy debt issued by the European Financial Stability Facility, rather than by euro-zone countries such as Spain or Portugal.
Resona Holdings slumped 7.3%; the company said Friday it will issue about 1.24 billion common shares, including an overallotment arrangement, which will enable it to raise around $7.2 billion U.S. in capital.
Elpida Memory fell 3.8% on a Nikkei report that the company likely logged an operating loss exceeding 20 billion yen ($241 million U.S.) for the October-December period.
Nippon Steel was up 3.8% after the Nikkei reported Saturday that the company reached a broad agreement with some electronics manufacturers to raise steel prices for the six months to March by 4% from a year earlier.
In Sydney, severe floods in the state of Queensland served to drag down insurers, with Suncorp Group falling 3.7% and Insurance Australia Group falling 1.3%.
New Hope fell 2.6% after the coal miner said it had suspended all production to assess the flood damage to transport infrastructure. Alumina dropped 4.3% on disappointment over its potential share of profit from its joint venture with Alcoa.
In Seoul, euro-zone sovereign-debt problems as well as caution ahead of the Bank of Korea’s policy-rate decision Thursday hurt local shares. Among large-cap stocks, Samsung Electronics fell 0.4% and Hyundai Motor declined 1%.
But shipbuilders rose on a positive order outlook, while chemical makers gained on hopes for an improvement in earnings for this year due to growing demand. Hyundai Heavy Industries rose 3.9% and STX Offshore & Shipbuilding added 1.6%.
In foreign-exchange trade, the euro was fetching $1.2947 U.S. compared with $1.2952 U.S. in late New York trade Monday, while the dollar was at 83.08 yen, against 82.71 yen.
CHINA
Property shares jumped on mainland Chinese bourses as cheap valuations attracted buying interest, despite continuing concerns about possible policy tightening.
Shanghai’s CSI 300 Index regained 16.74 points, or 0.5%, to 3,124.92
Gemdale Corp. soared 7.8%, Poly Real Estate Group was up 5.6% and China Vanke added 3.3%.
In other markets
Korea’s Kospi Index tacked on 7.51 points, or 0.4%, to 2,088.32
Taiwan’s Taiex Index surged 113.48 points, or 1.3%, to 8,931.36
Singapore’s Straits Times Index gained 12.22 points, or 0.4%, to 3,241.49
New Zealand’s NZX 50 inched up 5.69 points, or 0.2%, to 3,329.76
Australia’s S&P/ASX 200 Index stepped back 1.60 points to 4,710.70.
