Japanese shares rose Monday as exporters got a lift from a weakened yen, while energy producers such as PetroChina Co. pressured Hong Kong stocks as crude-oil prices dipped
Japan’s Nikkei 225 Index added 48.52 points, or 0.5%, to 10,592
Hong Kong’s Hang Seng Index dipped 355.37 points, or 1.5%, to 23,553.60.
Japanese stock gains were helped as the yen weakened further against the U.S. dollar, with Nikon Corp., Olympus Corp. and Toyota Motor Corp. rising 2%, 1% and 0.9%, respectively.
Shares of Nippon Steel Corp. fell 1.3% and Sumitomo Metal Industries gave up 2.2% on profit taking after last week’s sharp gains on news the two planned a merger.
Shares of Sapporo Holdings, which had also risen 6.2% in an upbeat market on Friday, erased early gains to finish 0.5% lower, despite media reports that the company planned to buy a controlling stake in soft-drink maker Pokka Corp.
Inpex Corp., meanwhile, rose 0.7% after the energy producer lifted its full-year profit outlook late Friday.
But energy producers declined in Hong Kong, after crude-oil prices fell sharply in New York on Friday, amid reports the U.S. government was pressuring Egyptian President Hosni Mubarak to resign. Shares of Cnooc dropped 2.9%, PetroChina Co. tumbled 3.6% and China Petroleum & Chemical Corp., or Sinopec shed 4.2%.
The drop in Hong Kong came as trading resumed for the first time in the Year of the Rabbit, as investors remained cautious about rising inflation and further potential tightening measures in China.
Gaming stocks also lost ground as investors locked in profits after Sands China’s U.S. parent Las Vegas Sands last week reported weaker-than-expected performance for the Macau operations. Sands China fell 2.4% and Wynn Macau lost 5.9%, while SJM Holdings gave up 3%.
Property stocks also declined, with Hang Lung Properties dropping 3.2% and New World Development Co. sliding 2.3%.
In Sydney, profit warnings and sluggish retail-sales data for December depressed stocks.
Shares of Myer Holdings slumped 11.5% after the department-store retailer cut its full-year earnings guidance due to "fragile" consumer confidence over the past six months. Myer expects full-year net profit to fall at least 5%.
The warning by Myer about tough conditions was confirmed by official retail-sales data for December, which showed a rise of 0.2% from the previous month, versus expectations for a 0.5% rise. Among other retailers, David Jones shed 3.6%.
South Korean shares advanced to catch up with global markets as trading resumed after a three-day closure for the Lunar New Year last week.
Banks edged higher on firming expectations that Bank of Korea will hike interest rates on Friday, prompting a rate increase and improved earnings at the lenders. Hana Financial Group climbed 3.4% and KB Financial Group advanced 1%.
The single currency was fetching $1.3586 from $1.3582 U.S. late in New York on Friday, and 111.99 yen from ¥111.67. The dollar was buying ¥82.40, extending gains from New York on Friday, when it was fetching ¥82.20 in late trade.
In other markets
Markets in Taiwan and China had the day off for the Lunar New Year holidays this week
Korea’s Kospi Index let go of 9.71 points, or 0.5%, to 2,081.74
Singapore’s Straits Times Index fell 18.94 points, or 0.6%, to 3,192.18
New Zealand’s NZX 50 gained 17.59 points, or 0.6%, to 3,387.41
Australia’s S&P/ASX 200 grew 5.80 points, or 0.1%, to 4,868.50
