Chinese and Australian shares advanced Tuesday as investors piled into beaten-down commodity related sectors
In Japan, the Nikkei 225 average eked up 8.72 points, or 0.1%, to 9,567.02
Hong Kong’s Hang Seng Index dipped 59.55 points, or 0.3%, to 22,901.10. Markets in Singapore had the day off.
Many of the region’s benchmark indexes ended with modest gains or losses during the choppy session. Investors remained wary after Wall Street extended losses Monday, and as European policy makers continued to debate how to help debt-stricken Greece.
In Tokyo, the market clinched a small gain despite heavy losses in shares of utilities after Moody’s Investors Service on Monday cut Tokyo Electric Power Co.’s debt rating to one notch above junk grade.
It was Moody’s third rating downgrade of Tepco since the March 11 earthquake and it came after the government hinted that creditors, including Japan’s biggest banks, may have to accept a debt waiver as the utility company struggles to make compensation payments for the country’s biggest ever nuclear crisis.
Tepco shares tumbled 9.5% and Chubu Electric Power Co. lost 5.5%.
But gains in some exporters, aided by a weakened yen, lifted the market in afternoon trading. Shares of Sony Corp. rose 1.5% and Sharp Corp. advanced 2.1%.
South Korean shares ended lower following news that Goldman Sachs had revised down its rating on the South Korean market.
Chipmakers were among those hit, following overnight losses for technology shares on Wall Street. Samsung Electronics Co. dropped 1.2% and Hynix Semiconductor Inc. skidded 3.8%.
Underpinning gains in Sydney, BHP Billiton Ltd. rose 1.5% and NewCrest Mining Ltd. added 0.8%.
In foreign-exchange markets, the yen fell sharply against major currencies.
The U.S. dollar was buying 81.69 yen compared with ¥80.79 yen late Monday in New York. The euro was at ¥115.80 against ¥114.43, and at $1.4177 U.S. versus $1.4157 U.S.
CHINA
Resource-sector stocks aided a sharp rebound from initial losses in Shanghai, with the recovery also helping the Sydney market expand gains.
Shanghai’s CSI 300 Composite Index gained 15.57 points, or 0.5%, to 3,116.03
The rise in Shanghai came as investors snapped up coal stocks and some other materials stocks.
In a Tuesday note, analysts at Credit Suisse maintained their overweight stance on the market, which they noted was among the worst performing since 2010 "despite the country’s better fundamentals and growth outlook."
Shares of China Coal Energy Co. rose 2.1% and Datong Coal Industry Co. climbed 4.3% in Shanghai; in Hong Kong, China Coal climbed 0.9%.
In other markets;
Taiwan’s Taiex Index staggered 27.62 points, or 0.3%, to 8,884.09
Korea’s Kospi index sifted off 1.77 points, or 0.1%, to 2,102.41
New Zealand’s NZX 50 added 14.19 points, or 0.4%, to 3,558.05
Australia’s S&P/ASX 200 recovered 33.90 points, or 0.7%, to 4,683.90
