Japanese stocks led most Asian markets higher Wednesday as fears about the global economic outlook abated, while mainland Chinese stocks fell on concern Beijing was unlikely to ease its monetary policy aggressively.
In Japan, the Nikkei 225 Index gained 84.18 points, or 1%, to 8,550.58
In Hong Kong, the Hang Seng Index added 59.17 points, or 0.3%, to 19,686.90
In Tokyo, shares of Elpida Memory Inc. rallied 6.6% after the Yomiuri Shimbun said the chip maker would seek a capital tie-up with U.S. firm Micron Technology Inc
Yahoo Japan Corp. gained 1.7% following news that Yahoo Inc. co-founder Jerry Yang was leaving the boards of both Yahoo-named firms, as well as Chinese Internet major Alibaba Group, the parent company of Alibaba.com Ltd.. Shares of Alibaba.com fell 1% in Hong Kong.
Energy firms also advanced, with benchmark New York crude-oil futures back above the $101-a-barrel level. JX Holdings Inc. rose 2.6% and Inpex Corp. rose 1.8%.
Tokyo Electric Power Co. jumped 7.8% after saying Tuesday that it would raise electricity prices for corporate customers in April.
Still, many exporters retreated after gaining strongly in the previous session. Mazda Motor Corp. fell 2.4% and Suzuki Motor Corp. dropped 1.5%.
Tokyo-listed shares of Citigroup Inc. dropped 7.5%, tracking the bank’s overnight losses on Wall Street after its earnings disappointed U.S. investors on Tuesday
Strong production data helped lift mining stocks in Sydney, with shares of BHP Billiton Ltd. rising 0.8% after its iron-ore output surged 22% in October-December.
Rival Rio Tinto Ltd. added 1.4% after reporting a more modest 2% gain in quarterly iron-ore output.
Among other Australian miners, Newcrest Mining Ltd. climbed 1.1%, while Fortescue Metals Group Ltd. rose 5.2%
CHINA
The drop in Shanghai came amid expectation that Beijing won’t ease its monetary policy too much.
In Shanghai, the CSI 300 Index shed 38.41 points, or 1.6%, to 2,422.19
Mainland Chinese stocks declined, giving up some of their gains Tuesday. Among banks, China Citic Bank Corp. fell 1.4%, and Bank of China Ltd. shed 1% in Shanghai.
Many property developers gained in Hong Kong, reflecting improved sentiment toward the global economy. China Overseas Land & Investment Ltd. rose 2.1% and Sino Land Co. climbed 1.2%.
But the performance diverged for some resource sector shares in Hong Kong and Shanghai.
Jiangxi Copper Co. rose 0.7% in Shanghai but fell 0.2% in Hong Kong.
Shares of PetroChina Co. fell 1% in Shanghai but added 0.9% in Hong Kong.
In other markets;
Taiwan’s Taiex Index grew 12.61 points, or 0.2%, to 7,233.69
Korea’s Kospi Index let go of 0.35 points to 1,892.39
Singapore’s Straits Times Index erased 20.45 points, or 0.7%, to 2,795.40
New Zealand’s NZX 50 Index tacked on 12.70 points, or 0.4%, to 3,247.50
Australia’s S&P/ASX 200 Index ticked 2.25 points, or 0.1%, higher, to 4,217.88
