Asian stock markets closed mixed Tuesday, with Sydney, Seoul and Shanghai falling after European credit-rating cuts, but with Tokyo and Hong Kong reversing from early losses to end higher.
In Japan, the Nikkei 225 Index added 52.89 points, or 0.6%, to close at 9,052.07
In Hong Kong, the Hang Seng Index gained 30.43 points, or 0.2%, to 20,917.80
Almost all the major markets had begun the day with losses after Moody’s Investor Service downgraded the debt of Italy, Portugal, Slovakia, Slovenia, and Malta by one notch, slashed Spain’s rating by two notches, and lowered its outlook on the United Kingdom, France and Austria
Resource firms were among the notable decliners across Asia on Tuesday.
In Sydney, BHP Billiton Ltd. traded down 1.3%, and Rio Tinto Ltd. fell 1.6%, after the pair set out plans to invest more than $4 billion U.S. to ramp up production at the Escondida copper mine in Chile.
Other Australian commodity-linked stocks also weakened, with Onesteel Ltd. down 3.2%, and Alumina Ltd. off by 3.3%.
Hong Kong resource stocks took similar damage. Aluminum Corp. of China Ltd. dropped 2.4%, Zijin Mining Group Co. slumped 3.3%, and Angang Steel Co. lost 4.1%.
But a robust rally in property shares helped support the Hong Kong market, with China Resources Land Ltd. rising 4.2%, Henderson Land Development Co. jumping 6%, Sun Hung Kai Properties Ltd. rising 3.6%, and New World Development Co. surging by 6.4%.
Over in Tokyo, the major benchmarks shot into positive territory after the Bank of Japan surprised the market by expanding its asset-purchase program.
The move sent the yen lower, relieving pressure on some export-focused firms. TDK Corp. climbed 2%, and Canon Inc. rose 1.5%.
Auto makers likewise climbed, with Toyota Motor Corp. adding 1.8%, Suzuki Motor Corp. rising 1.5%, and Nissan Motor Co. put on 0.9%.
Shares of Olympus Corp. gained 1.7% after trading in negative territory for much of the day due the imaging-equipment maker’s sharp quarterly loss, posted late Monday.
In other markets;
The Shanghai CSI 300 shed 9.87 points, or 0.4%, to 2,522.11
Taiwan’s Taiex Index ditched 28.83 points, or 0.4%, to 7,884.08
Korea’s Kospi Index slid 3.10 points, or 0.2%, to 2,002.64
Singapore’s Straits Times Index gained 11.07 points, or 0.4%, to 2,987.41
New Zealand’s NZX 50 Index subtracted 9.69 points, or 0.3%, to 3,330.33
Australia’s S&P/ASX 200 Index lost 42.31 points, or 1%, to 4,242.83
