Most Asian markets ended February with solid monthly gains Wednesday as a recent pullback in oil prices and overnight gains on Wall Street underpinned sentiment, although Japanese and Hong Kong stocks pared their early advances.
In Japan, the Nikkei 225 Index inched up 0.72 points to close at 9,723.24
In Hong Kong, the Hang Seng Index vaulted 111.35 points, or 0.5%, to 21,680.10
The performance brought a rewarding month to a close for regional stock markets. Japan’s Nikkei ended February with a 10.5% gain, while benchmarks in Hong Kong, Shanghai, Seoul and Sydney finished the month higher by 6.3%, 5.9%, 3.8% and 0.8%, respectively.
Among the day’s major movers in Tokyo, shares of Elpida Memory Inc. collapsed 97.2% to ¥7 (9 U.S. cents), a drop of ¥247 from the previous close.
Deutsche Bank cut its price target on Elpida to zero, saying there was "slim likelihood that shareholders can recover any funds."
Among other semiconductor firms, Renesas Electronics Corp. extended losses with a 4.6% fall.
Still, better-than-expected industrial-output data supported the broader market in Tokyo.
Panasonic Corp. rose 1.5% after announcing a new president in an effort to return to profitability.
Shares in Toshiba Corp. climbed 1.4% after the firm said it would sell its Thailand hard-disk-drive manufacturing subsidiary to U.S. peer Western Digital Corp.
Stocks elsewhere in the region were also supported by positive cues from Wall Street, where the Dow Jones Industrial Average finished above 13,000 Tuesday as consumer confidence data and easing oil prices lifted sentiment.
Investors have worried that recent sharp gains in energy costs could frustrate the global economy recovery.
In Seoul, gains across the key shipbuilding sector lent broad support to the market, as Daewoo Shipbuilding & Marine Engineering Co. jumped 5.1%, and Samsung Heavy Industries Co. added 2.3%.
A decline in crude-oil prices during New York trading helped airline shares extend gains from the previous session in Hong Kong.
China Eastern Airlines Corp. rose 1.7%, Air China Ltd. gained 1.9%, and Cathay Pacific Airways Ltd. added 3.5%.
But broader gains in Hong Kong were capped by weakness in Chinese property firms, amid a drop on mainland bourses. China Overseas Land & Investment Ltd. lost 2.5% and China Resources Land Ltd. fell 1.5%.
Miners outperformed in Sydney. BHP Billiton Ltd. rose 1%, Rio Tinto Ltd. rose 0.9% and Fortescue Metals Group Ltd. climbed 2.8%.
Australian resource-services firm WorleyParsons Ltd. reported increased profits but said rising costs and project delays were pressuring margins. Its shares dropped 1.4%.
Shares of Harvey Norman Ltd. dropped 4.2% although the retailer issued a first-half profit that beat expectations, as offshore and domestic sales fell.
In other markets;
The Shanghai CSI 300 slipped 28.32 points, or 1.1%, to 2,634.14
The Taiex index in Taiwan returned from holiday to leap 162.10 points, or 2%, to 8,121.44
Korea’s Kospi Index improved 26.56 points, or 1.3%, to 2,030.25
Singapore’s Straits Times Index spiked 24.33 points, or 0.8%, to 2,994.06
New Zealand’s NZX 50 Index inched up 12.73 points, or 0.4%, to 3,322.53
Australia’s S&P/ASX 200 Index gained 35.81 points, or 0.8%, to 4,298.55
