Asian stock markets broadly advanced Wednesday, as investors reacted to Chinese manufacturing data and a move to cut trading costs, while a weaker yen helped Japan’s market.
The Nikkei 225 Index in Japan regained 29.30 points, or 0.3%, to 9,380.25
The Hang Seng Index in Hong Kong added 214.87 points, or 1%, to 21,309.08
Japanese and Australian markets were the only major Asian bourses open Tuesday, and Wednesday’s gains for both markets were less pronounced than elsewhere in the region.
Meanwhile, Tokyo’s market found some support after the improved U.S. manufacturing numbers helped to lift the greenback against the Japanese yen overnight, with the pair trading back above the ¥80 mark.
Japanese exporters pared some of the heavy losses posted the previous day, when a stronger yen worked to pull the Tokyo market down to its lowest close since mid February.
Sony Corp. climbed 0.4%, Alps Electric Co. rose 1.2%, and Kyocera Corp. added 0.9%.
Car stocks were also advancing, with Toyota Motor Co. up 0.5% after reporting a more-than-11% increase in April U.S. sales. Shares of Nissan Motor Co. were up 0.8%. Its own U.S. sales slipped 0.3% in April.
Still, there were some post-earnings losses for the market to contend with, as Sharp Corp. dropped another 4.3% in Tokyo after losing ground earlier in the week in the wake of a record fiscal-year loss.
Earnings-related losses also curbed performance in the Australian market, with Australia & New Zealand Banking Group Ltd. down 0.8% after reporting a 10% rise in first-half net profit that slightly undershot analyst expectations.
Other banks yet to report included Westpac Banking Corp. which lost 0.6%; and Commonwealth Bank of Australia, trading down 0.3%.
However, mining giant BHP Billiton Ltd managed to gain 0.8%, after a BHP executive stated that the firm’s confident about the long-term outlook for commodity demand.
CHINA
Investors were also eyeing an uptick in manufacturing data from China. Official data out Tuesday showed the Chinese manufacturing sector steadily improving in April, rising for a fifth straight month.
Shanghai’s CSI 300 Composite Index tacked on 57.33 points, or 2.2%, to 2,683.49
On Wednesday, HSBC released its own manufacturing survey results for April, which also showed an improvement, although the index still remained in contraction territory
A range of firms were advancing in Hong Kong, with China Coal Energy Co. up 1.4%, and China Shenhua Energy Co. rising 0.3%.
Apparel firm Esprit Holdings Ltd. gained 2.4%, airline Cathay Pacific Airways Ltd. rose 1.7%, and exporter and logistics firm Li & Fung Ltd. advanced 2.2%.
Also helping sentiment for Chinese stocks was news that the China Securities and Exchange Commission and the mainland stock markets would lower costs for stock transactions. Regulators also plan to tighten rules for initial public offerings and unqualified firms would be forced to delist, Citigroup analysts said.
The news sent brokers’ shares higher in Shanghai, with Citic Securities Co. up 1.3% and Haitong Securities Co. adding 2.3%.
In other markets:
Korea’s Kospi Index moved up 17.08 points, or 0.9%, to 1,999.07
Taiwan’s Taiex Index grew 175.09 points, or 2.3%, to 7,676.81
New Zealand’s NXZ Index gained 37.65 points, or 1.1%, to 3,614.97
Australia’s ASX Index picked up 6.40 points, or 0.1%, to 4,435.91
