Most of the major Asian stock markets rose Thursday as investors looked for bargains after some large recent losses, with Japanese shares ending higher for the first time in five sessions.
In Japan, the Nikkei 225 Index gained 77.20 points, or 0.9%, to 8,443.10.
The Hang Seng Index in Hong Kong picked up 18.10 points, or 1.4%, to 18,892.79
Better-than-expected earnings reports from Fanuc Ltd. and Nintendo Co. offset a disappointing outlook from Canon Inc. in Tokyo, while worries about the Chinese property sector outlook sent Shanghai stocks to their lowest finish more than three years.
In Tokyo, Nintendo Co. climbed 4.6% after narrowing losses in the quarter ended June 30 from a year earlier.
Robot maker Fanuc Corp. jumped 5.3% after its quarterly earnings beat expectations.
Shares of Canon Inc. plunged 7.8% after reducing its outlook for the fiscal year.
Shares of Olympus Corp. soared 9.6% after Terumo Corp. offered to invest $640 million U.S. in the company, rivaling a bid from Sony Corp. reportedly the favored company among bidders for a stake in Olympus. Shares of Sony climbed 4.9%, while Terumo stock fell 0.8%.
Shares of Nomura Holdings Inc. jumped 5.7% on reports the company’s chief executive and chief operating officer are resigning to take responsibility for the company’s involvement in an insider-trading scandal.
Earnings and production reports also moved other stocks elsewhere in the region.
Gains for electronics majors lent support in Seoul, including a 6.6% rise for LG Electronics Inc. after it posted a 47% increase in net profit.
Chip maker SK Hynix Inc. managed to end flat despite swinging to a net loss in the second quarter amid a drop in prices for NAND chips.
The broad market gains in Seoul came even as data showed the South Korean economy grew at its slowest pace in nearly three years in second quarter.
In Sydney, shares of Newcrest Mining Ltd. gained 1% after its full-year gold and copper output exceeded expectations.
Qantas Airways Ltd. soared 9.6%, meanwhile, on news it’s in talks with a number of airlines, including Mideast carrier Emirates, for an alliance.
Sands China Ltd. led casino shares lower in Hong Kong, after its parent Las Vegas Sands Corp.missed earnings estimates.
Sands stock slumped 4.9%, while Wynn Macau Ltd. dropped 3% and Galaxy Entertainment Group Ltd. slid 2.8%.
But some remained optimistic on the gambling sector despite those declines.
CHINA
Concerns about China’s economic outlook helped extend losses on mainland bourses. The property sector was hit in particular, on worries about policy and demand outlook.
Shanghai’s CSI 300 index slid 12.60 points, or 0.5%, to 2,347.49
Shares of Gemdale Corp. dropped 2.7% and Poly Real Estate Group Co. lost 3.9% in Shanghai.
In Shenzhen, China Vanke Co. dropped 2.1%, while Oceanwide Real Estate Group Co. skidded 2.7%.
In other markets
Korea’s Kospi Index improved 13.16 points, or 0.7%, to 1,782.47
Singapore's Straits Times Index hiked 13.16 points, or 0.7%, to 3,004.57
Taiwan’s Taiex Index docked 8.44 points, or 0.1%, to 6,970.69
New Zealand’s NZX index took on 26.77 points, or 0.8%, to 3,485.74
Australia’s ASX Index moved forward 23.79 points, or 0.6%, to 4,147.73
