Asian markets ended higher Wednesday as investors bought into beaten-down sectors, with Japanese shares ending a seven-session losing streak and Chinese stocks edging higher ahead of the announcement of the nation’s next generation of leaders.
Japan’s Nikkei 225 Index eked up 3.68 points to 8,664.73
In Hong Kong, the Hang Seng index regained 253.34 points, or 1.2%, to 21,411.99
The advance came despite a weak Wall Street finish Tuesday on worries over the U.S. fiscal outlook, while a successful bond auction by Greece helped ease concern about its ability to repay maturing debt.
Asian markets generally shrugged off the lower U.S. close, as tech shares traded broadly higher across the region on the back of better-than-expected earnings results from technology bellwether Cisco Systems Inc. after the close of U.S. trade.
In Tokyo, gains for the major tech names included a 1.1% rise for Sony Corp., a 4.7% advance for Renesas Electronics Corp. and a 0.8% climb for Panasonic Corp.
Shares of debt-laden Sharp Corp. 7.2% on reports it was conducting final talks with Intel Corp. for a major investment, and was also discussing a possible tie-up with Qualcomm Inc.
Among Seoul-listed tech blue chips, Samsung Electronics Co. added 0.4%, while SK Hynix Inc. rallied 4.9%, and LG Electronics Inc. improved by 4.6%.
In Hong Kong, financials were among the major gainers, as shares of index heavyweight HSBC Holdings PLC added 1.2%, and China Construction Bank Corp.rose 3.2%
Also among the Hang Seng Index components on the rise, casino operator Sands China Ltd. advanced 3.2%.
Over in Australia, some miners enjoyed a rebound after heavy losses Tuesday, with Rio Tinto Ltd. adding 0.3%, and Fortescue Metals Group Ltd. gaining 0.8%.
BHP Billiton Ltd. fell 0.1%. The mining giant announced the sale of its Canadian Ekati diamond-mine interest and marketing operations to Harry Winston Diamond Corp. for $500 million U.S. in cash.
Sydney-listed financials also pared losses from the previous session, with National Australia Bank Ltd. adding 0.6% after falling 1.4% on Tuesday, while insurer QBE Insurance Group Ltd. rose 2.4%.
But Japanese banks were broadly softer, with Mitsubishi UFJ Financial Group Inc. down 1.4% and Mizuho Financial Group Inc. off 0.8%, while Sumitomo Mitsui Financial Group Inc. ended flat. All three were set to report earnings following the close of trade.
CHINA
Meanwhile, the tentative performance of mainland Chinese shares came as investors awaited the outcome of the Communist Party’s National Congress, which ends Wednesday.
The Shanghai CSI 300 Composite Index recovered 10.67 points, or 0.5%, to 2,223.11
The party was expected Thursday to announce the names of its top leaders, who will then almost certainly occupy top positions in the government in a once-in-a-decade leadership change that will take place next year.
Shares of real-estate major Gemdale Corp. dropped 1%, and Poly Real Estate Group Co. shed 2% in Shanghai.
But those losses were countered by gains for some financial- and resource-sector stocks, with PetroChina Co. rising 0.4% and Ping An Insurance Group Co. adding 0.7%.
In other markets
In Singapore, the Straits Times Index returned from holiday to slide 29.54 points, or 1%, to 2,978.03
Korea’s Kospi index inched up 4.34 points, or 0.2%, to 1,894.04
Taiwan’s Taiex Index picked up 23.70 points, or 0.3%, to 7,159.75
New Zealand’s NZX 50 shed 14.99 points, or 0.4%, to 3,955.56
Australia’s ASX Index gained 8.56 points, or 0.2%, to 4,388.37
