Asian markets rebounded Tuesday as a higher finish on Wall Street attracted buyers a day after most regional equities suffered a selloff, with Japanese stocks extending gains on hopes for further monetary easing under a new central bank chief.
In Japan, the Nikkei 225 Index gained 31.16 points, or 0.3%, to 11,683.45.
In Hong Kong, the Hang Seng index recovered from a 300-point-plus loss Monday to pick up 22.69 points, or 0.1%, to 22,560.50
In Hong Kong, Chinese banks and local property developers rose to help offset a 0.5% drop in shares of HSBC Holdings PLC after the heavyweight lender on Monday reported 2012 results that fell short of expectations.
Japanese shares, which had on Monday defied broad regional declines, added to their gains on the back of a continued rally in real estate and financial sectors.
The rise in Tokyo came a day after the government’s nominee for Bank of Japan Gov., Haruhiko Kuroda, made remarks favoring bolder monetary measures to meet the central bank’s recently-adopted target of achieving a 2% inflation.
Kuroda is expected to succeed incumbent Masaaki Shirakawa, who will be stepping down on March 19.
Finance Minister Taro Aso said at a press conference Tuesday that he expects Kuroda to handle monetary policy in line with the joint pact signed by the BOJ earlier this year, aimed at spurring a sluggish economy.
Heavyweight stock Fast Retailing Co. fronted the advance, jumping 5.5% after reporting a 9.6% increase in sales at its Uniqlo casual clothing chain in February.
The retail sector climbed in Sydney after data showing industry sales rose 0.9% on an adjusted basis in January, beating economist expectations for a 0.4% gain.
Myer Holdings Ltd. gained 2.5%, while David Jones Ltd. advanced 3.5%.
CHINA
Mainland Chinese stocks rebounded strongly as the National People’s Congress — the country’s parliament — began its annual session, although property developers fell further under the lingering influence of fresh restrictions imposed on the sector late last week.
The Shanghai CSI 300 Composite 300 index regained 77.09 points, or 3%, to 2,622.81
The rebound came as outgoing Premier Wen Jiabao kicked off the annual session of the NPC by announcing an economic growth target of 7.5% for 2013, in line with expectations.
The rebound on mainland bourses was led by financial, resource and industrial stocks, with Jiangxi Copper Co. rising 1.8% and Bank of Communications Co. adding 4%.
But property stocks remained a weak spot, amid fears that the latest restrictions on the sector may undo a recent recovery in home prices.
Gemdale Corp. lost 0.9% and Poly Real Estate Group Co. fell 1.1% in Shanghai, while China Vanke Co. managed to reverse early losses to finish 0.5% higher in Shenzhen. All three stocks had plunged by the day’s 10% limit on Monday.
In other markets
In Korea, the Kospi Index inched up 3.46 points, or 0.2%, to 2,016.61
In Taiwan, the Taiex Index prospered 65.37 points, or 0.8%, to 7,932.71
The Singapore Straits Times Index added 8.31 points, or 0.3%, to 3,248.26
In New Zealand, the NZX 50 index restored 15.56 points, or 0.4%, to 4,269.16
In Australia, the S&P/ASX regained 64.84 points, or 1.3%, to 5,075.36
