Japanese stocks overcame volatility to advance Tuesday as a pullback in the yen spurred exporters, while shares in Hong Kong and Shanghai jumped on a rally in property and brokerage firms.
The Nikkei 225 recovered 169.33 points, or 1.2%, to end Tuesday at 14,311.98
In Hong Kong, the Hang Seng Index climbed 238.20 points, or 1.1%, to 22,924.25
Among stock movers in Tokyo, Fast Retailing Co. climbed 2.3%, Sony Corp. gained 3.2%, and Mazda Motor Corp. rose 6.5%, as the U.S. dollar climbed to ¥102.08 after dropping below ¥101 on Monday.
Hong Kong-listed shares of Haitong rose 4.7%, while China Resources Land Ltd. added 3.2%.
Also in Hong Kong, China Construction Bank Corp. rose 1.4%, and Industrial & Commercial Bank of China Ltd. added 1.7%, with Bernstein Research raising its price target for both stocks.
Banks supported the Australian market snap out of a losing streak, caused by profit-taking in high dividend-yielding stocks.
Westpac Banking Corp. gained 0.9%, heavyweight Commonwealth Bank of Australia added 0.6%, and Bank of Queensland Ltd. rose 1.4%.
CHINA
Chinese property and brokerage stocks posted strong gains on strong buying witnessed in the afternoon trading session.
In Shanghai, the CSI 300 Index progressed 44.77 points, or 1.7%, to 2,644.36
Poly Real Estate Group Co. gained 3.3%, Gemdale Corp. climbed 4.4% and Haitong Securities Co. rose 4.8% in Shanghai trading
In other markets;
Singapore’s Straits Times Index gained 14.78 points, or 0.4%, to 3,406.08
In Korea, the Kospi Index inched higher 6.25 points, or 0.3%, to 1,986.22
Taiwan’s Taiex Index docked 17.05 points, or 0.2%, to 8,263.05
The New Zealand Exchange 50 Gross Index eked ahead 0.05 points to 4,578.25
Australia’s S&P/ASX gained 10.80 points, or 0.2%, to 4,970.65
