Stocks in Hong Kong and Shanghai fell on Tuesday, while a strong performance in BHP Billiton Ltd. helped the Australian stock market rise.
The Nikkei 225 index in Japan gained 19.68 points, or 0.1% to 14,713,25
Hong Kong’s Hang Seng Index dropped 122.16 points, or 0.5%, to 23,315.99, as the index was weighed down by its second-largest constituent, China Mobile Ltd.
The world’s largest mobile carrier by subscribers dropped 3.4% after reporting that nine-month net profit fell 1.9% — the result of tough competition as well as increased network investments and handset subsidies.
There was also some weakness in Hong Kong-listed Chinese developers, after data showed that new home prices rose on the year in September in 69 of 70 cities. Signs of rising house prices are often taken negatively, as it increases expectations that Beijing could step in to cool the property market.
China Resources Land Ltd. dropped 1%, while China Overseas Land & Investment Ltd. fell 0.8%.
The dollar was slightly higher against the Japanese yen at ¥98.35, compared with ¥98.17 late Monday in New York.
Shares in chemicals firm Asahi Kasei Corp. rose 2.7% in Tokyo after a Nikkei newspaper report said that the company’s consolidated first-half operating profit likely surged 83% on year to more than ¥70 billion. The results would set a new record for an interim period.
Australian markets rose, helped by mining giant BHP Billiton, which rose 2.4% after it raised its iron-ore production guidance for the 2014 fiscal year. The firm now expects to produce 212 million metric tonnes of iron ore, or 2.4% above the previous guidance.
Also in Sydney, retailer David Jones Ltd. dropped 2.1% after Chief Executive Paul Zahra said Monday that he will resign for personal reasons after the company finds a successor.
CHINA
Shanghai’s CSI 300 let go of 25.43 points, or 1%, to 2,445.89, easing after a strong Monday session, where the index jumped 1.6% after comments from the State Council over the weekend raised expectations for economic reform.
In other markets;
Korea’s Kospi Index gained 3.11 points, or 0.2%, to 2,056.12
Taiwan’s Taiex Index ditched 1.05 points to 8,418.27
The Singapore Straits Times Index lost 25.43 points, or 1%, to 3,210.21
In New Zealand, the Exchange 50 Gross Index added 29.23 points, or 0.6%, to 4,831.79
In Australia, the S&P/ASX 200 gained 21.37 points, or 0.4%, to 5,375.15
