Asian stocks stabilized on Tuesday, with many markets trading around the breakeven mark, as the region paused after a global selloff that saw heavy losses in recent sessions.
Japan’s Nikkei 225 index dipped 25.57 points, or 0.2%, to 14,980.16, supported by a slightly weaker yen, with stocks stabilizing after plunging 5.2% over the last three sessions.
The U.S. dollar rose 0.2% against the Japanese currency and was steady at ¥102.55, compared with ¥102.57 late Monday in New York.
Hong Kong’s Hang Seng Index eased 15.46 points, or 0.1%, to 21,960.64.
In corporate news, shares in Sony Corp. dropped 1.6% in Tokyo after Moody’s cut the company’s credit rating to junk on Monday after the market closed. The ratings agency said the Japanese electronics firm still had more to do to improve its battered balance sheet.
Also in Japan, companies supplying Apple fell after the U.S. technology giant’s disappointing revenue forecast led to substantial after-hours selling. Component supplier Ibiden Co. lost 0.5% and Foster Electric Company fell 1.6%
Australian markets were lower on Tuesday, as the market played catch-up with a global selloff that started late last week. A public holiday on Monday meant Sydney missed a brutal session that put many of the region’s markets more than 2% lower.
After falling as much as 1.6% in early trade, Australian stocks pared their losses after National Australia Bank’s monthly business conditions index rose to its highest level in 21/2 years, a possible turning point for an economy the weakened in 2013 as a fading mining boom weighed on growth.
The index went to a plus-four in December from minus-three in November.
CHINA
Shanghai’s CSI 300 index eked higher 3.93 points, or 0.2%, to 2,219.85.
Shaanxi Coal Industry Co. had a strong debut after raising 4 billion yuan ($661 million U.S.) via an initial public offering earlier this month--the largest IPO in mainland China since new listings resumed at the beginning of the year.
Shares in China’s biggest coal producer soared 25.3% in early trade before they were suspended after their opening surge.
In other markets;
Korea’s Kospi index gained 6.59 points, or 0.3%, to 1,916.93
Taiwan’s Taiex Index plummeted 135.74 points, or 1.6%, to 8,462.57
The Singapore Straits Times Index added 19.98 points, or 0.7%, to 3,062.41
In New Zealand, the NZX 50 slid 5.36 points, or 0.1%, to 4,848.44
In Australia, the S&P/ASX 200 retreated 65.82 points, or 1.3%, to 5,175.11
