Asian stocks rose, with the regional benchmark index rebounding from its biggest slump since June, after U.S. shares advanced and Japanese companies posted earnings that cheered investors.
Japan’s Nikkei 225 index recovered 171.91 points, or 1.2%, to 14,180.38
Panasonic Corp. surged 19%, its largest gain in almost 40 years of trading, after Japan’s biggest consumer-electronics maker posted third-quarter profit that beat analyst estimates.
The Hang Seng Index in Hong Kong lost 128.39 points, or 0.6%, to 21,269.38
Hyundai Development Co-Engineering & Construction gained 8.2% in Seoul after the home builder’s rating was raised at KTB Securities Co.
Taiwan Semiconductor Manufacturing Co. sank 4.3% as markets reopened in Taipei after the Lunar New Year holiday.
Toyota Motor Corp., the world’s largest carmaker, jumped 6% to 5,830 yen in Tokyo. Toyota yesterday reported profit quintupled last quarter and raised its forecast for the fiscal year ending March 31 to an unprecedented 1.9 trillion yen.
Sony Corp. soared 4.6% to 1,600 yen after a person familiar with the matter said the company is in talks to sell its Japanese personal-computer business to buyout firm Japan Industrial Partners Inc.
Hyundai Development gained 8.2% to 25,600 won after the homebuilder’s rating was raised to buy from hold at KTB Securities with a 12-month target price of 29,000 won.
In other markets;
Markets in Shanghai remained shuttered for holidays
Taiwan’s Taiex Index returned from holidays to shed 198.09 points, or 2.3%, to 8,264.48
Singapore’s Straits Times Index slipped 5.71 points, or 0.2%, to 2,960.09
Korea’s Kospi Index recovered 4.47 points, or 0.2%, to 1,891.32
In New Zealand, the NZX 50 picked up 5.32 points, or 0.1%, to 4,807.94
In Australia, the S&P/ASX 200 stepped back 26.75 points, or 0.5%, to 5,070.31
