Asian markets were mixed on Tuesday, though stocks in Japan and Hong Kong picked themselves up from a selloff in the previous session sparked by concerns over the situation in Ukraine.
Japan’s Nikkei 225 index recovered 69.25 points, or 0.5%, to 14,721.48
The Hang Seng Index in Hong Kong rocketed 156.96 points, or 0.7%, to 22,657.63
Another sign of easing tension in the market was a softer yen--a safe-haven asset that is typical bought in times of turmoil. The U.S. dollar moved higher to ¥101.64 in Asian trade, compared with ¥101.44 late Monday in New York. Stocks in Tokyo responded well to the weaker currency, helping the Nikkei Stock Average recover after Monday’s losses.
The situation in Ukraine is the latest crisis to hurt sentiment this year, and the performance of global markets overnight was broadly negative with stocks in both the U.S. and Europe dropping on Monday. Russia was hit the worst, as the Micex index plunged 11% and the ruble touched a record low against the dollar.
Asia has already weathered shocks from a number of emerging markets in 2014, which has put much of the region in the red for the year. Most notably, investors were spooked by concerns over unrest in Turkey and renewed fears over the state of China’s economy. As a result, stocks spent much of February recovering from a selloff that started in January.
In corporate news, shares in property developer China Vanke Co. jumped after it said it had received regulatory approval to convert its Shenzhen-listed, dollar-denominated B shares into Hong Kong-listed H shares. The firm’s B shares were 10% higher, while its A shares rose 3.2%.
In the currency markets, the Australian dollar dropped to as low as $0.8910, compared with $0.8936 late Monday in New York, after the Reserve Bank of Australia kept interest rates steady at a record-low 2.5%, though the central bank said that the local currency remains high by historic standards. The currency was last at $0.8923 U.S.
CHINA
The Shanghai CSI 300 Index docked 6.10 points, or 0.3%, to 2,184.27, as Chinese coal miners fell after local media said that Shenhua Group cut its product prices again.
Coal companies that lost ground included Kailuan Energy Chemical, which lost 2.4% and Yanzhou Coal Mining, which was 2.2% lower.
In other markets;
In Taiwan, the Taiex fell 47.44 points, or 0.6%, to 8,554.54
Singapore’s Straits Times Index added 17.24 points, or 0.6%, to 3,104.71
Korea’s Kospi Index slid 10.58 points, or 0.5%, to 1,954.11
The New Zealand Exchange 50 index gained 25.33 points, or 0.5%, to 5,033.26
In Australia, the S&P/ASX 200 took on 15.91 points, or 0.3%, to 5,400.23
