Many Asian stock markets headed higher Thursday, reversing earlier losses as utilities advanced.
Japan’s Nikkei 225 galloped 145.23 points, or 1%, to 14,622.89
The Hang Seng Index in Hong Kong dipped 53.30 points, or 0.2%, to 21,834.45
Tencent Holdings Ltd. dropped as regional Internet shares sank on concern valuations are too high. Tencent fell 5.9% in Hong Kong after King Digital Entertainment Plc, the maker of the “Candy Crush” smartphone game, posted the biggest decline of a newly listed U.S. company in over four months, even after pricing its shares at a discount to peers.
The company yesterday announced it was buying a $500-million U.S. stake in South Korea’s CJ Games.
Citic Pacific Ltd. soared 13% in Hong Kong on a plan to buy its parent’s assets.
Utilities rose as Kansai Electric Power Co. advanced 4.8% to 1,079 yen in Tokyo, while Tohoku Electric Power Co. added 4.1% to 1,063 yen.
Naver Corp., which provides Internet portal services, lost 3% to 773,000 won in Seoul, and Yahoo Japan Corp. dropped 2.9% to 549 yen.
CHINA
The Shanghai Shenzhen CSI 300 fell 15.34 points, or 0.7%, to 2,155.71
Data today showed China’s industrial profits increased 9.4% in the two months through February year-on-year, compared with 17% growth a year earlier.
People.cn Co. declined 6.6% to 71.31 yuan in Shanghai
In other markets;
In Taiwan, the Taiex added 42.30 points, or 0.5%, to 8,779.97
Singapore’s Straits Times Index gained 19.14 points, or 0.6%, to 3,162.46
Korea’s Kospi Index increased 13.66 points, or 0.7%, to 1,977.97
The New Zealand Exchange 50 index eked up 1.65 points to 5,126.54
In Australia, the S&P/ASX 200 dipped 26.66 points, or 0.5%, to 5,350.09
