Hong Kong and Shanghai stocks extended recent gains Tuesday, the last full trading day before the Lunar New Year holiday, as they shrugged off downbeat Chinese home-price data.
The Nikkei 225 index faded 17.68 points, or 0.1%, to 17,987.09. The yen rose slightly against the U.S. dollar to ¥118.53, from ¥118.59 at the Tokyo stock exchange close on Monday.
In Hong Kong, the Hang Seng index moved 58.35 points, or 0.2%, to 24,784.88
Most Chinese property stocks declined in Hong Kong. Poly Property Group Co. tumbled 3%, Hang Seng constituent China Resources Land Ltd. lost 1.2%, and Country Garden Holdings Co. Ltd. pulled back 0.3%.
Among the heaviest-weighted Hang Seng components, HSBC Holdings PLC and China Mobile Ltd. both added 0.5%, and Tencent Holdings Ltd. rose 0.2%. Hong Kong telecom operator Hutchison Telecommunications Hong Kong Holdings Ltd. rose 2.6%, as the market accepted the company’s 9% year-on-year profit drop for last year.
Its corporate parent Hutchison Whampoa Ltd. traded 0.5% higher.
Hong Kong markets were due to open for a half day on Wednesday, while those in Shanghai were due to close for the rest of the week.
CHINA
The Shanghai CS300 index gained 22.84 points, or 0.7%, to 3,522.32
Major mainland Chinese banks posted gains that supported the market, with China Citic Bank Corp. up 2.3%, China Minsheng Banking Corp. climbing 2.1%, Bank of Communications Co higher by 0.9%, and Bank of China Ltd. tacking on 0.2%.
Official data showed Tuesday that 69 of the top 70 Chinese cities recorded falls in the price of new homes over January. On average, those prices were down 5.1% year on year, accelerating from a 4.3% drop in December.
In other markets;
Markets in Taiwan were closed for holiday
The Kospi in Korea eked up 3.22 points, or 0.2%, to 1,961.45
In Singapore, the Straits Times Index moved higher 7.05 points, or 0.2%, to 3,426.22
New Zealand’s NZX 50 index settled 8.03 points, or 0.1%, to 5.750.21
The S&P/ASX index slid 30.45 points, or 0.5%, to 5,858.21
