Asian equities closed higher on the second day of 2015's final week, after the Japanese and South Korean markets erased morning losses and the Chinese market eventually closed higher, following a volatile trading session.
The Nikkei 225 gained 108.88 points, or 0.6%, the Nikkei 225 to 18,982.23
The Hang Seng index in Hong Kong gained 80 points, or 0.4%, to 21,999.62
The overall positive closes throughout the region were a turnaround from earlier in the session, when analysts pointed to the overnight selloff in oil and yesterday afternoon's drop in Chinese markets as weighing on sentiment in Asia markets Tuesday.
In Japan, Toshiba, still recovering from a $1.3-billion U.S. accounting scandal, confirmed it will ask for an additional 300 billion yen ($2.49 billion U.S.) in credit lines for further restructuring plans. Toshiba shares were up 2.7% after dropping more than 15% last week to multi-year lows.
The Japanese yen was trading nearly flat, with the dollar-yen pair down 0.1% at 120.31.
Major export stocks such as Toyota, Sony, and Honda closed mixed after seeing losses in the morning.
Energy plays across Asia were mixed, with Australia's Oil Search closing down 0.6% and Japan's Inpex gaining 0.9%, and Japan Petroleum closing up 1.7%. Woodside Petroleum finished up 0.8%.
In Korea, most Samsung Group shares finished in the green, with Samsung Engineering up 29.7% at market close. Reuters reported that the company said late on Monday that it had won two contracts from Samsung Electronics worth $448.4 million U.S.
In Hong Kong, shares of Imagi International Holdings, which owns the Imagi Animation Studios, finished up 9.8% after the company said it appointed non-executive director Leung Pak To as its chairman. Leung replaces former chairman Shan Jiuliang, whose whereabouts have been unknown since mid-October.
H-shares of Evergrande Real Estate Group, which resumed trading in the afternoon, climbed 3.7% late afternoon but finished lower.
Reports said the company announced several new agreements and purchases on Tuesday with Chow Tai Fook Enterprises and New World Development.
Two of Australia's biggest miners fell, Rio Tinto down 2.6%, and BHP Billiton off 1.3%.
Iron ore prices continued to see some end-year respite, with the Qingdao Iron ore prices climbing to $41.30 U.S. on Monday, up 7.8% since December 11. But the steel-making commodity has lost as much as 44% this year due to global oversupply and shrinking Chinese steel demand.
CHINA
Chinese markets finished in positive territory despite volatility throughout the trading session.
The CSI 300 in Shanghai regained 34.24 points, or 0.9%, to 3,761.88
Chinese oil plays including PetroChina, and Sinopec traded down.
Before trade, the People's Bank of China set the official yuan mid-point rate at 6.4864 per U.S. dollar, the lowest since June 2011 and 0.2% weaker than the previous fix of 6.4750. The yuan traded nearly flat at 6.4856 against the U.S. dollar.
Mainland brokerage shares finished in positive territory, with Haitong Securities up 1.8%.
Shares of China's Hua Xia Bank closed up 3.2% after reports said that Deutsche Bank agreed to sell its 20 percent stake in the bank to insurance company PICC Property and Casualty. Hong Kong-listed shares of PICC P&C were down 1.6%.
In other markets
In Singapore, the Straits Times Index added 12.90 points, or 0.5%, to 2,888.22
The Kospi index in Korea poked ahead 2.25 points, or 0.1%, to 1,966.31
Taiwan’s Taiex index slid 64.58 points, or 0.8%, to 8,293.91
In New Zealand, the NZX 50 jumped 66.91 points, or 1.1%, to 6,292.44
The ASX 200 climbed 59.74 points, or 1.2%, to 5,267.34
