Asian stocks sank into the red Tuesday, with Hong Kong shares leading the decline, as heavyweight China Mobile lost ground after turning in weaker subscriber-growth numbers.
The Nikkei 225 index rose 0.4 percent to 14,269.6 points, its highest close since Jan. 10. The Hang Seng Index rose 0.5 percent to 25,742.2.
The benchmark Shanghai Composite Index, meanwhile, fell 0.5 percent to 3,604.8. Trading was thin in China, with investors staying on the sidelines as the country observes a three-day mourning period for victims of last week's earthquake.
In Tokyo, high oil prices buoyed mining and oil shares. Inpex Holdings rose 5.3 percent and Nippon Oil climbed 3.6 percent.
Steel issues also gained on hopes that shipbuilders may agree to a hike in steel prices. The Nikkei business newspaper reported Monday that Nippon Steel has reached a basic agreement with Mitsubishi Heavy Industries to raise the price of steel plate for shipbuilding by 40 percent. Nippon Steel climbed 5 percent.
Shares of Yahoo Japan tumbled 4% amid reports Yahoo Inc may sell off its Asian assets. The plan would see the company split up, with Microsoft taking a big share of what remains of the company.
Strength in commodity markets helped propel Japanese trading houses Mitsubishi Corp and Marubeni Corp., both of which derive a large portion of their profits from energy trading. The companies saw their shares rise 1.6% and 2.9% respectively.
Elsewhere:
Australia's S&P/ASX 200 and South Korea's Composite Index both ended 0.7% lower
Taiwan's Weighted Price Index fell 2.4%.
with files from other wire services
