Most Asian markets ended higher Tuesday, with financial stocks getting some respite from recent heavy selling following the lead of some of their U.S. counterparts overnight.
But Japan's Nikkei 225 Average closed at a fresh 26-year low, with automobile stocks tracking Wall Street lower and Takeda Pharmaceutical extending losses on concerns a U.S. approval for its diabetes drug could be delayed.
The benchmark ended down 31.05 points, or 0.4%, at 7054.98, although it withstood selling pressure that threatened to pull it below the psychologically-important 7,000-point level through the session.
HSBC Holdings went from hindrance to help in Hong Kong, with the Hang Seng Index rising 349.47 points or 3.1%, as shares of the banking heavyweight jumped 13.9% from Monday's 24.1% drop.
But Moody's Investors Service took the first step toward a possible cut of its long-term senior debt ratings on HSBC, revising its outlook to negative from stable. Other Hong Kong banking stocks also advanced, with Bank of East Asia surging 7.1% and Hang Seng Bank gaining 2%.
But with some markets already close to multiyear lows, selling was also unlikely to be strong, some analysts said.
Among financial stocks, Commonwealth Bank of Australia jumped 4.3%, with QBE Insurance Group adding 2.9%. National Australia Bank ticked up 1.6% after a big fall Monday, although ABN Amro cut its rating on the stock to sell.
In Japan, Mitsubishi UFJ Financial Group gained 3.7% and Sumitomo Mitsui Financial Group added 1.7%. Elsewhere, Singapore's DBS Group rose 2.6% by late afternoon and Korea's KB Financial Group surged 11.7%.
Real-estate shares were also rising in Tokyo after Monday's falls, with Mitsui Fudosan Co. up 2.2%, while among insurers, Tokio Marine Holdings gained 3.2%.
Telstra was a leading decliner in Sydney, down 4.3% on concerns it may be permanently excluded from the national broadband tendering process, though Chief Executive Sol Trujillo said the company remained open to talks with the Australian government over the tender. Consumer-linked shares were also under pressure, with Woolworths lower by 2.2%.
The South Korean won's recent weakness continued to help export-related stocks, with Hyundai Heavy Industries up 3.4% and Kia Motors rising 4.4%.
In Singapore, Chartered Semiconductor Manufacturing plumbed all-time lows after confirming plans to raise $300 million U.S. through a 27-for-10 rights offering to existing shareholders. The stock plunged 41.5% by late afternoon.
CHINA
China's Shanghai Composite Index sprang up 38.26 points or 1.7% to 2,240.78, after February’s consumer price index data came in largely as expected -- showing a drop of 1.6%.
Elsewhere:
Singapore’s Straits Times Index was 28.80 points, or 2.0% ahead, to 1,485.75
Taiwan’s Taiex gained 42.78 points, or 0.9% to 4,671.02
South Korea’s Kospi advanced 20.47 points or 1.9% to 1,092.20
New Zealand’s NZX 50 Index backtracked 6.47 or 0.3% to 2,462.71
Australia’s S&P/ASX 200 Index was up 30 points or 1.0% to 3,184.50
