Asian shares ended mostly higher Thursday, though Chinese stocks tumbled on persistent worries Beijing may tighten monetary policy to prevent asset bubbles.
The Nikkei 225 index in Tokyo gained back 135.56 points, or 1.3%, to 10,388.04.
In Tokyo, shares of Elpida Memory soared 7.2% after J.P. Morgan upgraded the stock to overweight, and raised its price target to 1,600 yen from 1,000 yen earlier.
Japan's automakers were higher, mainly on short covering after they led the Nikkei's decline Wednesday. Toyota Motor was up 3.8%, while Nissan Motor Co. added 3.1%.
Alumina's stock price surged 9.8% despite announcing that its first half profits fell 86%, as the company said it saw early signs of recovery in some key markets.
In Hong Kong, the Hang Seng index improved 404.47 points, or 2%, to 20,899.24. Heavyweights China Mobile and HSBC Holdings were boosted in Hong Kong by hopes that they may list their shares in Shanghai. China Mobile surged 7.5%, with sharp gains in late trading, while HSBC Holdings added 3.3%.
Chinese property and automobile stocks fell sharply in Hong Kong despite broad market gains, with Guangzhou R&F Properties Co. down 1.8%, Geely Automobile Holdings 0.5% lower and Qingling Motors Co. off 3%.
Shares of Lenovo Group jumped 5.2% after it reported a smaller than expected net loss in the first quarter.
In Sydney, financial stocks rose sharply after data showed the nation added 32,200 jobs in July, belying expectations of a drop. Macquarie Group gained 3.3% and Westpac Banking Group was up 3.9%.
CHINA
Shanghai’s 300 Composite Index skidded 77.82 points, or 2.1%, to 3,663.12, after the People's Bank of China Wednesday announced for the first time it would fine-tune monetary policy as needed.
Elsewhere:
Singapore’s Straits Times Index was 5.33 points, or 0.2%, lower, to close at 2,601.50.
South Korea’s Kospi index recovered 5.57 points, or 0.4%, to 1,565.04
Taiwan’s Taiex picked up 20.41 points, or 0.3%, to 6,868.65
New Zealand’s NZX 50 Index dropped 27.92 points, or 0.9%, to 3,056.15
Australia’s S&P/ASX 200 improved 61.80 points, or 1.5%, to 4,326.30
