Asian shares ended mostly higher Wednesday after a volatile session that saw many markets change direction at least once, with Japanese stocks climbing on exporters after a strong set of trade data for October.
Chinese stocks in Shanghai and Hong Kong overcame choppiness in early trade to finish higher as investors snapped up shares that were beaten down in Tuesday's selloff, but banks underperformed on concerns about capital-raising.
They recouped some of their losses Tuesday following a call by China's main banking regulator for China's lenders to strictly comply with capital requirements or face sanctions.
The bounce on mainland markets was led by the thinly traded foreign-currency-denominated B shares, with the Shanghai B share index jumping 5.1% after Tuesday's 7.3% slump.
Steelmakers and auto makers also advanced on hopes that the economic recovery will continue, with Baoshan Iron & Steel Co. jumping 8.5% and SAIC Motor Corp. gaining 2.9%.
But bank stocks underperformed as investors awaited clarity from the regulator on any possible changes to industry capital requirements.
Bank of China gained 0.7%, Industrial & Commercial Bank of China added 0.2% and Bank of Communications inched up 0.1%. In Hong Kong, the stocks dropped 3%, 0.7% and 1.9%, respectively, capping overall market gains.
The Shanghai 300 Composite Index regained 81.55 points, or 2.3%, to 3,629.63.
In Hong Kong, the Hang Seng Index prospered 188.66 points, or 0.8%, to 22,611.80.
In Tokyo, the Nikkei 225 Index rebounded 40.06 points, or 0.4%, to 9,441.64, for its first higher finish in six sessions.
The initial public offering of CapitaMalls Asia received plenty of attention in Singapore as the shopping-mall concern -- the Asian mall business of property developer CapitaLand -- made a strong debut.
The deal was the island state's biggest IPO since national communications carrier Singapore Technologies Ltd.'s listing in 1993. The stock was at 2.26 Singapore dollars ($1.64 U.S.) in late afternoon trading, compared with its IPO at S$2.12.
The company raised S$2.8 billion.
Exporters led the bounce in Tokyo on bargain buying after a string of declines and despite the yen's strength against the U.S. dollar. Honda Motor Co. gained 2.6% and Toyota Motor Corp. added 1.2%, while Sony Corp. rose 2.1%.
Australian banks also staged a rebound after Tuesday's fall, when Lloyds' rights issue added to their decline.
National Australia Bank gained 1.6% and Australia & New Zealand Banking Group added 1.4%. BHP Billiton gained 2.4% amid speculation of a share buyback.
Flat-panel plays were leading gains in Taiwan on anticipation of increasing sales of flat-screen TVs ahead of the Christmas holiday season. AU Optronics gained 4.1%, while rival Chi Mei jumped 4%.
Elsewhere:
Taiwan’s Taiex index gained 41.75 points, or 0.5%, to 7,756.31
Singapore’s Straits Times index was up 12.86 points, or 0.5%, to 2,792.84
Korea’s Kospi index picked up 5.46 points, or 0.3%, to 1,611.88
New Zealand’s NZX Index finished 7.78 points, or 0.3%, higher to 3,115.39
Australia’s S&P/ASX 200 went upward 37.20 points, or 0.8%, to 4,722.20
