Asian markets finished mainly higher Thursday, buoyed by a rally on Wall Street as concerns over further monetary tightening in China eased. Stronger-than-expected jobs data also lifted shares in Sydney.
In Tokyo, the Nikkei 225 Index regained 172.65 points or 1.6% to 10,907.68.
Markets in Tokyo strengthened, reversing the loss from the previous session to follow the gains in the region with shipping companies, banks and technology blue chips leading the advance. Sony climbed 2.6%, Panasonic finished up 6.1% and Sharp closed 3.2% higher. Among shippers, Nippon Yusen added 5.1% and Mitsui O.S.K. Lines tacked on 7.2%.
The gains came despite government data showing that Japan's core machinery orders, an important indicator of corporate capital spending trends, dropped 11.3% to their lowest level on record in November. The overall trend remains firm as manufacturers are likely to be supported by overseas demand ahead, a Cabinet Office official told reporters.
Hong Kong’s Hang Seng Index sank another 31.65 points, or 0.2%, to 21,716.98, as worries over further tightening by Beijing continued to weigh on policy-sensitive banks and property developers.
Bank of Communications fell 1.7% and China Overseas ended 2.3% lower.
The market in Seoul rose on technology and automobile stock gains with Samsung Electronics up 3.8%, Hynix 5.8% higher and Hyundai Motor climbing 1.5%.
Posco closed 0.7% lower ahead of its fourth-quarter results. After the market closed, the world's fourth largest steel maker by output reported that its fourth-quarter earnings rose to 1.275 trillion Korean won ($1.1 billion U.S.) from 721 billion Korean won a year earlier, helped by revived demand, cost cuts and lower input costs.
Over in Sydney, the market received a boost from data showing the Australian economy created a further 35,200 jobs in December, its fourth straight month of surprisingly strong gains, beating market expectations for a 10,000 rise while the unemployment rate was slightly lower at 5.5% from 5.6% in November.
Metals shares closed mostly higher after Rio Tinto reported that its share of iron-ore production rose 12% on year and climbed 49% for the fourth quarter from the same time a year ago because of strong demand from China. Rio Tinto shares rose 2.6%. BHP Billiton closed up 1.5%.
In foreign exchange markets, the U.S. dollar edged higher against the yen, but slipped against the euro. The U.S. dollar was at 91.81 yen from 91.38 yen in late New York trade, while the euro was at $1.4515 U.S. from $1.4505 U.S. and at 133.31 yen from 132.56 yen.
CHINA
China shares reclaimed some of Wednesday's losses, which were sparked by The People's Bank of China's move to hike the reserve-ratio requirement for banks.
The Shanghai 300 Composite Index recovered 47.91 points, or 1.4%, to 3,469.05
"The most pressing worry about China is the overheating real estate and stock markets," said Tony Sagami, editor of Asia Stock Alert. The move by the PBOC "shows that Beijing is serious about avoiding a U.S.-style meltdown -- long term, a major positive."
Adding support, investor concerns about Beijing stepping up its monetary policy tightening eased after the central bank left the yield on benchmark bills unchanged during its regular open-market operation.
Elsewhere:
Korea’s Kospi Index was 14.36 points, or 0.9%, higher to 1,685.77
Taiwan’s Taiex index climbed 93.42 points, or 1.1%, to 8,289.98
Singapore’s Straits Times index added 21.14 points, or 0.7%, to 2,909.52
New Zealand’s NZX Index tacked on 2.10 points, or 0.1%, to 3,278.33
Australia’s S&P/ASX 200 gained 29.90 points, or 0.6%, to 4,898.
