Asian markets ended mostly higher on Tuesday, with a rebound in commodity prices and Swiss banking major UBS's return to profit spurring late buying in Hong Kong.
In Tokyo, the Nikkei 225 Index lost another 18.92 points, or 0.2%, to 9,932.90, on top of yesterday’s 100-point-plus loss.
Hong Kong’s Hang Seng Index gained back 239.39 points, or 1.2%, to 19,790.25.
Shares of Bank of China rose 2.8%, shipping firm China Cosco Holdings climbed 3.2% and Agile Property Holdings added 3.7% in Hong Kong, and Posco climbed 1.3% in Seoul.
Toyota Motor gained 1.8% in Tokyo on bargain-hunting after its sharp losses recently. At the end of trading in Tokyo, the company said it would recall about 400,000 vehicles worldwide, to resolve problems in braking systems.
Cnooc shares climbed 3.5% in Hong Kong in the wake of news that Husky Energy Inc. has made its third significant gas discovery in the South China Sea. Husky started exploring offshore China in 2002 and signed a petroleum contract for a block in the South China Sea in 2004.
Under the contract, Cnooc has the right to participate in any field development projects for up to 51% working interest.
But earlier in the day, Australian financials and some exporters were hurt as investors remained cautious, awaiting updates related to fiscal debt problems in Greece, Spain and Portugal.
Australia & New Zealand Banking Group lost 1.9% and National Australia Bank dropped 1.4%.
Macquarie Group shares sank 6.1% although the company said its second-half profit could rise 10% from the first half, as some analysts were expecting a stronger guidance.
In Japan, exporters with relatively high exposure in Europe weakened, with Nikon dropping 0.8% and Mazda Motor shedding 2.2%.
In Seoul, stocks related to Kumho Asiana Group surged after its owner family offered their private wealth as collateral, helping pave the way for the group's restructuring. Asiana
Airlines soared 13.6%, with Kumho Industrial and Kumho Tire each jumping 15%.
In foreign exchange markets, the euro rebounded against the U.S. dollar and Japanese yen after recent declines. Still, with E.U. leaders due to meet in Brussels on Thursday to discuss the economic outlook, many investors were watching to see if they would address recent Greek problems.
CHINA
The Shanghai 300 Composite Index gained 18.20 points, or 0.6%, to 3,169.19
Jiangxi Copper climbed 2% and China Minsheng Banking rose 1.1% in Shanghai
Elsewhere:
Korea’s Kospi Index was 17.70 points, or 1.1%, higher to 1,570.49
Taiwan’s Taiex index jumped 145.16 points, or 2%, to 7,361.04
Singapore’s Straits Times index gained 51.40 points, or 1.9%, to 2,745.02
New Zealand’s NZX Index surrendered 17 points, or 0.6%, to 3,076.45
Australia’s S&P/ASX 200 faded 16.30 points, or 0.4%, to 4,505.10
