Most Asian markets ended higher Tuesday, as Shanghai and Hong Kong shares rose after an upbeat forecast from China Life Insurance Co., while China Southern Airlines Co. jumped on plans to raise funds through a private placement.
The Nikkei 225 index in Tokyo settled back 18.27 points, or 0.2%, to 10,567.65
The Hang Seng Index in Hong Kong took baby steps forward, gaining 10.68 points to 21,207.55.
Shares of BOC Hong Kong Holdings lost 1.3% after UBS Investment downgraded the lender's stock to neutral from buy, citing concerns over pressure on interest rate margins.
In Singapore trading, shares of Singapore Airlines dropped 1.3% after Citigroup downgraded them to sell from buy, saying they seemed "to be running ahead of fundamentals."
Resources plays around the region lost ground after outperforming Monday and as gold prices slipped. In Hong Kong, Zhaojin Mining Industry fell 1.4% and Zijin Mining Group Co. gave up 0.3%; Lihir Gold shed 1.7% and Newcrest Mining slipped 0.1% in Sydney.
Arrow Energy declined 1.8% in Sydney after Monday's 47% surge in the wake of a takeover bid from Royal Dutch Shell and PetroChina Co.
Japanese steelmakers fell after strong recent gains. JFE Holdings fell 0.7% and Nippon Steel Corp. gave up 1.1% in Tokyo.
Shares of Fujitsu dropped 3.8% after the Tokyo Stock Exchange said it has launched an investigation into whether the Japanese technology-services company intentionally hid information regarding the resignation of its president last year.
The stock exchange's investigation comes after Fujitsu Saturday corrected its official explanation for former President Kuniaki Nozoe's Sept. 25 resignation. Initially, Fujitsu said he was stepping down due to illness.
This past weekend, it said instead that other Fujitsu executives asked him to resign because of concerns about his relationship with an individual linked to a company with an "unfavorable reputation," an allegation Mr. Nozoe's lawyer says is false.
Bucking the downtrend in Tokyo, Nintendo added 0.6%. Cosmo Securities analyst Tomoaki Kawasaki said in a report that strength in the company's software titles, such as a New Super Mario Brothers title, is likely to help bolster its results for the second half of the fiscal year ending in March.
Australian shares posted modest gains, led by financials, after Australian job advertisements surged 19.1% on-month in February, according to an ANZ survey. National Australia Bank's business confidence index for February also rose four points to 19. National Australia Bank added 2.1% and Westpac Banking Corp. gained 0.5%.
UBS’ head of sales in Sydney said that the market is looking for more confirmation of a U.S. economic recovery and successful management of excessive growth in China.
In foreign exchange markets, the euro fell against the U.S. dollar and the yen. It was buying $1.3618 U.S. from $1.3633 U.S. in late New York trade on Monday and 122.63 yen from 123.06 yen.
The dollar was at 90.03 yen from 90.26 yen. Sterling extended Monday's losses against the dollar, and was at $1.5008 U.S. from $1.5063 U.S. in late New York trade.
CHINA
Many investors were also looking to China for cues, and some were taking a breather after recent stock market gains, said traders. A flurry of Chinese economic data is due on Thursday.
Shanghai’s CSI 300 Index added 19.68 points, or 0.6%, to 3,305.86
In Tuesday's trading, China Life shares climbed 3% in Hong Kong and 3.3% in Shanghai after the mainland's largest insurance company said in a revised forecast that its 2009 net profit could rise more than 200%, due to a change in accounting rules.
China Southern Airlines stock jumped 7.1% in Hong Kong and 3.5% in Shanghai after the airline said it planned to raise 10.75 billion yuan ($1.58 billion U.S.) via a private placement to boost its capital.
Shandong Gold-Mining Co. gave up 0.4% in Shanghai.
Elsewhere;
Korea’s Kospi index eked out a gain of 0.79 points to 1,660.83
Singapore’s Straits Times Index advanced 4.97 points, or 0.2%, to 2,839.54
Taiwan’s Taiex Index put on 8.32 points, or 0.1%, to 7,770.59
New Zealand’s NZX Index gave back 9.61points, or 0.3%, to 3,213.21
Australia’s S&P/ASX 200 moved up 12.20 points, or 0.3%, to 4,820.10
