Most Asian stock markets ended higher Thursday, with Japanese technology exporters climbing on the yen's pullback from recent sharp gains, while Chinese coal shares gained on hopes of industry consolidation.
Japan’s Nikkei 225 Index gained 61.09 points, or 0.7%, to 8,906.48, snapping a four-session losing streak that dragged the benchmark to a 16-month closing low Wednesday.
Hong Kong’s Hang Seng Index fell 22.92 points, or 0.1%, however, to 20,612.06, for its fifth straight negative session.
China Life Insurance tumbled 6.3% a day after it reported earnings. China Life Insurance Co. reported a better-than-expected 7.4% growth in first-half profits, but Citigroup and Credit Suisse cut the company's price targets on the insurer's investment losses during the period.
The yen's pullback Wednesday from sharp recent gains against the U.S. dollar and the euro lifted technology exporters in Tokyo, with Elpida Memory Inc. rising 1.6% and Canon adding 1.3%, while Nikon Corp. gained 1.9%.
Inpex Corp. gained 0.7% on Wednesday's rise in crude-oil prices.
Suzuki Motor rose 2.9% after the company's Indian motorcycle subsidiary said it will more than double its production capacity by 2012 and announced plans to introduce three more models.
Investors remained cautious on political uncertainty as Ichiro Ozawa, former secretary-general of the ruling Democratic Party of Japan, expressed his intention to run in the Sept. 14 elections to pick the party president. The party's president is likely to become Japan's prime minister.
Australian shares were lifted by financial and consumer staple stocks, although mining stocks declined on cautious outlook statements from BHP Billiton and as investors remained concerned about the U.S. economy. BHP Billion dropped 0.1% and Oz Minerals gave up 0.4%.
Woolworths climbed 2.4% after announcing that it will conduct an off-market 700-million-Australian-dollar ($616 million U.S.) share buyback. Financial stocks advanced, with Suncorp-Metway rising 3.6% after Goldman Sachs upgraded the stock to "buy," while Westpac Banking Corp. rose 2.3%.
Taiwanese shares extended their losing streak, dragged lower by losses in financial stocks. The sector was also weighed down after Credit Suisse rated the market an underweight and said Taiwanese financial shares trade at a sharp premium to regional peers. Cathay Financial fell 1.3% and Chinatrust Financial Holding slid 2.6%.
In foreign-exchange markets, the yen declined against the euro and rose slightly against the U.S. dollar, following an overnight retreat by the Japanese currency as risk aversion ebbed with the rise in U.S. stocks and weaker Treasurys Wednesday.
The dollar was at ¥84.65, compared with ¥84.78 in late New York trade Wednesday. The euro was at $1.2695 U.S. compared with $1.2655 U.S., and at ¥107.48, versus ¥107.20.
CHINA
Coal miners gained in Shanghai trading on hopes the government will further speed up consolidation of the coal industry.
Shanghai’s CSI 300 Index inched higher 7.07 points, or 0.3%, to 2,850.09
The State Council Wednesday issued a statement stressing the need to push ahead with consolidation efforts. China Shenhua Energy rose 0.5%, Datong Coal Industry Co. added 1.4% and China Coal Energy Co. gained 1.5%.
Elsewhere;
Singapore’s Straits Times Index ducked back 0.68 points to 2,925.87
Korea’s Kospi index gave back 5.03 points, or 0.3%, to 1,729.76
Taiwan’s Taiex Index decreased 47.24 points, or 0.6%, to 7,689.74
New Zealand’s NZX index picked up 12.20 points, or 0.4%, to 3,018.25
Australia’s S&P/ASX 200 added 35.90 points, or 0.8%, to 4,356
