Asian markets rose on Tuesday, with Japan's Nikkei index the standout performer thanks to a weaker yen, as investors moved in for cheaper stocks following the previous day's sell-off.
With US markets closed Monday for a public holiday, investors shrugged off flat Chinese economic growth figures a day earlier to send China shares higher after the country's central bank moved to ease fears of a cash crunch.
In Tokyo, the benchmark Nikkei rose 0.99 percent, or 154.28 points, to close at 15,795.96, while the Topix index of all first-section shares added 0.16 percent, or 2.09 points, to 1,295.95.
Japanese traders took advantage of the weaker yen as the Bank of Japan kicked off a two-day policy meeting, which will be watched for any changes or announcements regarding its stimulus programme.
"A well supported dollar should continue to translate into a well supported stock market," Monex market analyst Toshiyuki Kanayama told Dow Jones Newswires.
Shares in Nintendo, which ended Monday down 6.14 percent after it last week warned it will see a net loss this financial year, fell another 2.40 percent to 13,415 yen.
The stock plunged nearly 19 percent at one point Monday in response to the announcement that it expects to lose 25 billion yen ($240 million) in the year to March owing to sales of its Wii U console coming in well below forecasts.
Among other major shares, mobile carrier SoftBank added 0.41 percent to 8,874 yen while Sony edged up 0.23 percent to 1,771 yen. Panasonic fell 2.13 percent to 1,288 yen and Japan's biggest bank Mitsubishi UFJ Financial Group eased 0.74 percent to 671 yen.
Hong Kong stocks closed 0.45 percent higher on Tuesday, in line with the regional rally.
The benchmark Hang Seng Index added 104.17 points to 23,033.12 on turnover of HK$64.48 billion ($8.32 billion).
The index was also given a boost by news that the People's Bank of China had pumped cash into financial markets to avert a liquidity crunch before the Chinese New Year.
The bank said late Monday that it had provided short-term liquidity to some large commercial banks, without giving the amount.
It also injected 255 billion yuan worth of funds into the interbank market on Tuesday, according to a separate statement. Demand for funds traditionally increases ahead of the Chinese New Year, which starts next week.
In Hong Kong HSBC ended flat at HK$85.75, China Mobile rose 0.65 percent to HK$77.15, Cheung Kong Holdings eased 0.08 percent to HK$120.50 and Cathay Pacific Airways added 1.30 percent to HK$17.12.
PetroChina edged up 0.25 percent to HK$8.07 and Ping An Insurance of China was up 0.67 percent at HK$67.45.
Chinese shares ended 0.86 percent higher. The benchmark Shanghai Composite Index rose 17.06 points to 2,008.31 on turnover of 52.0 billion yuan ($8.6 billion).
Media and financial plays were among the biggest gainers.
Beijing Gehua CATV Network surged by its 10 percent daily limit to 7.87 yuan while Zhejiang Daily Media Group advanced 4.78 percent to 34.17 yuan.
Pacific Securities jumped 4.80 percent to 6.77 yuan and New China Life Insurance gained 0.56 percent to 21.52 yuan.
The Seoul index rose 0.52 percent, or 10.11 points, to 1,963.89 and Sydney added 0.69 percent, or 36.5 points, to finish at 5,331.5.
In afternoon trade the dollar was at 104.71 yen against 104.10 yen in London late Monday, while the euro fetched 141.72 yen compared with 141.19 yen. The euro was also at $1.3533 from $1.3563.
CLSA equity strategist Nicholas Smith said there were rumours the BoJ might make an announcement on Wednesday regarding its asset-purchasing programme.
However, he told Dow Jones Newswires that "any additional easing measures aren't likely until around the time of the April consumption-tax hike which is when they would be the most effective".
In oil trade US benchmark West Texas Intermediate for delivery in February was up six cents at $94.43 a barrel, while Brent crude for March reversed earlier losses to climb 65 cents to $107.00.
Gold fetched $1,247.89 at 1045 GMT compared with $1,254.61 late Monday.
In other markets:
-- Mumbai nudged higher 0.22 percent, or 46.07 points, to 21,251.12 points.
Windturbine maker Suzlon Energy rose 6.53 percent to 11.25 rupees and Aurobindo Pharma built on Monday's gains to rise 6.33 percent to 435.15 rupees.
-- Jakarta closed higher 0.47 percent, or 20.93 points, at 4,452.50.
Hero Supermarket rose 2.49 percent to 2,675 rupiah, while mobile phone provider Indosat gained 2.67 percent to 4,230 rupiah.
-- Kuala Lumpur gained 0.43 percent, or 7.75 points, to close at 1,815.34.
YTL Corp ended 4.0 percent higher at 1.58 ringgit while Genting added 1.2 percent to 10.20. Plantation giant Felda Global Ventures slipped 0.7 percent to 4.37 ringgit.
-- Bangkok gained 0.24 percent or 3.11 points to 1,293.10.
Airports of Thailand rose 3.16 percent to 163.00 baht, while Thai Airways International dropped 2.72 percent to 14.30 baht.
-- Singapore closed up 0.16 percent, or 4.97 points, at 3,133.76.
Singapore Telecom gained 0.86 percent to Sg$3.52 while United Overseas Bank eased 0.15 percent to Sg$20.35.
-- Taipei fell 0.25 percent, or 21.66 points, to 8,599.9.
Taiwan Semiconductor Manufacturing Co was 0.93 percent lower at Tw$106.5 while leading chip design house MediaTek shed 5.37 percent at Tw$388.0.
-- Wellington was up 0.64 percent, or 31.18 points, at 4,921.67.
Fletcher Building was up 1.46 percent at NZ$9.06, and clothing retailer Hallenstein Glasson Holdings surged 7.1 percent on bargain-hunting to close at NZ$3.48. Chorus ended down 4.9 percent at NZ$1.465.
-- Manila closed 0.23 percent higher, adding 13.64 points to finish at 6,019.24.
Philippine Long Distance Telephone climbed 2.52 percent to 2,762.00 pesos, BDO Unibank was 2.21 percent up at 73.90 pesos and Metropolitan Bank was 0.98 percent higher at 77.40 pesos.
Asian markets rose on Tuesday, with Japan’s Nikkei index the standout performer thanks to a weaker yen, as investors moved in for cheaper stocks following the previous day’s sell-off.
With US markets closed Monday for a public holiday, investors shrugged off flat Chinese economic growth figures a day earlier to send China shares higher after the country’s central bank moved to ease fears of a cash crunch.
In Tokyo, the benchmark Nikkei rose 0.99 percent, or 154.28 points, to close at 15,795.96, while the Topix index of all first-section shares added 0.16 percent, or 2.09 points, to 1,295.95.
Japanese traders took advantage of the weaker yen as the Bank of Japan kicked off a two-day policy meeting, which will be watched for any changes or announcements regarding its stimulus programme.
“A well supported dollar should continue to translate into a well supported stock market,” Monex market analyst Toshiyuki Kanayama told Dow Jones Newswires.
Shares in Nintendo, which ended Monday down 6.14 percent after it last week warned it will see a net loss this financial year, fell another 2.40 percent to 13,415 yen.
The stock plunged nearly 19 percent at one point Monday in response to the announcement that it expects to lose 25 billion yen ($240 million) in the year to March owing to sales of its Wii U console coming in well below forecasts.
Among other major shares, mobile carrier SoftBank added 0.41 percent to 8,874 yen while Sony edged up 0.23 percent to 1,771 yen. Panasonic fell 2.13 percent to 1,288 yen and Japan’s biggest bank Mitsubishi UFJ Financial Group eased 0.74 percent to 671 yen.
Hong Kong stocks closed 0.45 percent higher on Tuesday, in line with the regional rally.
The benchmark Hang Seng Index added 104.17 points to 23,033.12 on turnover of HK$64.48 billion ($8.32 billion).
The index was also given a boost by news that the People’s Bank of China had pumped cash into financial markets to avert a liquidity crunch before the Chinese New Year.
The bank said late Monday that it had provided short-term liquidity to some large commercial banks, without giving the amount.
It also injected 255 billion yuan worth of funds into the interbank market on Tuesday, according to a separate statement. Demand for funds traditionally increases ahead of the Chinese New Year, which starts next week.
In Hong Kong HSBC ended flat at HK$85.75, China Mobile rose 0.65 percent to HK$77.15, Cheung Kong Holdings eased 0.08 percent to HK$120.50 and Cathay Pacific Airways added 1.30 percent to HK$17.12.
PetroChina edged up 0.25 percent to HK$8.07 and Ping An Insurance of China was up 0.67 percent at HK$67.45.
Chinese shares ended 0.86 percent higher. The benchmark Shanghai Composite Index rose 17.06 points to 2,008.31 on turnover of 52.0 billion yuan ($8.6 billion).
Media and financial plays were among the biggest gainers.
Beijing Gehua CATV Network surged by its 10 percent daily limit to 7.87 yuan while Zhejiang Daily Media Group advanced 4.78 percent to 34.17 yuan.
Pacific Securities jumped 4.80 percent to 6.77 yuan and New China Life Insurance gained 0.56 percent to 21.52 yuan.
The Seoul index rose 0.52 percent, or 10.11 points, to 1,963.89 and Sydney added 0.69 percent, or 36.5 points, to finish at 5,331.5.
In afternoon trade the dollar was at 104.71 yen against 104.10 yen in London late Monday, while the euro fetched 141.72 yen compared with 141.19 yen. The euro was also at $1.3533 from $1.3563.
CLSA equity strategist Nicholas Smith said there were rumours the BoJ might make an announcement on Wednesday regarding its asset-purchasing programme.
However, he told Dow Jones Newswires that “any additional easing measures aren’t likely until around the time of the April consumption-tax hike which is when they would be the most effective”.
In oil trade US benchmark West Texas Intermediate for delivery in February was up six cents at $94.43 a barrel, while Brent crude for March reversed earlier losses to climb 65 cents to $107.00.
Gold fetched $1,247.89 at 1045 GMT compared with $1,254.61 late Monday.
In other markets:
— Mumbai nudged higher 0.22 percent, or 46.07 points, to 21,251.12 points.
Windturbine maker Suzlon Energy rose 6.53 percent to 11.25 rupees and Aurobindo Pharma built on Monday’s gains to rise 6.33 percent to 435.15 rupees.
— Jakarta closed higher 0.47 percent, or 20.93 points, at 4,452.50.
Hero Supermarket rose 2.49 percent to 2,675 rupiah, while mobile phone provider Indosat gained 2.67 percent to 4,230 rupiah.
— Kuala Lumpur gained 0.43 percent, or 7.75 points, to close at 1,815.34.
YTL Corp ended 4.0 percent higher at 1.58 ringgit while Genting added 1.2 percent to 10.20. Plantation giant Felda Global Ventures slipped 0.7 percent to 4.37 ringgit.
— Bangkok gained 0.24 percent or 3.11 points to 1,293.10.
Airports of Thailand rose 3.16 percent to 163.00 baht, while Thai Airways International dropped 2.72 percent to 14.30 baht.
— Singapore closed up 0.16 percent, or 4.97 points, at 3,133.76.
Singapore Telecom gained 0.86 percent to Sg$3.52 while United Overseas Bank eased 0.15 percent to Sg$20.35.
— Taipei fell 0.25 percent, or 21.66 points, to 8,599.9.
Taiwan Semiconductor Manufacturing Co was 0.93 percent lower at Tw$106.5 while leading chip design house MediaTek shed 5.37 percent at Tw$388.0.
— Wellington was up 0.64 percent, or 31.18 points, at 4,921.67.
Fletcher Building was up 1.46 percent at NZ$9.06, and clothing retailer Hallenstein Glasson Holdings surged 7.1 percent on bargain-hunting to close at NZ$3.48. Chorus ended down 4.9 percent at NZ$1.465.
— Manila closed 0.23 percent higher, adding 13.64 points to finish at 6,019.24.
Philippine Long Distance Telephone climbed 2.52 percent to 2,762.00 pesos, BDO Unibank was 2.21 percent up at 73.90 pesos and Metropolitan Bank was 0.98 percent higher at 77.40 pesos.
