Market Update
Asian markets ended on either side of the flat-line Wednesday with Tokyo's Nikkei logging its first positive close in last five days.
After heavy losses yesterday on heels of dismal U.S. manufacturing data, sentiment turned positive at open Wednesday after Wall Street equities rebounded from their own sell-off Tuesday.
Tokyo's Nikkei saw some volatile trading but finished up 1.2% as bargain hunters returned to the market after the recent slump.
Mumbai's Sensex was also on the gainers' side, ending up 0.2%.
But gains in other markets fizzled out by the day-end -- the Hang Seng lost 0.6% while the All Ordinaries erased 0.5%.
Mainland Chinese markets remained closed for the Lunar New Year Holiday.
Stocks on the Move
Some earnings-related news helped boost sentiment in Tokyo. Panasonic surged 19% after posting a record net profit of 243 billion yen.
Toyota Motor advanced 6% after upgrading its operating profit outlook for the current fiscal year to a record 2.4 trillion yen.
Hitachi also bounced 2.8% after the company raised its outlook for operating profit for the current fiscal year to a record 510 billion yen.
Sony Corp. jumped more than 4.5% amid reports the electronics exporter might set up a new company with an investment fund to help revive its loss-making Vaio PC unit.
On the downside, Kobe Steel plunged 6.4% after the steel giant said it plans to raise around 100.6 billion yen in share sale this year. The company had raised its full year operating profit outlook, yesterday, to 105 billion yen.
Close rival Nippon Steel & Sumitomo Metal Corp. was up 2.1%.
In Hong Kong, Haitong Securities edged up 0.4% in wake of the company's announcement of expectations of higher 2013 net profit.
Property developers were on the losers' side, weighing down on the benchmark index.
Casino stocks surrendered initial gains and succumbed to selling pressure after gambling revenues in Macau came in lower than expected.
Galaxy Entertainment slumped 7.3% while Sands China plunged 7.4%. Wynn Macau ended 2.9% lower.
In Sydney, miners traded mixed. BHP Billiton lost 0.6% while Rio Tinto added 0.8%. Fortescue Metals Group climbed 2.1% but gold miner Newcrest slipped 0.4% after yesterday's gains.
On the earnings front in Mumbai, BHEL lost around 2% ahead of its quarterly results while Power Grid Corp. of India edged up before their respective earnings call.
Ranbaxy Labs bounced around 6% after posting less than expected loss.
Reliance Infrastructure Ltd. declined over 1% after the government issued notices to two of its power units for non-payment of power charges amounting to around $70 million.