Market Update
Barring the Nikkei, Asian markets ended modestly higher Thursday, bouncing back from recent declines, with some upbeat data in the region boosting sentiment.
The Nikkei slipped 0.2%. The Sensex edged up 0.2% while the Hang Seng gained 0.7%. The All Ordinaries put on 1.1%.
Mainland Chinese markets remained closed for the Lunar New Year Holiday.
Shares gained despite a lower close for Wall Street overnight on the heels of a weaker-than-expected ADP jobs report.
A couple of positive economic reports helped investor confidence in the Asian session. The HSBC Hong Kong purchasing managers' index jumped to a 23-month high of 52.7 in January, up from 51.2 in December.
Meanwhile, retail sales in Australia increased in December as expected. Retail sales climbed 0.5% in December from a month ago, according to official data. The resource-rich country also surprisingly posted a trade surplus in December on the back of higher mining exports.
Stocks on the Move
Auto players in Tokyo zoomed ahead with sharp gains. Mazda Motor accelerated 4.3% after the car maker raised its full-year operating profit to 180 billion yen.
Nissan Motor advanced 1.7% amid reports the company is expected to report 10% increase in operating profit for the April-December period.
Kobe Steel, which slid sharply in the previous session, bounced back 2.7% on value-buying.
Bargain hunting also propelled gains in some other stocks including NEC Corp., up 6.8%, Fujitsu Ltd., up 4.4%, Nippon Paper Industries, up 7.8%, and Konami Corp., up 3%.
Sony ended up 1.5%. However, Sony ADR's fell over 6% in pre-market trading in New York after the company slashed its annual outlook to a loss and said it would sell its struggling personal-computer unit. This is the company's second downward revision in three months.
Sony also said it has decided to split its TV business and operate it as a subsidiary. The Japanese electronic major has also decided to trim 5000 jobs - 1,500 in Japan, and 3,500 overseas - by March 2015.
Bargain hunters were also on a buying spree in Hong Kong, picking up shares of casino firms after they plunged yesterday on heels of lower-than-expected Macau casino revenue data.
Sands China Ltd. soared 6%, Galaxy Entertainment added 4% while Wynn Macau climbed 3.1%.
Among other sharp gainers were energy firms -- China Shenhua Energy surged around 6% while China Coal Energy improved 4%.
Globally focussed firms also gained ground. Fashion apparel retailer Esprit Holdings climbed 3.3%, footwear retailer Belle International Holdings was up 1% while Li & Fung Ltd. also added a per cent.
Retailers were also in focus in Sydney after upbeat retail sales data. Wesfarmers Ltd. was up 2.3% and so was Woolworths Ltd. Myer Holdings climbed 2% while David Jones Ltd. was up a modest 0.7%.
Miners also basked in the limelight following positive trade data. Diversified iron-ore miner Fortescue Metals Group was up 2.6% while Rio Tinto gained 1.6%.
In Mumbai, shares of Jet Airways took off, up more than 10% after reports said UAE based Etihad Airways won the Competition Commission's approval to buy a 50.1% stake in a customer loyalty program unit of the Indian carrier.
Defensive picks were among other gainers on the BSE-30 with pharma stocks, FMCG plays and telecom issues making modest gains. Hindustan Unilever rose 2.9%. Sun Pharma edged up 0.1% while Bharti Airtel inched up 0.3%. The top gainers were Coal India, up 4.6, followed by Tata Power, up 3.2%.