Market Update
Asian markets opened higher Tuesday, recovering from losses in the previous session, after a positive session on Wall Street overnight boosted confidence.
The Shanghai Composite, which ended 1.8% lower yesterday on heels of new homes data, edged up 0.1% at 11:30 a.m. break.
Japan’s Nikkei rallied 1.5%, leading the indexes higher.
Hong Kong’s Hang Seng added 0.5% while India’s Sensex climbed 0.4% at 10:00 a.m. IST.
Australia's All Ordinaries, however, slipped from earlier highs, and was down 0.2% at the time of writing.
In economic news, Bank of Japan deputy governor Hiroshi Nakaso said the central bank would adjust policy to hit its price target if needed, keeping the door open to further easing measures.
Earlier on Friday, governor Haruhiko Kuroda had reiterated his call for fiscal overhaul, citing "very critical problems' that would hit the economy if necessary measures are not taken, even as the question of hiking sales tax looms.
Stocks on the Move
Exporters in Tokyo were trading with slim gains amid choppy moves . Financials and metal players added to the gains.
Among the top gainers, Okuma Corp. rallied 5.3%, NEC Corp. enhanced around 3% while Daikin Industries was up 3.2%.
Softbank Corp. surged 4.3% after reports said the company is eyeing a stake in Seoul-based Naver Corp.'s Line mobile-messaging service.
Defensive stocks were among other favourites. Pharmaceuticals company Astellas Pharma rallied 2.6% while Takeda Pharmaceuticals was up 0.7%.
Retailer Fast Retailing climbed 2% and J. Front Retailing was up 0.2%.
In Hong Kong, real estate firms gained some ground after being heavily battered in the previous session.
Sino Land Company tacked around a percent while Poly Property Group was also 1% better.
But, casino players were remarkably higher. Wynn Macau soared nearly 5% amid reports the casino operator is set to enter a joint venture with a Japanese resort. Sands China rallied 4.6% and Galaxy Entertainment enhanced 4% after reports said
In earnings related moves, global banking giant HSBC Holdings fell 2.8% after the bank reported lower than expected profit for 2013.
Belle International Holdings rallied 2.7%, extending yesterday's gains after posting upbeat results.
Sydney-listed QBE Insurance bounced 4.6% despite posting a steep loss for 2013 as management said they are taking necessary actions to return to profit this year.
Ramsay Health Care Ltd. soared over 7% after upgrading its earnings outlook for 2014.
On the flipside, IOOF Holdings dropped nearly 5% after reporting dismal figures.
IT firms in Mumbai were among the frontrunners on the BSE-Sensex. Wipro improved 1.3% while TCS and Infosys followed up 0.9% each.
Telecom giant Bharti Airtel added 1.5% and BHEL was up 1.7%, among other top pacers.