Market Update
Asian markets opened higher Tuesday but lost momentum later in the session, ending on either side of the flat-line.
The Shanghai Composite extended losses from the previous session, ending down 0.2%. Hong Kong’s Hang Seng erased 0.3%.
On the other side, Japan’s Nikkei rallied 1.4% while India’s Sensex climbed 0.2%.
Australia's All Ordinaries ended near the flat-line, down 0.1%.
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 ended modestly higher. Financials and metal players added to the gains.
Among the top gainers, Okuma Corp. rallied 5.1%, NEC Corp. enhanced 3.5% while Daikin Industries was up 3%.
Softbank Corp. surged 4.1% 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 2.7% while Takeda Pharmaceuticals was up 0.7%.
Retailer Fast Retailing climbed 1.5% and J. Front Retailing was up 0.3%.
In Hong Kong, property developers slipped, paring initial gains.
Poly Property Group gave up 1.2% while China Resources Land erased 0.7%.
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 and Galaxy Entertainment also added around 3%.
In earnings related moves, global banking giant HSBC Holdings fell 2.7% after the bank reported lower than expected profit for 2013.
Belle International Holdings rallied 2%, extending yesterday's gains after posting upbeat results.
Sydney-listed QBE Insurance bounced 5.3% 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 nearly 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 3% while TCS and Infosys followed up 0.5% and 0.9% respectively.
Telecom giant Bharti Airtel added 1.6% and BHEL was up 2%, among other top pacers.