Market Update
Most Asian markets wrapped up the final trading day of the month with gains.
The Nikkei was up 0.9%. The Hang Seng added 0.4%. The Sensex gained 0.2% while the All Ordinaries added 0.5%.
The Shanghai Composite, however, lost ground and finished down 0.4%.
In economic news, data released earlier in the day showed February industrial production fell unexpectedly in Japan, down 2.3% versus expectations for a 0.3% increase. The markets shrugged off the data ahead of the Bank of Japan's more closely watched quarterly tankan survey of business sentiment due tomorrow.
In Australia, data showed the total amount of new credit issued to consumers and businesses rose in February to a seasonally adjusted 0.4%.
Stocks on the Move
A slightly weak yen helped exporters in Tokyo with Nintendo up about 2% and Mazda Motor 4.3% higher.
Fuji Heavy Industries lifted 3.4%.
Aeon was up 1.4% after a Nikkei newspaper report said the retailer is set to offer smartphone services starting this week Friday, at lower prices compared with already-established mobile carriers.
In Hong Kong, Intime Retail was highly volatile. Shares ended 7.8% lower after shooting up over 17% in early trade. The company said Alibaba is set to invest HKD5.37 billion for about a 26% stake and would set up a joint venture to develop an online-to-offline business.
Some banks were higher after some healthy earnings reports. China Construction Bank Corp. gained 1.3% after it reported results Sunday. ICBC was a little over a percent.
Bank of Communications, too, pared earlier losses and edged up 0.4% after it reported fourth-quarter net income that fell short of analyst’s estimates.
The Sensex opened higher and touched another fresh lifetime high as it gained another 125 points during the session.
The top gainer was Hindalco Industries up 8.7%, Tata Steel up 3.4%, SSLT up 2.8%, Maruti Suzuki up 2.1% and Sun Pharma 1.8%.
Miners gained in Sydney with BHP Billiton up 1%. BlueScope Steel strengthened 1.7% but Fortescue Metals weakened 1.7% while Atlas Iron ended flat.
Rio Tinto added half a percent while among oil names, Woodside Petroleum and Santos both climbed around 1.5% and 1%, respectively.