Market Update
Asian markets ended mixed Tuesday.
The Nikkei ended 1.4% lower. Returning after an extended weekend, the Shanghai Composite rose 1.9%. The Hang Seng gained 1% while the All Ordinaries slipped 0.1%. The Sensex was closed on account of a religious holiday in India.
Earlier today, the Bank of Japan met expectations as it kept its monetary policy rates unchanged and maintained its outlook that the economy was on a moderate recovery path.
The Chinese markets shrugged off weak cues overnight from Wall Street with tech stocks up in Hong Kong.
Stocks on the Move
Exporters were weaker on the yen's strength with index heavyweight Sony down 1.4%. Sharp fell 3.7% and Panasonic gave up 2.8%. Olympus dropped 3.9% while Canon was down 1%.
Industrial robots maker Fanuc fell 1.7% while video game major Nintendo was down 2%. Tyre maker Bridgestone skidded 3.2%.
In Seoul, Samsung Electronics fell1% after it forecast a decline in second-quarter operating profit. Samsung’s Galaxy 5 is set for launch this Friday.
In Hong Kong, China Railsmedia shares jumped 9.6% after the company said it will buy i-Marker Culture & Media for HKD2 billion. i-Marker collaborates with state-backed China National Culture and Art Corp., or CNCA, to import and distribute Hollywood movies in China. China Railsmedia also said that CNCA has acquired a new license to import and distribute foreign movies and TV shows.
Banks rose as they waited for the rules from the regulator related to preferred stock issues. ICBC was up 2.5% while AgBank and China Merchants Bank gained 2.4% and 4% each, respectively.
Shares of Tencent Holdings were up 1.5% after the internet major said it had spent HKD76.7 million in share buybacks, the announcement helping to break a four-day slide.
Index leader BHP Billiton was up 0.4% in Sydney while Fortescue Metals and Atlas Iron & Steel gained 2.4% and 4.7% each, respectively.
Rio Tinto was up 0.9% after some initial weakness. The company failed to win a Supreme Court approval for expanding its Warkworth coal mine.
Treasury Wine Estates surged 7.2% after a Dow Jones newswires report quoted the company's new CEO Michael Clarke as saying he is considering options for the U.S. unit, including a possible disposal.