Asian markets were mixed yesterday as Japanese stocks bounced back from losses in previous days to hit a five-year high, while Hong Kong declined for the second day in a row. Singapore shares ended at a six-year high.
The benchmark Nikkei 225 index gained 230.46 points, or 1.40 percent, to finish at 16,710.55 points on the Tokyo Stock Exchange. It was the highest result since Sept. 1, 2000. On Wednesday, the index lost about 1 percent.
"The currency and lower oil are important external factors that are helping psychologically and meshing with internal factors like earnings," said Masanori Hoshina, head of Global Portfolio Marketing and Trading at BNP Paribas.
Electronics and auto stocks, including Sony Corp, Casio Computer Co and Mazda Motor Corp, made moderate gains on the back of the dollar's strength against the yen.
Brokerages and paper and pulp stocks also advanced, as did real estate issues, including the country's top real estate developer Nomura Estate Co.
Konica Minolta Holdings, which reported earlier good earnings, jumped 11.0 percent to end the day at ¥1,472 (US$12.47), making it one of the top 10 gainers on the Tokyo Stock Exchange.
In Hong Kong, stocks fell for a second day yesterday, dragged down by conglomerate Hutchison Whampoa Ltd (
The blue chip Hang Seng Index fell 50.61 points, or 0.3 percent, to 15,691.69.
Turnover totaled HK$33 billion (US$4.25 billion), down from HK$34.27 billion on Wednesday.
"Hutchison Whampoa dragged the market lower, as the listing of its Italy 3G operation remains in limbo," said Peter Lai, a director at DBS Vickers.
Hutchison Whampoa, the third-largest stock by market capitalization, ended 0.6 percent lower at HK$77.35.
The company said it still aims to float its Italian third-generation unit in the third quarter, subject to approval from regulators and market conditions.
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