By Dow Jones Newswire
The gains kept coming Tuesday for Asia-Pacific stocks — at least those not Down Under.
Solid increases were being logged in a number of markets after similar advances Monday. Japan, Hong Kong and Korea again took the lead, and China’s Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.57% — Monday’s biggest gainer — was up a tamer 0.4% Tuesday.
Banks, along with factory-automation and nonferrous-metal stocks, led Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.88% nearly 0.7% higher. Higher Treasury yields and the prospects of strong near-term U.S. GDP growth helped sectors sensitive to economic cycles. Mitsubishi UFJ Financial /zigman2/quotes/207520099/delayed JP:8306 -2.78% rose 1.2%, off earlier stronger levels, while robot maker Yaskawa Electric /zigman2/quotes/208656789/delayed JP:6506 -2.27% was up 6% and Sumitomo Metal Mining /zigman2/quotes/205273301/delayed JP:5713 -1.35% gained 2.6%. Yahoo Japan /zigman2/quotes/207641152/delayed JP:4689 -0.30% was also a standout, jumping nearly 12% on word of a ¥220 billion ($2 billion) stock buyback as Altaba agreed to sell part of its stake to fellow big shareholder SoftBank /zigman2/quotes/207303954/delayed JP:9984 -1.14% .
South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.56% was up about 0.4%, while Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -2.19% spent most of its session marginally higher only to end little changed. Tech shares were mixed, with Samsung /zigman2/quotes/209800866/delayed KR:005930 -0.22% jumping 1.5% and Tencent /zigman2/quotes/204605823/delayed HK:700 -1.53% dropping 2.3%.