By Dow Jones Newswire
Stock markets in Asia started higher Tuesday, a day after the region’s largest indexes lost about 1% each.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -2.13% gained 0.6% on a yen pullback as the index erased nearly half its Monday’s slide. Insurance and financial companies led the gains, with Sumitomo Mitsui Financial Group /zigman2/quotes/203656770/delayed JP:8316 +0.24% up 1.4% and Mitsubishi UFJ Financial Group /zigman2/quotes/207520099/delayed JP:8306 0.00% rising 1%. Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 -5.45% slipped 0.5%.
Chinese large caps were some of Asia’s best performers Tuesday morning, repeating the place they held Monday, as financials continued to climb. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -2.05% was up 1.6% and the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -2.90% was up 1.3%.
Changsheng Bio-Technology was down for a seventh straight day amid a rabies-vaccine scandal facing the company. The Shenzhen Stock Exchange has restricted controlling shareholders and senior management of Changsheng from selling, and the stock is also at risk of delisting. In falling 10% Tuesday, shares have been more than halved since the start of last week.
Hong Kong stocks opened higher after modest gains Monday as the market continues efforts to provide breathing room from some of its lowest levels in a year. The Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -2.15% was up 1.2%. China Construction Bank /zigman2/quotes/208974133/delayed HK:939 -0.31% and ICBC /zigman2/quotes/201401473/delayed HK:1398 0.00% were both up around 3%. Smartphone-component firms AAC /zigman2/quotes/201441510/delayed HK:2018 -0.58% and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -6.75% rebounded strongly after Monday’s 2% drops.
In Australia, the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.84% was up 0.6%, helped by solid starts in health care and materials. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.28% rose 0.2% and New Zealand’s NZX 50 /zigman2/quotes/211587880/delayed NZ:NZ50GR -1.09% was barely higher after having dropped for nine of the past 11 sessions. Stocks in Taiwan were about flat.