By Dow Jones Newswire
Asian stock markets gained Tuesday, partly reversing a broad selloff to start the week and largely shaking off modest losses on Wall Street.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.34% was up 1.2%, led by SoftBank Group and energy and steel stocks, amid continuing concerns about U.S. trade issues. Of 33 Topix subindexes, 17 sectors were higher. SoftBank /zigman2/quotes/207303954/delayed JP:9984 +0.76% was up 3.6% following a 7.3% loss Monday due to concerns about the viability of its technology investment fund, partly financed by Saudi Arabia. SoftBank’s gains accounted for almost half of the indexes gains Tuesday.
Also in Tokyo, oil explorer Inpex /zigman2/quotes/206689846/delayed JP:1605 -2.34% was up 3.8% and oil distributor Idemitsu Kosan /zigman2/quotes/209216965/delayed JP:5019 -0.62% fell 3.2% after crude oil gains overnight due to Saudi supply concerns.
Hong Kong stocks were among the region’s best performer, with the oil sector getting a fresh lift. The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.03% was up 0.1% after falling 1.4% Monday, then one of the region’s bigger declines. Chinese oil giants Sinopec /zigman2/quotes/202085942/delayed HK:386 -0.84% , CNOOC /zigman2/quotes/203421416/delayed HK:883 +0.89% and PetroChina /zigman2/quotes/204979431/delayed HK:857 -1.44% were all up more than 2% while property names were also higher. Mainland developer Country Garden /zigman2/quotes/201681083/delayed HK:2007 +0.30% followed yesterday’s 6.7% skid with a nearly 4% gain. But Tencent /zigman2/quotes/204605823/delayed HK:700 -0.14% was slightly lower as the Hang Seng heavyweight remains under pressure.
In mainland China trading, larger-cap companies outpaced smaller ones. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.20% was down 0.9%, while the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +0.18% fell 1.9%.
Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.84% was up 0.6% after recent underperformance left it at six-month lows Monday. Banks recovered somewhat from Monday’s losses, with Australia and New Zealand Banking Group /zigman2/quotes/205482049/delayed AU:ANZ +1.85% , Commonwealth Bank of Australia /zigman2/quotes/200638713/delayed AU:CBA +2.12% and National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB +1.23% posting gains, though off session highs. Meanwhile, New Zealand’s benchmark /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.94% slipped slightly.
South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.24% was near flat, as Hyundai Motor /zigman2/quotes/206684590/delayed KR:005380 -0.46% surged 2.6%. Taiwan’s Taiex bounced back from Monday’s losses, with tech manufacturers such as Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 +1.66% and Pegatron /zigman2/quotes/207039987/delayed TW:4938 +0.45% leading the way.
The benchmark in Singapore /zigman2/quotes/210597985/delayed SG:STI +0.13% gave up early gains to end down 0.4% but the main index in Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.79% was up 0.5%, while Indonesia’s /zigman2/quotes/210597981/delayed ID:JAKIDX +0.85% was slightly lower.