Asian Shares Mostly Higher Despite Lack of Fresh Catalysts

By Investors Hub

Asian stocks closed mostly higher on Tuesday despite a lack of fresh catalysts as investors looked ahead to more earnings news from the U.S.

China’s Shanghai Composite Index advanced 27.00 points or 0.8 percent to 3,437.49 ahead of fourth-quarter GDP, December industrial production and retail sales figures due Thursday. Hong Kong’s Hang Seng Index surged up 565.88 points or 1.8 percent to 31,904.75

Japanese stocks rallied, with a weaker yen and hopes for robust corporate earnings results helping underpin investor sentiment.

The Nikkei 225 Index jumped 236.93 points or 1 percent to 23,951.81, its highest closing level in more than 26 years as the yen’s appreciation against the dollar stopped.

The broader Topix index closed 0.6 percent higher at 1,894.25. Dentsu, Softbank, Fuji Electric, Fast Retailing, Sumco and Fanuc rose 2-5 percent.

Meanwhile, Australian shares fell amid broad-based selling, although markets ended well off their day’s lows. The benchmark ASX 200 hit a two-week low before ending down 28.50 points or 0.5 percent at 6,048.60. The broader All Ordinaries index dropped 21.80 points or 0.4 percent to 6,165.90.

Weak iron ore and coking coal prices weighed on material stocks, with BHP Billiton and Rio Tinto losing 0.8 percent and 0.7 percent, respectively. Gold miners Northern Star and Evolution fell around 1 percent each.

The big four banks fell between 0.4 percent and 0.8 percent while energy majors Woodside Petroleum, Oil Search, Origin Energy and Santos shed 2-3 percent.

Shares of Bellamy’s Australia soared 25 percent after the infant formula maker raised its full-year profit and revenue growth outlook.

In economic news, Australia’s consumer confidence continued its uptrend during the week ended January 14, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed. The corresponding index climbed to 123.5 from 112.0 in the preceding week.