Asian Markets Finish Strong on Selective Buying

By Investors Hub

Asian markets ended mostly higher on Wednesday, with investors indulging in some selective buying despite a lack of any major catalysts.

Higher commodity prices triggered fairly strong buying in mining and energy stocks in the region. Overall, the volume of trading was light across the region.

Japan?s Nikkei 225 Index edged up 18.52 points or 0.1 percent to 22,911.21, after hitting a low of 22,854.39 and a high of 22,936.16.

Kawasaki Heavy Industries gained nearly 8 percent, and J Front Retailing added 6.2 percent. Isetan Mitsukoshi Holdings, Toho Zinc, Sumitomo Metal Mining, JX Holdings, Mitsubishi Materials, Mitsubishi Corp., Mitsui Mining, Tokuyama Corp., Impex Corp., Nisshin Steel Holdings, Marui Group and Yahoo Japan gained 2 to 3.5 percent.

Among the prominent losers, Canon shed about 2.8 percent, Bridgestone Corp. and Trend Micro declined by about 2 percent, Japan Tobacco, Kirin Holdings, Kuraray and Nitto Denko ended lower by 1.6 to 1.8 percent.

In the Australian market, mining, energy stocks had a good outing. Shares of retailers also saw buying interest on expectations of strong sales in the holiday season. Bank stocks were mostly subdued, while media stocks traded lower.

The benchmark S&P/ASX 200 Index inched up 0.20 points to 6069.90. The broader All Ordinaries Index rose 2.40 points to 6169.70.

Shares of Retail Food Group jumped over 9 percent, and Lynas shot up 6.4 percent. St Barbara, Syrah Resources, Resolute Mining, Pilbara Minerals, Saracen Mineral Holdings, Myer Holdings and Regis Resources gained 3 to 5 percent.

Meanwhile, Cleanaway Waste, Seven West Media, and Nine Entertainment ended more than 3 percent lower. Qantas Airways, Greencross, Chorus, Skycity Entertainment and CSR declined by 2 to 2.5 percent.

In the banking space, Commonwealth Bank of Australia and ANZ Banking Group declined marginally, while Bank of Queensland and National Australia Bank ended roughly flat.

Among other markets in the Asia-Pacific region, Hong Kong?s Hang Seng Index ticked up 19.65 points or 0.1 percent to 29,597.66, but China?s Shanghai Composite Index fell 30.73 points or 0.9 percent to 3,275.40.