Asian stocks gain, Tokyo remains volatile
A man talking on a mobile phone walks by an electronic stock board of a securities firm in Tokyo, Tuesday, May 28, 2013. Asian stocks rose on Tuesday, with Tokyo clawing back some ground in choppy trade following sharp declines in recent sessions as a stronger yen prompted a bout of profit-taking. AP PHOTO/ITSUO INOUYE
HONG KONG—Asian stocks rose on Tuesday, with Tokyo clawing back some ground in choppy trade following sharp declines in recent sessions as a stronger yen prompted a bout of profit-taking.
There was little overnight news from outside of the region to influence trading in Asia, with markets in London and New York shut for holidays.
Tokyo swung between positive and negative territory in a volatile session before closing up 1.2 percent, or 169.33 points, at 14,311.98.
The Nikkei had gained about 60 percent over the past six months under the pro-spending, pro-growth policies of Japanese Prime Minister Shinzo Abe but tumbled 7.3 percent on Thursday.
The turbulence persisted for the next two sessions, with stocks driven down by a stronger yen and disappointing data from China, which stoked fears about the world’s second-largest economy, a major trade partner with Japan.
The market will “be in a correctionary phase for a month or two,” said Yoshihiro Okumura, general manager of research at Chibagin Asset Management.
“Broader sentiment is profit-taking rather than dip-buying,” he told Dow Jones Newswires.
In other markets, Seoul gained 0.32 percent, or 6.25 points, to 1,986.22 and Sydney closed up 0.22 percent, or 10.8 points, to 4,970.7.
Hong Kong climbed 1.05 percent, or 238.2 points, to 22,924.25 and Shanghai was up 1.23 percent, or 28.24 points, to 2,321.32.
Europe’s stock markets ended on a positive note on Monday.
In Frankfurt, the Dax climbed 0.94 percent to reach 8,383.3 points, while in Paris the CAC 40 index of leading shares gained 0.97 percent to 3,995.16 points.
The dollar bought 102.00 yen, gaining from 101.09 yen in Europe late Monday, while the euro traded at 131.80 yen and $1.2918 against 130.69 yen and $1.2928 in Europe.
Oil prices were lower in Asia, with New York’s main contract, light sweet crude for delivery in July, dropping 58 cents to $93.57 a barrel. Brent North Sea crude for July delivery shed 11 cents to $102.51 in afternoon trade.
Gold was at $1,381.20 at 0958 GMT from $1,394.20 late Monday.
In other markets:
— Taipei fell 0.21 percent, or 17.05 points, to 8,263.05.
HTC rose 1.07 percent to Tw$282.5 while TSMC fell 2.23 percent to Tw$109.5.
— Wellington closed flat, edging up 0.05 points to 4,478.25.
Fletcher Building was up 0.24 percent at NZ$8.30, Telecom Corp. fell 0.44 percent to NZ$2.28 and Contact Energy was off 0.77 percent at NZ$5.16.
— Kuala Lumpur gained 0.51 percent, or 9.03 points, to 1,776.16.
UEM Land Holdings jumped 9.3 percent to 3.65 ringgit, while RCE Capital lost 9.7 percent to 0.28 ringgit.
— Jakarta ended up 1.79 percent, or 91.10 points, at 5,176.24.
Auto maker Astra International rose 6.43 percent to 7,450 rupiah, while mobile phone provider Indosat fell 4.41 percent to 4,875 rupiah.
— Manila rose 0.22 percent, or 15.71 points, to 7,113.22.
SM Investments gained 0.17 percent to 1,157 pesos, while top-traded Alliance Global fell 1.57 percent to 25.10 pesos.
— Singapore rose 0.44 percent, or 14.78 points, to 3,406.08.
DBS Bank dropped 0.52 percent to Sg$17.27 while Singapore Telecom added 0.51 percent to Sg$3.96.
