Adding to the positive sentiment was strong metal prices with zinc shining and iron ore futures reaching their highest since August 2014. Coal prices also reached new peaks after weeks of gains. The MSCI Asia Pacific Index advanced 0.4% to 140.49
Crude oil prices dipped on news of the impending restart of Britain's Buzzard oilfield and Iraq's wish to be exempted from OPEC production cuts. Brent was down 9 cents at $51.37 a barrel, while U.S. crude also lost 2 cents to $50.50.
Among Asian bourses
Australia Market rebounds 0.63%
Australian share market closed higher, with sentiments bolstered by upbeat United States and Europe factory survey data and rebound in commodity prices. Most of ASX sectors inclined, led by materials & resources, realty, and tech stocks. At the closing bell, the benchmark S&P/ASX 200 index rebounded 34.30 points, or 0.63%, to 5,442.80, while the broader All Ordinaries index was up 34.20 points, or 0.63%, to 5,523.30.
Mining firms were the standout performers as zinc surged to a five-year peak and iron ore reached its highest since mid-2014, all of which should pick up the pulse of inflation globally. The iron ore miners stole the show with Fortescue rising 6.4% to A$5.44 and BC Iron also 6.4% higher at A$0.16. Among other miners, Rio Tinto added 2.4% to A$52.48 and BHP Billiton gained 0.4% to A$23.19.
Construction software company Aconex jumped 13% to A$5.87 after reaffirming revenue growth of between 39.4% and 45.9% for 2017.
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Cancer treatment specialist Sirtex Medical added 1.8% to A$29.74 after saying it expects double digit dose sales growth to continue in 2017.
Greencross shares rose 4.7% to a two-month high of A$7.13 after Veterinary and pet care chain is confident of delivering another year of double-digit profit growth after a tick-up in trading over the last two months.
Nikkei hits 6-month high
The Japan share market closed at a six-month high, on the back of positive lead from offshore market overnight. Meanwhile Kyushu Railway Co.'s strong debut on the First Section of the Tokyo Stock Exchange lifted investor sentiment. Total 26 out of 33 TSE sectoral issues advanced, with Transportation Equipment, Financial Business, Banks, Rubber Products, and Electric Power & Gas issues being major gainers, whereas Mining, Iron & Steel, and Marine Transportation issues being major losers. The 225-issue Nikkei average gained 130.83 points, or 0.76%, to close at 17365.25. The Topix index of all first-section issues finished 9.71 points, or 0.71%, higher at 1,377.32.
Kyushu Railway started trading at 3,100 yen, 19.2% above its of 2,600 yen initial public offering price. After hitting an intraday high of 3,120 yen, it ended the day at 2,990 yen.
Nippon Gas climbed 3.3% to 3,170 yen on reports Tuesday that the gas supplier is likely to log a record consolidated operating profit for the six months through September.
Motor maker Nidec surged 6.1% to 9,867 yen after Tuesday revising upward its profit forecast for the full year through next March.
Shionogi & Co. jumped 3.6% to 5,264 yen after the pharmaceutical company on Monday upgraded its profit estimates for the first half through September.
Bucking the trend, IHI tumbled 9.6% to 273 yen after the heavy machinery manufacturer revised downward Monday its profit estimates for the April-September half for the second time, due to swelling costs related to stalled shipbuilding projects
China Market closed mixed
Mainland China stock market ended mixed after fluctuating in and out of the boundary line, as a correction in infrastructure and transportation shares offset gains in coal miners. But market gain was limited as investors stayed wary over further yuan depreciation as the Chinese currency touched a fresh six-year low against the US dollar. The CSI300 index of the largest listed companies in Shanghai and Shenzhen eased 0.13 point to 3,367.45 points, while the Shanghai Composite Index inclined 0.12% to 3131.94 points.
Coal miners stocks gained on the back of higher coal prices as government efforts to reduce capacity caused supply shortages in some areas. China's state planner has called another last-minute meeting to discuss with more than 20 coal mines more steps to boost supplies to electric utilities and tame a rally in thermal coal prices. China Coal Energy Co. advanced 7% and Shaanxi Coal Industry Co. jumped 9.3%, both reaching one-year highs.
Baoshan Iron & Steel Co. rose 2.2% after reporting its best quarterly performance since 2012. The steelmaker posted third-quarter net income of 2.13 billion yuan ($315 million), compared with a loss of about 920 million yuan a year ago. It said it expects a 600 to 800% surge in 2016 net profit. Hesteel Co. added 1%, while Angang Steel Co. gained 1.5%.
Hong Kong Stocks ease 0.17%
The Hong Kong stock market finished the session lower in narrow trade, as investors were taking a wait-and-see approach to US economic growth data for the third quarter due to be released on Friday, while also watching corporate earnings' results for the third quarter. The Hang Seng Index fell 0.17% or 38.97 points to 23565.11, while the Hang Seng China Enterprises Index shed 0.15% or 15.20 points to 9837.70. Turnover decreased to HK$55.5 billion from HK$74 billion on Monday.
Macau casino operator Galaxy Entertainment outperformed its blue-chip peers, its shares rising 2.78% to HK$31.45, followed by 1.59% gain for its rival Sands China, which closed at HK$35.05.
Belle International Holdings tumbled 9.1% to HK$5.07, its biggest slide since March 2014. The retailer of women's footwear reported first-half net income of 1.73 billion yuan, down from 2.16 billion yuan a year ago.
Indian Market closes with small losses
Indian share market closed down, dragged down by Tata Steel and Tata Consultancy Services after the nation's biggest business group abruptly ousted its chairman. Tata Group Chairman Cyrus Mistry, 48, was replaced at a board meeting on Monday. The barometer index, the S&P BSE Sensex fell 87.66 points or 0.31% to settle at 28,091.42. The Nifty shed 17.65 points or 0.2% to settle at 8,691.30.
Stocks of public sector banks edged lower. Stocks of private sector banks were mixed. Kotak Mahindra Bank dropped shrugging off strong Q2 September 2016 results announced during trading hours today, 25 October 2016. HDFC Bank fell after announcing Q2 results. Asian Paints edged higher after reporting strong Q2 results. Dr Reddy's Laboratories gained after company's management commenting on the company's results said that its major businesses have shown sequential improvement in Q2 September 2016. Bharti Infratel edged higher after announcing strong Q2 earnings. Idea Cellular lost after announcing weak Q2 numbers. Zee Entertainment Enterprises rose after announcing good Q2 results. Adani Ports and Special Economic Zone jumped after unveiling strong Q2 September 2016 earnings.
Shares of Tata Group companies edged lower after Tata Sons, the holding company of the Tata Group, said its board of directors replaced Cyrus P. Mistry as chairman of Tata Sons.
Elsewhere in the Asia Pacific region: New Zealand's NZX50 closed 0.64% up at 7002.87. Indonesia's Jakarta Composite index fell 0.4% to 5397.82. Taiwan's Taiex added 0.7% to 9385.65. South Korea's KOSPI index shed 0.5% to 2037.17. Malaysia's KLCI was down 002% at 1677.43. Singapore's Straits Times index eased 0.1% to 2854.05.
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