RTTNews - Most of the Asian markets ended in positive territory on late buying interest at lower levels after sharp sell-off in the previous session. The markets in Australia, Taiwan and Indonesia ended in the negative territory but off the lows. Commodity stocks ended weaker on lower commodity prices in the international market. The markets await key economic data related to housing and producer price index in the U.S for further signals about the strength of recovery in the world's largest economy.
In Japan, the benchmark Nikkei 225 Index gained 16.35 points, or 0.16% to close at 10,285, while the broader Topix index of all first section stocks edged up 0.07 points, or 0.01%, to 950.
On the economic front, the Cabinet Office, in a final report, revised upward the leading and coincident indices for June. The leading index stood at 79.9 in June, revised up from 79.8 estimated on August 6, and was also higher than the reading of 76.9 in May. The coincident index was revised up to 88 from 87.8 estimated previously, and came in higher than the 87.1 in May. The lagging index was also revised upward, to 83.4 from 83.3 reported earlier.
Japan's largest mobile-phone operator, NTT DoCoMo gained 2.45% after an analyst of Mizuho Financial raised the rating of the stock from Hold to Strong Buy attributing strong earnings in the usage of Internet.
Automotive stocks ended higher on weaker yen. Toyota Motor Corp. gained 0.75%, Honda Motor added 0.33%, Suzuki Motor advanced 0.89% and Isuzu Motor rose 0.55%.
Trading stocks declined following drop in commodity prices in the international market. Mitsubishi Corp. fell 2.97%, Toyota Tsusho Corp. lost 1.01% and Mitsui & Co., slipped 0.73%.
Oil stocks also ended in negative territory on lower crude oil prices. Nippon Oil Corp. declined 0.75%, Showa Shell slipped 0.51% and Nippon Mining Holdings edged down 0.41%.
Mixed trading was witnessed among the banking stocks. While Resona Holdings edged up 0.15% and Mitsubishi UFJ Financial Group added 0.34%, Mizuho Financial fell 1.32% and Sumitomo Mitsui Financial edged down 0.25%.
In Australia, the benchmark S&P/ASX200 Index lost 6.80 points, or 0.15%, to close at 4,382, and the All-Ordinaries Index ended at 4,386, representing a loss of 12.20 points, or 0.28%.
On economic news, the minutes released by the Reserve Bank of Australia revealed that the board members were of the view that the cash rate had been reduced to the current low level in anticipation of weak economic outcomes. The minutes further revealed that the board members left open the possibility of further reductions in the rate if need arose. But with the recent improvements in the global and domestic outlook, the members said it appeared unlikely that further cuts would be necessary.
Building products group James Hardie Industries surged up 22.32% following comments that the residential construction market in the U.S is nearing the bottom of a downturn. The company reported a net loss for the first quarter compared to profit last year, hurt by unfavorable asbestos adjustments. Excluding adjustments, the company's profit for the first quarter improved marginally.
Telecommunication company Telstra gained 1.11%.
Among metals and mining stocks, Fortescue Metals fell 3.93%, Gindalbie Metals lost 5.20%, Illuka Resources declined 3.93%, Oz Minerals shed 0.46% and Rio Tinto slipped 0.35%. BHP Billiton managed to end in positive territory with a gain of 0.35%.
In energy space, Woodside Petroleum lost 1.84%, Origin Energy fell 2.54% and Oil Search edged down 0.18%. Santos remained unchanged from previous close.
Gold stocks ended in negative territory. Lihir Gold shed 0.78%, Newcrest Mining slipped 0.30% and Sino Gold Mining lost 1.41%.
Mixed trading was witnessed among the bank stocks. While ANZ Bank advanced 0.59% and Commonwealth Bank of Australia remained unchanged from previous close, National Australia Bank slipped 0.04% and Westpac Banking shed 0.59%.
In Hong Kong, the Hang Seng Index recovered from yesterday's sell-off and ended in positive territory with a gain of 0.84%, or 169.20 points at 20,306. Buying interest at lower levels in late trading session helped market end in positive territory. Of the 42 components in the index, as many as 32 stocks registered gains. Banks, Property and china-related stocks advanced while commodity stocks ended weak.
In South Korea, the benchmark KOSPI Index ended with a gain of 3.18 points, or 0.21%, at 1,550, amid volatile trading. Late buying interest by institutional investors on select blue-chip technology and automotive stocks helped market end in positive territory.
In India, considerable amount of short covering after a sharp loss in the previous session and selective buying in battered index heavy weights at lower levels amid some improvement in global investor sentiment helped the Indian market bounce back sharply. The BSE Sensex closed at 15,035, up 250 points or 1.69% from its previous close, and the S&P CNX Nifty rose 71 points to 4,459.
Among the other major markets in the region, China's Shanghai Composite Index advanced 40.25 points, or 1.40%, to 2,911, and Singapore's Strait Times Index added 21.74 points, or 0.85% to close at 2,568. However, Taiwan's Weighted Index lost 142.03 points, or 2.05% to close at 6,790 and Indonesia's Jakarta Composite Index declined 2.09% or 49.88 points to close at 2,337.
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