Japanese stocks rose the most in two weeks on Tuesday, clawing back some losses after a heavy sell-off in the previous day.
The Nikkei Average NIK, +2.18% rebounded 2.2% to 17,344.06, recovering some ground after a 3% loss on Monday, as investors watched for Prime Minister Shinzo Abe’s decision on delaying a planned tax rate hike after official data showed Japan’s economy entered a recession in the third quarter. Abe may also call for early elections to be held next month.
The broader Topix index I0000, +0.03% bounced back 2.1% Tuesday.
The yen USDJPY, +0.15% meanwhile, traded a little weaker versus the dollar at ¥116.75, compared with ¥116.71 a day earlier.
Among the biggest winners, media conglomerate Sony Corp. 6758, +6.42% surged 6.4%, console maker Nintendo Co. Ltd. 7974, +3.34% spiked 3.3%, electronics giant Panasonic Corp. 6752, +3.08% jumped 3.1%, rival Hitachi Ltd. 6501, +2.95% climbed 3%, and life insurer Dai-Ichi Life Insurance Co. Ltd. 8750, +2.78% advanced 2.8%.
However, in Hong Kong, stocks fell for a second day in a row after the launch of Hong Kong-Shanghai Stock Connect program, which allows direct trade between the two markets and foreign individual investors to buy mainland stocks for the first time ever.
The Hang Seng Index HSI, -1.13% dropped further by 1.1%, adding to Monday’s 1.2% loss. Last week, the index rose for five consecutive trading sessions, posting a weekly gain of 2.3%.
Among market movers, Chinese online major Tencent Holdings Ltd. 0700, -2.56% slid 2.6%, mainland bank China Minsheng Banking Corp. 1988, -2.54% retreated 2.5%, Hong Kong Exchanges & Clearing Ltd. 0388, -2.36% , the city’s sole exchange operator, shredded 2.4%, and mainland developer China Overseas Land & Investment Ltd. 0688, -1.88% declined 1.9%.
Over on the Chinese mainland, the Shanghai Composite Index SHCOMP, -0.71% closed down 0.7%.
In Sydney, the S&P/ASX 200 XJO, -0.24% also edged 0.2% lower, while Seoul’s Kospi Composite Index SEU, +1.20% settled higher by 1.2%.
Source: MarketWatch
