Stocks and Markets in the News | Asia Markets

By Sarah Turner, MarketWatch 

HONG KONG (MarketWatch) — Asian markets rose Tuesday as investors continued to hope global central banks will provide stimulus to support growth, with Hong Kong stocks extending gains in afternoon trading in response to better-than-expected economic data from Europe. 

South Korea’s Kospi KR:SEU +1.27%  climbed 1.3%, Japan’s Nikkei Stock Average JP:100000018 +0.50%  rose 0.5%, Australia’s S&P/ASX 200 Index AU:XJO +0.21%  gained 0.2% and Taiwan’s Taiex XX:Y9999 +0.58%  advanced 0.6%. 

China’s Shanghai Composite Index CN:000001 +0.30% , which had tumbled 1.5% in the previous session, rebounded 0.3% on relief buying. 

Hong Kong’s Hang Seng Index HK:HSI +1.05%  finished 1.1%, aided by a positive start to European markets after Germany and France reported better-than-expected second-quarter economic growth. Read European stocks report. 

 

Although U.S. shares mostly ended lower Monday, equity index futures were pointing to a likely higher start on Wall Street Tuesday, with Dow Jones Industrial Average DJIA -0.29% futures gaining 37 points, or 0.3%, to 13,174, while Standard & Poor’s 500 Index SPX -0.13% futures climbed 0.3% to 1,407.10. 

Southeast Asian economies shining Southeast Asian companies are looking to expand overseas, highlighting the latest shift in Asia's power balance. 

“Investors remain confident the major central banks will provide support to softening economies,” said Matthew Sherwood, head of investment market research at Perpetual.

Strong gains were seen in some sectors that are generally considered to be defensive bets — those that are less affected by broad economic conditions. 

Utility firms Chubu Electric Power Co. JP:9502 +5.41% CHUEF -22.91%  rallied 5.4% and Tokyo Gas Co. JP:9531 +1.94%   TKGSF -1.75%  rose 1.5% in Japan, while China Resources Power Holdings Co. HK:836 +3.00% CRPJF +1.03%  3% in Hong Kong. 

BlueScope Steel Ltd. AU:BSL +12.86% BLSFY +22.22% BLSFY +22.22% BLSFY +22.22% jumped another 12.9% in Sydney, on top of Monday’s 34.6% surge, a day after signing an alliance deal with Japan’s Nippon Steel Corp. JP:5401 0.00% NISTF +2.44% Nippon Steel ended little changed. 

National Australia Bank Ltd. AU:NAB -1.40%   NAUBF -0.42% dropped 1.4% in Sydney after reporting a flat quarterly profit and a small drop in revenue. Read more on NAB results. 

 

Shipping-related firms were retreating, with Mitsui O.S.K. Lines Ltd. JP:9104 -2.24%   MSLOF -8.79%  falling 2.7% in Tokyo after J.P. Morgan cut its stance on the firm — and the Japanese shipping sector overall — to neutral from overweight. 

“We think earnings momentum will probably deteriorate over the next 3-6 months, with sector companies lowering guidance and consensus estimates coming down,” the brokerage said.

“We think the start of a steep fall in rates as the slack season approaches, coupled with a large amount of capacity coming into service in 2013, will cause container rates to slump,” it added.

Kawasaki Kisen Kaisha Ltd. JP:9107 -2.65%  fell 2.7% and Nippon Yusen K.K. JP:9101 -1.72% declined 1.7%. 

Hyundai Heavy Industries Co. HYHZF 0.00% dropped 1% in Seoul after a downgrade to neutral from outperform at Credit Suisse. 

Toshiba Corp. JP:6502 -3.69% TOSYY -0.29%  fell 3.7% after it scrapped immediate plans to release devices based on a new version of Microsoft Corp.’s MSFT -0.10%  Windows software. Read report on Toshiba’s plans for new Windows OS. 

 

A report out Tuesday also said that the firm will sell a 16% stake in U.S. nuclear power-plant firm Westinghouse Electric Co. from its current 67% ownership. Read more on potential stake sale.

Swire Properties Ltd. HK:1972 -4.19% SWRAF -1.59%  skidded 4.2% on news a large shareholder was selling a stake in the company. Read more on Swire Properties share placement. 

 

BLSFY +22.22% Property stocks rebounded after suffering deep losses the previous day, with Poly Real Estate Group Co. CN:600048 +2.94%  rising 2.9% in Shanghai and China Vanke Co. CN:200002 +1.40% CVKEY 0.00% gaining 1.9% in Shenzhen. 

But brokerage shares stretched out their steep declines from the previous session, with Citic Securities Co. CN:600030 -1.64%  dropping 1.6% and Haitong Securities Co. CN:600837 -1.12%  losing 1.1%. 

Sarah Turner is MarketWatch's bureau chief in Sydney.