Asian stock markets traded higher late Tuesday, with sentiment supported byto come in at 7.3 percent from the year-ago period. This was a tick higher than the 7.2 percent forecast by analysts and holding steady from the prior quarter.
In other news, thefor 2015-16, cautioning that the boost from lower crude oil prices would be offset by dimmer economic prospects for China, Russia, the euro area, Japan and oil producers.
U.S. markets were closed for the Martin Luther King Jr. Day on Monday.
Mainland indices up
China’s benchmarkindex widened gains to nearly 2 percent following a better-than-expected growth report card. In the previous session, the key stock index slumped 7.7 percent – its biggest daily percentage drop in over six years – to a three-and-a-half-week low on the back of declines in property developers. A crackdown on margin lending also led to losses in the financial sector.
Brokerages continued the downtrend on Tuesday, withand Haitong Securities leading declines with a more than 8 percent plunge, respectively. Founder Securities also receded 3.2 percent.
“1 trillion of outstanding margin financing isn’t a small amount so definitely, there will be a pop. Stocks like Haitong and Citic dropped by 10 percent yesterday, but in Hong Kong, there was 10-15 percent fall, so A-shares will catch up to H-shares today by dropping further,” Dickie Wong, executive director at Kingston Securities, told CNBC.
Meanwhile, Hong Kong’sindex held on to a 0.6 percent gain.
Nikkei up 1.8%
Japan’s benchmarktouched a one-and-a-half-week high, buoyed by which inched up above the 118 handle – its highest in a week. Exporter stocks including and rallied more than 3 percent each, while automakers , and also made gains between 2.6 and 1.5 percent each.
bucked the rising trend to retreat nearly 2 percent on news that it could slide back into the red this financial year due to fierce price competition in television and other key products.
Trading housewere among the top losers for the day, retreating 2.5 percent after it announced that it is teaming up with Thailand’s CP Group to invest in China’s Citic Group.
Meanwhile, the Bank of Japan commences its two-day monetary policy on Tuesday and it is unlikely to roll out further easing, analysts say. “Cheaper oil is a bliss for Japan. They are already buying buying enough JGBs and the yen is weak enough so there is no reason for additional easing,” Takuji Okubo, principal and chief economist at Japan Macro Advisors, told CNBC Asia’s “.”
Australia’s keyindex closed little changed on Tuesday, helped by positive data from China which helped the bourse to pare an earlier 0.5 percent decline. Meanwhile, the ticked down 0.5 percent, after briefly erasing losses following the mainland’s growth number, to buy $0.8175 to the dollar.
, which announced a 12 percent rise in fourth quarter output on-year despite a big drop in the price of iron ore, shed 0.7 percent, while closed down 0.8 percent. tanked 5.3 percent after the miner slashed its FY 2015 capital expenditure guidance due to challenging market conditions.
“While [the GDP data] is below the growth target, 7.4 percent isn’t too far away and that suggests demand is there. Hence, it will have a positive effect in the short term, but it will still boil down to [iron ore] prices in the long run,” John Wilson, stock broker at Morgans Financial, said.
Australia’s banking sector is in focus, asprepares to kick off a sale process for its vehicle and equipment finance business Esanda. Shares of the lender notched up nearly 1 percent, while players seen interested in the asset including and climbed up 2.7 and dropped 0.1 percent, respectively.
Kospi rises 0.7%
South Korean shares advanced on the back of a performance among blue-chip majors., the heaviest weighted stock on the index, added more than 1 percent on news that the electronics giant could be considering a , said Reuters quoting an executive.
Kepco jumped 5.7 percent on expectations that the country’s largest utility could post better-than-expected fourth quarter profits. Retailer Shinsegae tripled losses to 0.9 percent late Tuesday after it announced a record 3.4 trillioninvestment into mega malls and logistics centers.
is in focus as its former executive, Cho Hyun-ah, appeared in court for violating aviation safety laws after causing a plane to be delayed last December. Shares of the airline inched up 0.1 percent.
Malaysia’s benchmarkindex slipped 0.2 percent as Prime Minister Najib Razak announced a revised budget on Tuesday. An increase in the country’s fiscal deficit target to 3.2 percent of gross domestic product for 2015 and a cut in growth forecast was announced amid plunging global oil prices. The Malaysian traded at 3.5930 against the greenback.
India’s benchmark indices were trading at more than 6-week highs early Tuesday, with the Nifty andrising 0.5 percent each.