Asia report: Markets mostly higher as tech dip peters out

Most markets in Asia finished higher on Tuesday, with investors seemingly losing their appetite for a continued tech sell-off, despite that sector continuing its red streak on Wall Street overnight.

Japan’s Nikkei 225 was down, however, losing 0.05% to finish at 19,898.75, as the yen weakened against the greenback to last sit 0.15% behind the American currency at JPY 110.12.

Technology stocks were mixed in the country, with most trending down following on from the weaker US session.

Sharp lost 2.56% and Yahoo! Japan was 2.05% softer, with Fujitsu taking its place on the other side adding 1.6%.

On the mainland, the Shanghai Composite was up 0.46% at 3,154.38, while the Shenzhen Composite added 1.26% to 1,859.88.

South Korea’s Kospi was ahead 0.71% at 2,374.70, while the Hang Seng Index in Hong Kong finished up 0.56% at 25,852.10.

Tech stocks in Seoul were higher, with LG Display rocketing 7.74%, while Samsung Electronics eked out gains of 0.04% and chipmaker SK Hynix leaping 2.26%.

Carmaker Hyundai added 1.23%, after reports emerged that the company was preparing to export its domestically-popular Kona SUV to both Europe and the US later in the year.

The Kona is an electric vehicle, which can reportedly manage an impressive 390 kilometres on a single charge.

Attention was turning towards the Federal Open Market Committee meeting in the US, with a decision on whether US interest rates would rise again due on Wednesday.

Oil prices were higher on Tuesday, with Brent crude last up 0.21% at $48.39 and West Texas Intermediate rising 0.17% to $46.16.

Australia’s S&P/ASX 200 returned from a long weekend to add 1.67% to 5,772.77, underpinned by its weighty financials subindex, which was up 2.39%.

The monthly business confidence survey for May from National Australia Bank showed conditions were generally positive in the country.

“The strength looks to be quite broad-based, with all industries recording positive business conditions for only the second time since 2010,” said NAB chief economist Alan Oster.

Casino operator Crown Resorts was ahead 0.62%, despite the fact several of ites employees were charged for the promotion of gambling in China, where the act is illegal.

Broadcaster Ten Network Holdings requested a halt on the trade of its shares, after its guarantees failed to guarantee support for its credit facilities beyond the current term, which ends on 23 December.

Across the Tasman Sea, New Zealand stocks moved sideways, with the S&P/NZX 50 rising 0.1% to 7,440.98.

The benchmark was led higher by flag carrier Air New Zealand, which was ahead 3.5%, while the trans-Tasman banks were higher in Wellington too, reflecting their performance in Sydney.

Westpac was ahead 2.1% in New Zealand trading, while Australia and New Zealand Banking Group added 1.9%.

Both of the down under dollars were stronger against the greenback, with the Aussie last advancing 0.04% to AUD 1.3255 and the Kiwi strengthening 0.35% to NZD 1.3842.