- POSTED: 21 Jan 2014 17:06
- UPDATED: 21 Jan 2014 19:26
Asian markets rose on Tuesday, with Japan's Nikkei index as the standout performer thanks to a weaker yen, as investors moved in for cheaper stocks following the previous day's sell-off.
HONG KONG : Asian markets rose on Tuesday, with Japan's Nikkei index as the standout performer thanks to a weaker yen, as investors moved in for cheaper stocks following the previous day's sell-off.
With US markets closed on Monday for a public holiday, investors shrugged off flat Chinese economic growth figures a day earlier to send China shares higher, after the country's central bank moved to ease fears of a cash crunch.
In Tokyo, the benchmark Nikkei rose 0.99 per cent, or 154.28 points, to close at 15,795.96, Seoul rose 0.52 per cent, or 10.11 points, to 1,963.89 and Sydney added 0.69 per cent, or 36.5 points, to finish at 5,331.5.
Hong Kong added 0.45 per cent, or 104.17 points, to 23,033.12 and Shanghai climbed 0.86 per cent, or 17.06 points, to 2,008.31.
Markets mostly sank on Monday after China said its economy -- a key driver of regional and global growth -- expanded 7.7 per cent last year, the same rate as in 2012 which was the slowest since 1999.
Gross domestic product expansion for the October-December quarter also slowed to 7.7 per cent from 7.8 per cent in the previous three months.
The Nikkei enjoyed a pick-up ahead of a two-day Bank of Japan (BoJ) policy meeting that ends on Wednesday, with some speculation that it will announce fresh measures in its stimulus programme.
The yen eased against the dollar and euro, proving support for exporters.
In afternoon trade, the dollar was at 104.71 yen against 104.10 yen in London late Monday, while the euro fetched 141.72 yen compared with 141.19 yen. The euro was also at US$1.3533 from US$1.3563.
CLSA equity strategist Nicholas Smith said there were rumours the BoJ might make an announcement on Wednesday regarding its asset-purchasing programme.
However, he told Dow Jones Newswires that "any additional easing measures aren't likely until around the time of the April consumption-tax hike which is when they would be the most effective".
In Shanghai, shares advanced after the People's Bank of China said late Monday that it had provided short-term liquidity to some large commercial banks to avert a cash crunch as investors gear up for a flood of new stock listings that many fear could lead to a share glut.
The central bank also injected 255 billion yuan (US$41.8 billion) worth of funds into the interbank market on Tuesday.
In oil trade, US benchmark West Texas Intermediate for delivery in February was up six cents at US$94.43 a barrel, while Brent crude for March reversed earlier losses to climb 65 cents to US$107.00.
Gold fetched US$1,247.89 at 1045 GMT compared with US$1,254.61 late Monday.
In other markets, Mumbai rose 0.22 per cent, or 46.07 points, to 21,251.12; Jakarta gained 0.47 per cent, or 20.93 points, to 4,452.50; Kuala Lumpur climbed 0.43 per cent, or 7.75 points, to close at 1,815.34; Bangkok was up 0.24 per cent, or 3.11 points, at 1,293.10; Taipei fell 0.25 per cent, or 21.66 points, to 8,599.9; Wellington was up 0.64 per cent, or 31.18 points, at 4,921.67; and Manila closed 0.23 per cent higher, adding 13.64 points to finish at 6,019.24.