MW: Asian shares advance, but Japan stocks still down
By Michael Kitchen
HK:347 ANGGF HK:883 CEO JP:6758
LOS ANGELES (MarketWatch) -- Asian shares recovered from weak Tuesday morning trade to move broadly higher in the midday, with the exception of Japan, where recent strength in the yen continued to weigh on major exporters. Hong Kong shares led the region's gains, with the Hang Seng Index up 1.4% and the Hang Seng China Enterprises Index rising 2%. Mainland Chinese resource shares were among the top performers there, with Angang Steel Co. (HK:347 10.88, +0.64, +6.25%) (ANGGF 1.24, -0.06, -4.62%) gaining 5.3%, and Cnooc Ltd. (HK:883 12.66, +0.30, +2.43%) (CEO 160.09, +4.28, +2.75%) up 2.1%. Mainland Chinese markets also helped lead the advance, with the Shanghai Composite up 1.4%. Australia's S&P/ASX 200 rose 0.8%, Taiwan's Taiex gained 0.4%, India's Sensex rose 0.5% in early trade, and South Korea's Kospi inched 0.1% higher. Tokyo shares were laggards, with the Nikkei Stock Average trading down 0.6% in afternoon action, though off its morning lows. Blue-chip exporters continued to languish, with Sony Corp. (JP:6758 2,404, -126.00, -4.98%) (SNE 27.02, -0.13, -0.49%) down 2% and Toyota Motor Corp. (JP:7203 3,135, -40.00, -1.26%) (TM 71.22, +0.47, +0.66%) losing 1.9%.
