Japanese stocks rise after Federal Reserve Chairman Ben
Bernanke said the pace of its bond purchases would depend on U.S.
economic health, while Chinese shares fell on concern Beijing won’t use
stimulus to boost a slowing economy.
The Shanghai Composite Index surrendered 0.9%, after also losing 1% on Wednesday.
Thursday’s drop came after Chinese Finance Minister Lou
Jiwei said Wednesday the government was unlikely to use massive fiscal
stimulus this year.
Elsewhere, Hong Kong’s Hang Seng Index was flat in choppy trade, while South Korea’s Kospi retreated 0.6%.
On the upside, Japan’s Nikkei Stock Average added 0.5%, and Australia’s S&P/ASX 200 edged up 0.2%.
Several major financial stocks posted gains following
positive cues from the U.S. Sumitomo Mitsui Financial Group Inc. rose
1.9% in Tokyo, National Australia Bank Ltd. added 0.9% in Sydney, and
HSBC Holdings PLC climbed 0.4% in Hong Kong.
Meanwhile, shares of Softbank Corp. jumped 4.5% on news
the Japanese telecommunications firm will form a 50-50 joint venture
with Bloom Energy.
Toshiba Corp. gained 2.3% after the Nikkei newspaper
reported the company planned to invest in capacity expansion for
smartphone chips for the first time in about two years.
Chinese property stocks declined, shrugging off official
data showing new home prices continued to rise in a majority of Chinese
cities in June.
Shares of China Overseas Land & Investment Ltd. fell
1.2%, and China Resources Land Ltd. shed 0.5% in Hong Kong, while
Gemdale Corp. gave up 1.3% in Shanghai, and China Vanke Co. slid 1.1%
in Shenzhen.
In Australia, surfwear maker Billibong International Ltd.
climbed a further 3.6% on top of Wednesday’s 34% surge, following news
it has secured a private-equity loan and that it was replacing the
company’s chief executive.
A rise in U.S. crude-oil prices Wednesday helped lift
energy producers. Japan Petroleum Exploration Co. gained 1.1% in Tokyo,
and Santos Ltd. rose 2% in Sydney, while Kunlun Energy Co. advanced
1.2% in Hong Kong.
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