Asian stocks stabilized on Tuesday, with many markets trading around the break-even mark, as the region paused after a global selloff that saw heavy losses in recent sessions.
The Nikkei rose 0.1%, supported by a slightly weaker yen, with stocks stabilizing after plunging 5.2% over the last three sessions.
In China, the Shanghai Composite rose 0.2% as Shaanxi Coal Industry Co. had a strong debut after raising 4 billion yuan ($661 million) via an initial public offering earlier this month. Shares in China’s biggest coal producer soared 25.3% in early trade before they were suspended after their opening surge.
South Korea’s Kospi was 0.2% higher, Hong Kong’s Hang Seng Index was down less than 0.1%, and Singapore’s Straits Times Index was also down less than 0.1%.
In corporate news, shares in Sony Corp. dropped 1.6% in Tokyo after Moody’s cut the company’s credit rating to junk on Monday after the market closed. The ratings agency said the Japanese electronics firm still had more to do to improve its battered balance sheet.
Also in Japan, companies supplying Apple fell after the U.S. technology giant’s disappointing revenue forecast led to substantial after-hours selling. Component supplier Ibiden Co. lost 0.5% and Foster Electric Company fell 1.6%.
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