Asian stock markets rose on Tuesday, ahead of Federal Reserve Chairwoman Janet Yellen’s testimony to Congress, while the second-largest Chinese initial public offering this year surged on its debut in Shanghai.
Japanese markets are on hiatus to celebrate National Foundation Day.
Hong Kong’s Hang Seng Index added 0.8%, Singapore’s Straits Times Index added 0.5% and the Philippines PSE climbed 0.3%. South Korea’s Kospi added 0.1%.
The Shanghai Composite Index was flat, following Monday’s 2% jump.
Australia’s S&P/ASX 200 added 0.4%, as the country’s earnings session progressed.
Shares in Australia & New Zealand Banking Group rose 2.1% after the lender said that its first-quarter profit had jumped almost 21%, while the quality of the bank’s credit continued to improve.
The world’s largest manufacturer of hearing implants, Cochlear plunged 9.9% in Sydney after the company made its second profit downgrade since June. The company is trying to win back trust with a new device, the Nucleus 6, after it had to recall a previous model in 2011 due to defects.
Australia’s largest investment bank was also in focus on Tuesday, as shares in Macquarie Group dropped 3.8% after the company said that client activity remains subdued in some businesses tied to capital markets, though it reaffirmed that its financial performance would improve this fiscal year as market conditions continue to improve.
Asia’s largest oil and gas company — PetroChina Co. Ltd — climbed 2%, after the company said it has found a large natural-gas reserve in China’s southwestern Sichuan basin, with 308 cubic meters of technically recoverable gas.
Cnooc Ltd., China’s largest offshore oil and gas producer, jumped 3.3%, while top refiner China Petroleum & Chemical Corp. also added 1.6%.
China Oilfield Services Ltd. gained 1.7%.
Huadian Fuxin Energy Corp. Ltd. jumped 3.2%, after the company said last week it had raised 1.18 billion Hong Kong dollars (about $152 million) through a sale of shares to institutional investors.
Waste-management and energy company China Everbright International Ltd. advanced 2.4%, and China Datang Renewable Power Co. Ltd. tacked on 1.3%.
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