Asia Pacific share market closed mostly higher after recouping early losses on Tuesday, 26 July 2016, on the back bottom fishing in recently sold stocks. However, gains were capped on caution ahead of the US Federal Reserve and Bank of Japan meetings due later this week. The MSCI Asia Pacific Index climbed 0.5 percent to 134.78.
Markets were eyeing the central bank meetings in Japan and the United States this week. The BOJ's two-day policy meeting on Friday follows the Federal Reserve's decision on interest rates a day earlier. The Nikkei newspaper reported that the government plans to double its net fiscal spending to 6 trillion yen ($57 billion).
The U.S. Federal Reserve Open Committee will kick off its two-day monetary policy meeting on Tuesday. Analysts expect the central bank to hold interest rates unchanged in July and possibly for several months to come.
Among Asian bourses
Australia Market ends marginally higher
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Australian share market managed to close edge above the neutral line after recouping initial losses, registering the 12th gain on the ASX 200 in 14 days. On the ASX, the big banks and the major miners all added weight, while energy, retailer and healthcare companies lost ground. At close of trade, the benchmark S&P/ASX 200 index inclined 3.90 points, or 0.07%, to 5537.50. The broader All Ordinaries gained 5.10 points, or 0.09%, to 5612.60.
Financial stocks helped the market claw back early losses, with major banks leading the charge. Westpac Banking Corp advanced 0.5% to A$30.87, ANZ Banking Group 0.9% to A$25.66, National Australia Bank 0.7% to A$26.39, and Commonwealth Bank of Australia 0.6% to A$78.
Miners were mixed iron ore companies were buoyed by a rise in prices for the commodity, while gold miners tumbled. Gold miner St Barbara lost 4.9% to A$2.90, for the biggest losses in the sector, while iron ore miner Fortescue Metals added 1.7% to A$4.12.
Shares of energy companies suffered the biggest losses after oil prices fell to a three-month low with Origin Energy losing 2.7% to A$5.78. Oil Search tumbled 1.1% to A$7.19 and Woodside Petroleum dropped 0.8% to A$27.12.
Japan Market falls 1.43%
The Japan share market declined for third day in row, as a poor showing on Wall Street overnight and pullback in oil prices dented sentiment here, with the yen's appreciation against the U.S. dollar also contributing to a dour market mood. The majority of industry categories on the main section had retreated into negative territory, with iron and steel, security and mining-linked stocks comprising notable decliners. The 225-issue Nikkei Stock Average declined 237.25 points, or 1.43%, to 16,383.04. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 18.42 points, or 1.39%, down at 1,306.94.
Exporters dived due to yen appreciation against greenback, with Toyota Motor Corp shedding 1.48% and Honda Motor Co. dropping 1.9%, while factory robot maker Fanuc off 1.78%.
Nintendo lost another 3.53% to 22,400 yen following the previous day's 17-percent plunge in response to a warning that Pokemon Go's success would not translate into bumper profits. The firm, which created the Pokemon franchise, had more than doubled in a huge rally following the app's release this month. Markets cheered the game's global success as a thumbs up for Nintendo's nascent move into the mobile games market. But late Friday the firm warned that, while it held a stake in both the game's US developer and Pokemon's copyright owner, the benefits to its own bottom line would be "limited".
China Stocks shine 1.2%
Mainland China stock market closed sharply higher, with shares of consumer companies, financials and industrials being major gainer amid optimism the economy was stabilizing. The CSI300 index of the largest listed companies in Shanghai and Shenzhen gained 1.2%, to 3269.59, while the Shanghai Composite Index rose 1.14%, to 3050.17 points.
Dairy-product maker Inner Mongolia Yili Industry Group Co. jumped 4.3 percent, while SAIC Motor Corp. rose 6.7 percent, leading gains for a measure of consumer-discretionary companies. Shandong Gold Mining Co. rallied 7.2 percent as bullion prices rose after a two-day decline, and Yanzhou Coal Mining Co. paced energy companies higher with a 2.1 percent gain.
Hong Kong Stocks shine 0.62%
The Hong Kong stock market closed higher after reversing early losses on the back rally of Macau gaming names and the record-hitting of Tencent. However, gains were capped on caution ahead of the US Federal Reserve and Bank of Japan meetings due later this week. The benchmark Hang Seng Index advanced 136.29 points, or 0.62%, to 22129.73 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, grew 27.49 points, or 0.3%, to 9062.25. Turnover increased significantly to HK$71.6 billion from HK$49.4 billion on Monday.
Luye Pharma Group jumped 8.2 percent after the Chinese drugmaker agreed to buy Switzerland-based Acino Holding AG for 245 million euros.
Macau gaming counters rose across the board. Sands China (01928) shot up 6% to HK$30.05 after it reported adjusted property EBITDA of US$487.7 million, down 13.6% year-on-year. Galaxy Entertainment (00027) surged 6.5% to HK$26.25, becoming the top blue-chip gainer.
Oil major suffered after oil prices fell 2%. CNOOC (00883) slipped 2.6% to HK$9.68. PetroChina (00857) fell 1.3% to HK$5.28.
Indian market snaps 2-day winning streak
Disappointing first quarter results from passenger car major Maruti Suzuki India (MSIL) and weak results from Dr Reddy's Laboratories (DRL) pulled the market lower towards the fag end of the trading session. The barometer index, the S&P BSE Sensex, fell 118.82 points or 0.42% to settle at 27,976.52. The Nifty 50 index fell 45 points or 0.52% to settle at 8,590.65.
DRL declined after the company announced weak Q1 results. Weak results from DRL hit other pharma stocks. MSIL edged lower after announcing disappointing Q1 June 2016 results. Most other auto stocks declined after MSIL's disappointing Q1 results.
Elsewhere in the Asia Pacific region: New Zealand's NZX50 shed 0.1% to 7310.39. South Korea's KOSPI index added 0.8% to 2027.34. Taiwan's Taiex index grew 0.4% to 9024.79. Malaysia's KLCI was down 0.0.4% to 1661.42. Indonesia's Jakarta Composite index added 0.1% to 5224.40. Singapore's Straits Times index rose 0.12% to 2933.44.
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