Most Asian stock markets rallied on Wednesday (September 30) after sliding to 3-year lows, but concerns lingered over a weak outlook for commodities and China’s economic growth.
Japan’s Nikkei share average rebounded after tumbling in the previous day, with strength in exporters and financials offsetting weak industrial production and a sharp drop in Japan Tobacco.
The Nikkei average went up 263 points to 17193.84, while the broader Topix rose 21.37 points to 1396.89.
Seoul shares, however, fell on Wednesday morning but were off opening lows as investors played catch-up after a long weekend.
The Korea Composite Stock Price Index (KOSPI) was down 0.4 percent at 1,934.50 points as of 0224 GMT after falling as much as 1.4 percent to a near three-week low of 1,915.46. Losers outnumbered gainers by 27 to 10.
In Hong Kong, the Hang Seng Index rose 1.38 percent to 20,839 at opening according to local media.
By 0148GMT, the index stood at 20811.39, up 1.23 percent.
China’s blue-chip CSI300 index and the Shanghai Composite Index were both up 0.5 percent at the opening in the morning trading session.
Australian shares also rose 1.3 percent after hitting a two-year low in the previous session led by gains in banks and miners although investors continued to be cautious on persistent worries about global growth and China.
The S&P/ASX 200 index rose 64.97 points to 4,983.4 by 0025 GMT. The benchmark tumbled 3.8 percent on Tuesday (September 29), posting its biggest drop since Aug. 24. (Reuters)