Asian markets rebound on weaker yen

Investors picked up beaten-down shares that looked oversold as markets steadied from a global rout that pushed regional markets to multi-month lows.

 

 

At 0024 GMT, Tokyo’s Nikkei average had risen 0.69 per cent, steadying from a 3.34 per cent fall in the previous session to near three-month lows.

 

Chinese share prices were firmer in the opening minutes, with financial stocks in focus, but then fell 0.26 per cent in morning trade.

 

South Korea’s key Kospi put on 1 per cent, recouping nearly half of Monday’s 2.7 per cent loss.

 

In Australia, the benchmark S&P/ASX 200 index reversed early losses to be up 0.73 per cent.

 

Hong Kong’s Hang Seng index opened up 1.26 per cent or 234.33 points at 18,899.21.

 

The Asia-Pacific stocks gained slightly despite Wall Street falling on Monday, the tech-heavy Nasdaq Composite Index down 1.15 per cent and the blue-chip Dow down 0.53 per cent.

 

Special investigations into China’s stock market had been widely reported, sparking fears about a possible official clampdown on stock trading.

 

Reported probes by the China Banking Regulatory Commission (CBRC) into the inflow of bank loans into the market, was cited as a key factor behind the sharp fall in domestic share prices over the past week.

 

Liu Mingkang, the CBRC chairman, was quoted as saying by the official Securities Times: “The CBRC has not specifically launched any investigations related to the stock market.

 

“Nor is it taking any special measures targeting the stock market.”