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Asia stocks mixed, Hang Seng increase more than 1%

Asia stocks mixed, Hang Seng increase more than 1%

TOKYO: Japanese shares were under pressure on Thursday after jumping more than 2 percent in its previous session with a stronger yen weighing on exporters. Japan’s Nikkei 225 ended 0.37 percent or 73.5 points lower at 19,520.69 as the dollar’s momentum waned overnight.

Electronics conglomerate Sharp however bucked the trend, up 8.87 percent to 319 yen a share, extending yesterday’s gains of more than 8 percent, on news that it was considering an initial public offering for Sakai Display Products, its LCD joint venture with Hon Hai Precision Industry, Nikkei business daily reported.

Toshiba recovered from its recent plunge to trade up 4.72 percent to 290.5 yen per share after Chairman Shigenori Shiga said that he heard the Japanese banks were ready to provide financial support after it was hit earlier in the week by fresh reports of profit padding, Reuters reported.

Last week, Toshiba said it may have to book several billion dollars in writedowns related to a U.S.nuclear power plant construction company acquisition and the stock has fallen almost 35 percent since then.

Australia’s ASX 200 closed up 0.3 percent or 16.94 points at 5,753.35 led by energy and material plays. The gold sub-index bounded up 2.47 percent as the yellow metal hit a four-week high.

Gold miner Newcrest Mining was up 1.77 percent to A$20.71 per share, while Evolution Mining jumped 1.9 percent to A$2.15.