Mainland markets mixed
Tuesday witnessed volatile swings for China's Shanghai Composite index, which closed up 1.72 percent after nursing modest losses earlier in the day. Technology and small-cap stocks led the advance on the main bourse, while the ChiNext Index surged 4.9 percent to close at record highs for the second straight day.
The bourse had initially come under liquidity pressure sparked by a slew of initial public offerings (IPOs), including nuclear giant China National Nuclear Power Co. which started taking IPO subscriptions today. However, optimism over continued policy support and that Chinese equities were not in bubble territory eventually propelled the index upwards.
"Tellingly, the People's Bank of China (PBoC) did not address the soaring stock prices in its 2015 financial stability report, only saying that it will continue to promote a stable and healthy equity market. One can reasonably interpret the PBOC's reticence on the bull market as a quiet confidence that Chinese shares are not in a bubble," Bernard Aw, IG's market strategist, said in a note released on Tuesday.
China Everbright Bank was among the most actively-traded shares following news that it has secured regulatory approval to issue domestic preference shares in a private placement.
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Meanwhile, Hong Kong's Hang Seng index sagged nearly half a percent.
Among losers, L'Occitane International dropped 0.86 percent despite reporting a 35 percent jump in 2014 profit. Macau-related gaming plays succumbed to selling pressure even though the city's gross gaming revenue fell 37.1 percent in May from a year ago, better than the 38.5 percent decline expected. Galaxy Entertainment and Sands China erased early gains to retreat nearly 2 percent each, while SJM Holdings eased 1.6 percent.
British lender HSBC shed 0.4 percent on news that it is planning to cut thousands of jobs globally, according to a report by Sky News.
Meanwhile, China's fourth-biggest listed brokerage Huatai Securities recovered from Monday's unimpressive trading debut to bounce up 1 percent.