Asian markets finished mixed Monday, with Sydney down 1.6 percent while Shanghai jumped 4.6 percent. However, sentiment remained weak after credit concerns pushed European indexes lower. The market lacked direction overall as investors waited for the U.S. to reopen after the Independence Day long holiday weekend.
Japan's Nikkei 225 Average reversed course by midday and gained ground to close 1 percent higher on Monday. The positive finish put the brakes on a 12-session decline that marked its longest losing run since 1954. The broader Topix Index ended the session 1.2 percent firmer. Exporters such as Canon and Toyota lent support to the market, after the dollar rose to a one-week high of 107 yen.
Drugstore chain Cosmos Pharmaceutical added to the Index's gains, as the stock surged 10.5 percent after it said full year profits will not fall as much as forecast, thanks to strong sales and cost-cutting.
Magara Construction plunged by its daily limit, down 75 percent to 10 yen, after the construction firm said it had filed for bankruptcy protection as it could not honor its payments due this week. The stock will be delisted on Aug. 6.