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Asia300

Nikkei Asia300 Index recovers after Italy-sparked sell-off

Bargain hunters swoop in, but China stocks still sluggish

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The logo of Taiwan Semiconductor Mfg. (TSMC) is seen at its headquarters in Hsinchu, northern Taiwan.   © Reuters

MUMBAI (NewsRise) -- Asian stocks rebounded Tuesday, as risk appetite improved after a sell-off sparked by Italy's vote against constitutional reform was seen as overdone.

The Nikkei Asia300 Index rose 0.6% to 1,046.24 Tuesday, adding 6.2 points. Technology stocks, including top heavyweights Samsung Electronics and Taiwan Semiconductor Manufacturing contributed most gains on the 324-stock gauge as bargain hunters swooped in after recent losses.

The Nikkei Asia300 China Index rose 0.5% to 1,019.54. Liquor maker Kweichow Moutai, the 15th-heaviest-weighted stock on the Asia300 index, rose 3.3% to 326.44 yuan.

However, concerns over tighter liquidity and curbs to restrict outflows continued to weigh on mainland Chinese stocks, even as a steady improvement in data pointed toward a recovery in the world's second-largest economy.

China Petroleum & Chemical (Sinopec) slipped 1.3% and PetroChina fell half a percent. Shortly after markets closed, the company announced CFO Zhao Dong had resigned. Shenzhen-listed Leshi Internet Information & Technology, or LeEco, which has been vocal about its strained cash position, plunged almost 8%.

Hong Kong's gauge ended little-changed at 1,003.67. Bank of China (BOC) shares listed in the city rose 0.6% to H$3.54, while China Life Insurance advanced 3.5% on rising government bond yields.

South Korea's index advanced 1.2% to 1,094.62 despite political tensions, propped up by gains in heavyweight Samsung Electronics and Hyundai Motor, which rose 1.8% and 1.9%.

President Park Geun-hye on Tuesday said she will accept the results of an impeachment vote against her this week, Reuters reported, citing a party official.

The Nikkei Asia300 Taiwan Index rose 1% to 1,144.44, led by a 1.7% gain in Taiwan Semiconductor Manufacturing. Hon Hai Precision Industry, or Foxconn, a major supplier to Apple, advanced 1.2% to T$82.30.

The nation's retail inflation rose a faster-than-expected 1.97% in November, data released Tuesday showed.

Singapore's index rose 0.3% to 1,018.57 Tuesday. The nation's benchmark FTSE Straits Times Index has risen for 10 out of the last 11 sessions, recording its longest winning streak since 2014 last week after climbing for eight consecutive days.

Still, concerns remain as Singapore's economic growth is poised to be slightly lower than last year, after the government trimmed the top end of its 2016 forecast to 1.5% last month.

Neighboring Malaysia's index edged 0.2% higher to 940.47. Glove makers Top Glove and Hartalega Holdings fell for a fourth day, sliding over 3% and 2%, respectively.

Regional budget carrier AirAsia slipped 2.3% to 2.54 ringgit, weighed down by an over 18% jump in crude prices since major producers agreed to an output cut.

The Nikkei Asia300 Vietnam Index fell 1.1% to 1,242.78.

The nation's biggest brewer, Sabeco, rose as much as 20% at its debut on exchanges Tuesday. The state-owned company's market value rose to $3.72 billion, making it the fifth-largest listed company in Vietnam, according to Reuters.

The Philippines' gauge added 0.6% to 929.04. Data released today showed the nation's consumer price index rose 2.5% in November, while core inflation, excluding food and fuel, accelerated 2.4%.

The Nikkei Asia300 India index ended 0.2% higher at 995.01 ahead of the Monetary Policy Committee's policy review outcome, due Wednesday. The nation's central bank is widely expected to cut interest rates by 25 basis points to 6% tomorrow as a recent demonetization move by the government threatens to slow economic growth.

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