Asian stock markets were mixed Wednesday as investors adopted a cautious stance ahead of Federal Reserve Chairman Ben Bernanke’s testimony later in the global day, though South Korea’s Kospi posted solid gains with exporters outperforming in Seoul.
The focus was on Federal Reserve Chief Bernanke, who will give his testimony to the U.S. Congress later in the global day. The central banker’s comments will be examined for signs of when the Fed will start to roll back its bond-buying program.
“Following Mr. Bernanke’s comments at the QA session last week, a lot of analysts continue to feel he will sound the same tone regarding the Fed remaining accommodative for the foreseeable future,” IG strategist Stan Shamu said. “However, the recent recovery in data is likely to be acknowledged and in turn will likely result in an adjustment to asset purchases.”
Shares in Seoul outperformed in Asia as foreign investors extended their buying streak to five sessions, picking up a net KRW119 billion worth of stocks Wednesday. The benchmark Kospi ended up 1.1% at 1887.49.
Foreign funds showed strong interest in Korean auto makers and electronics firms: Samsung Electronics
ended the day 1.7% higher and Hyundai Motor Co.
rose 2.8%.
In mainland China, the Shanghai Composite dropped 1% to 2044.92, as continued fears about the decelerating economy weighed on the local market.
Motor-vehicle makers underperformed on concerns of a decline in new car sales as China is poised to widen the number of cities that impose policies restricting purchases. The China Association of Automobile Manufacturers said last week that as many as eight cities including Tianjin, Shenzhen and Hangzhou could be affected.
BYD Co.,
a maker of electric cars and batteries, fell 7.0% and SAIC Motor
Corp fell 1.4%.
The U.S. dollar lost 0.8% overnight against the Japanese yen on news that core inflation in the U.S. remained in check giving the Fed more room to keep its loose monetary policy intact, though it made a substantial recovery on Wednesday—at ¥99.70 late in Asia, compared with ¥99.10 late Tuesday in New York.
The stronger yen initially weighed on Japanese stocks, with the Nikkei starting the session lower. The index recovered as the dollar strengthened, ending the day with a small gain—up 0.1% to 14615.04.
In Tokyo however, NEC Corp.
rose 4.8% following a Nikkei report that said that the company will exit its smartphone operations after it failed to get the support of Chinese personal computer firm Lenovo Group
to strengthen its loss-making mobile phone business.
Australia’s SP/ASX 200 fell 0.1% to 4981.70, though mining giant BHP Billiton
Limited gained 2.3% after releasing a strong production report. The miner’s iron ore production hit a record high in its last financial year, while it also produced more oil and gas in the year through June.
In addition, miners listed in Sydney were helped by overnight increases in the price of spot iron and copper. Rio Tinto Limited rose 1.1%, adding to gains following its own strong production report released on Tuesday, and Fortescue Metals Group
jumped 6%.
Also in Sydney, surfwear retailer Billabong International
surged 34% after the firm accepted a rescue package from a consortium, which will provide a US$294 million bridging loan that will allow it to repay its debt.
Elsewhere in the region, Hong Kong’s Hang Seng Index ended up 0.3% at 21371.87 and Singapore’s Straits Times Index was down 0.5% at 3208.74.
In Europe, sterling gained ground against the dollar and the euro and gilts fell sharply after the release of the latest Bank of England minutes.
European equity markets slipped into the red after a firm start, with investors nervous ahead of Mr. Bernanke’s testimony on monetary policy.
Shares in French cosmetics company L’Oréal
fell after it reported weak second-quarter sales.
Dutch semiconductor equipment maker ASML Holding
rose 1% after the company raised its full-year sales outlook.
—Michele Maatouk in London contributed to this article.
Write to Daniel Inman at daniel.inman@wsj.com
Asian Shares Mixed
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