A slightly weakening yen, coupled with limited downside in China Mobile (CHL), helped provide support to prices in Asia Tuesday, though trading volumes remained sluggish.
Japan's Nikkei gained the most of the major indices, rising 203 points, or 1.5%, to 13,893.31, after a rebound in financials. In Hong Kong, the Hang Seng added 155 points, or 0.6%, to 24,284.04, while in neighboring China the Shanghai Composite Index rose 11 points, or 0.3%, to 3375.41.
Telco goliath China Mobile, which plunged more than 8% Monday following the long-awaited announcement of domestic Chinese industry restructuring plans, slipped into the red by the end of the afternoon. China Mobile lost 0.2% to HK$114.70, after opening up at HK$116.60. Many market participants remain skeptical about the impact of changes to the sector, however.
"There was nothing new in the announcement made on May 23