Asia shares rose on Tuesday with gains for property firms helping lift the Hong Kong market, though Australian stocks remained weak after the nation's central bank left interest rates on hold. South Korea's Kospi (KR:SEU) +0.87% rose 0.9% and Japan's Nikkei Stock Average (JP:100000018) +0.70% gained 0.6%. In China, the Shanghai Composite (CN:000001) +0.14% put on 0.6%, while Hong Kong's Hang Seng Index (HK:HSI) +1.51% jumped 1.5% as trading resumed after a three-day break. Australia's S&P/ASX 200 index (AU:XJO) -0.14% edged down 0.2%. U.S. shares put in a subdued performance on Monday, as data showing manufacturing activity dropped into contraction territory for the first time in three years dragged the Dow Jones Industrial Average DJIA -0.07% into the red. Monday also saw the release of some weak manufacturing data in the euro zone, supporting expectations for possible easing measures from the region's central bank to spur growth, Market Watch reported. “All things considered, there is little in the PMI figures to challenge the view that the ECB ought to be cutting policy rates this week. But with [last week's European leaders summit] having helped to improve market sentiment, the case for a lesser 25 basis point reduction in the refinancing rate has been reinforced," said Ken Wattret at BNP Paribas. Property shares shot higher in Hong Kong. China Resources Land Ltd. (HK:1109) +2.91% CRBJY 0.00% rallied 4.2%, Sino Land Co. (HK:83) +4.13% SNLAY +4.64% surged 5%, and Poly Real Estate Group Co. (CN:600048) +3.19% put on 4% in mainland China. Financials were other notable advancers, as heavyweight HSBC Holdings PLC (HK:5) +1.39% HBC +1.77% gained 1.2% and Agricultural Bank of China Ltd. (HK:1288) +2.91% climbed 3.2%. Technology-related shares improved in Japan. Advantest Corp. (JP:6857) +0.74% ATE -1.59% added 1.2% and Trend Micro Inc. (JP:4704) +0.91% TMICY +1.84% rose1.3%. Renesas Electronics Corp. (JP:6723) +9.78% RNECY +3.23% shares surged 8.8% after reports that the struggling chipmaker plans to sell or shut down ten plants within the next three years. Exporters also improved in Tokyo, with Fujitsu Ltd. (JP:6702) +0.52% FJTSY +0.88% up 1.1% and Nikon Corp. (JP:7731) +3.06% NINOY -0.82% climbing 3%. LG Electronics Inc. LGEIY 0.00% gained 3% and LG Display Co. LPL 0.00% added 2.1% in Seoul. Among notable underperformers, Chinese automobile stocks dropped on reports another mainland city had imposed a cap on annual car sales to improve traffic conditions. Shares of Dongfeng Motor Group Co. (HK:489) -4.37% slumped 6.7% and Great Wall Motor Co. (HK:2333) -2.47% sank 3.1%. Losses for energy firms weighed in Sydney, after crude oil futures closed below $84 a barrel in New York trading. Woodside Petroleum Ltd. (AU:WPL) -1.76% WOPEY +0.21% shed 1.6% and Santos Ltd. (AU:STO) -1.92% SSLTY +3.41% dropped 1.%. Shares in Sydney remained under pressure after the Reserve Bank of Australia left the benchmark cash rate steady at 3.50%, as expected.
