Asian markets largely opened higher on Tuesday, building on newfound momentum after bargain hunters helped a recovery in U.S. markets in the wake of last week’s selloff.
Hong Kong’s Hang Seng index was up 0.2% while Chinese shares opened higher with the blue-chip CSI 300 index up 0.41%.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.39% to 555.01.
Japan’s benchmark Nikkei average, however, dropped 0.61% as telecom stocks fell after Nippon Telegraph and Telephone Corp announced a $38 billion take-private of its wireless carrier business, paving the way for price cuts in the sector. Shares going ex-dividend was also expected to dampen market sentiment.
Australia’s S&P/ASX 200 index rose 0.22%, while New Zealand’s S&P/NZX 50 index edged down 0.27% after rising in early trade.
Asian markets have been buoyed by positive signs around China’s economic recovery, although the coronavirus pandemic continues to wreak economic havoc globally and raise concern about high valuations.