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Market Update

Asia Ends on a Positive Note

Asian markets scored higher Tuesday following a mildly positive closing for Wall Street overnight, and ahead of Janet Yellen's first public appearance as U.S. Federal Reserve Chairwoman.

She is due to speak before Congress for the first time since being sworn in as on February 3.

The Nikkei was shut for National Foundation Day, a national holiday. The Hang Seng gained 1.8% while the Shanghai Composite was up 0.8%. The Sensex eked out a slight gain of 0.1% while the All Ordinaries was up 0.6%.

Data earlier Tuesday showed the number of new home loans granted in Australia fell unexpectedly to a seasonally adjusted 1.9% in January while the official house price index rose more-than-expected in the last quarter.

National Australia Bank’s business conditions index gained closer to a three-year high.

Stocks on the Move

PetroChina climbed 1.3% in Hong Kong on news the company has made one of the largest natural-gas discoveries in China since 2001.

The news also lifted others and CNOOC gained 4.8% while China Petroleum & Chemical Corp. rose 2.1%.

On the mainland, soy sauce maker Foshan Haitian Flavouring & Food skyrocketed 44% on its debut, hitting circuit breakers that led to suspension of trading five minutes before the close.

It was a results-heavy day in Mumbai with companies such as Dr. Reddy's Labs and Tata Steel reporting their December quarter earnings. Tata Steel was up 2% while Dr. Reddy’s was down 0.7%.

The broader-market listed GMR Infrastructure, Fortis, HCL Infosystems, Ingersoll Rand, Opto Circuits, Aditya Birla Nuvo, and HPCL were also due to report results, among others.

Tata Motors was up 2.8%.

In Sydney, ANZ advanced 3% after the bank said cash profits rose 13% year-on-year but hearing implant maker Cochlear plunged 8.9% after it reported half the profits in the first six months of its financial year.

Macquarie Group fell 3.8% after the bank reiterated its earnings forecast but said client activity remained subdued for certain capital markets businesses.