Asia report: Most markets higher after oil prices climb

In Japan, the Nikkei 225 was up 1.73% at 22,937.60 - its highest closing level in 26 years - as the yen weakened 0.4% against the dollar to last trade at JPY 114.16.

Energy stocks were the winners in Tokyo on the back of booming oil prices, with Inpex up 3.65% and Japan Petroleum Exploration 6.02% firmer.

On the mainland, the Shanghai Composite was ahead 0.8% at 3,415.14, and the smaller, technology-heavy Shenzhen Composite improved 0.67% to close at 2,012.72.

China Evergrande confirmed during the session that it would raise CNY 60bn by selling shares in its Hengda Real Estate subsidiary, before a backdoor listing on the Shenzhen bourse.

In the technology sector, cybersecurity firm Qihoo 360 Technology confirmed plans to delist in the US and move to China, putting the plans down to “national interest”.

According to Qihoo 360 CEO Zhou Hongyi, cybersecurity companies that grow “big enough” must be “aligned with national interests”.

South Korea’s Kospi was down 0.16% at 2,545.44, while the Hang Seng Index in Hong Kong added 1.39% to close at 28.994.34.

Energy plays were among the top risers in Seoul, as were retailers, with SK Innovation up 0.94% and Shinsegae leaping 8.35%.

Blue chip technology stocks were a disappointment, with Samsung Electronics off 0.5% and SK Hynix losing 1.32%.

Oil prices were modestly higher in late Asian trading, but turned negative as Europe took the baton, with Brent crude last down 0.3% at $64.08 per barrel and West Texas Intermediate of 0.02% at $57.34.

In Australia, the S&P/ASX 200 was ahead 1.02% at 6,014.34 - the first time Sydney’s benchmark has broken the 6,000 barrier in nine years.

The energy subindex led gains, rising 2.7% in parallel with oil prices, with Beach Energy and Santos among the top risers, gaining 6.42% and 3.7% respectively.

Major miners were also hot in the sunburnt country, with Fortescue Metals up 4.79%, Gindalbie Metals rocketing 8.33% and Rio Tinto tacking on 2.06%.

The Reserve Bank of Australia released its latest policy announcement on Tuesday, choosing to stand pat on interest rates as the the central bank’s governor Philip Lowe warned that inflation was still low.

“[We expect inflation] to pick up gradually as the economy strengthens,” Lowe said in his statement.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 fell 0.1% to 8,049.67, as the roller coaster ride of the dairy exporters continued.

Milk processing firm Synlait plunged 7.4%, while infant food producer A2 Milk lost 4.5%.

The two stocks have been leading direction in the market in recent months, with Synlait and A2 currently 135% and 259% higher in the year-to-date as they ramp up their export efforts to a dairy-hungry China.

Both of the down under dollars were weaker, with the Aussie last off 0.44% at AUD 1.3059 against the greenback, and the Kiwi retreating 0.33% to NZD 1.4446.