Asia Markets: Tech stocks lead broad gains by Asian markets

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An overnight pullback in the yen helped Japanese stocks rebound early Tuesday, while technology companies led broader gains in Asia.

Chinese internet heavyweight Tencent 0700, +3.67%  , which saw its market capitalization top $500 billion for the first time on Monday, rose 4% in early Hong Kong trading, putting its stock-market value above Facebook’s FB, -0.15%   and almost at Amazon.com’s AMZN, -0.32%   $543 billion. Tencent’s gain helped the Hang Seng Index HSI, +1.23%   climb 0.9% to hit another 10-year high.

The Nikkei Stock Average NIK, +0.93%   rose 1%, after posting its seventh decline in nine days on Monday as the yen moved off multimonth lows. Industrial stocks including Hitachi Construction 6305, +2.04% ,  Toyota 7203, +1.99%   and Komatsu 6301, +2.39%   led gainers in Tokyo, rising about 2% each.

The yen weakened overnight and was recently trading at ¥112.70 against the dollar JPYUSD, +0.023092%  , after getting a safe-haven boost Monday amid the euro’s slide on German political worries.

Tech-heavy stock markets in Taiwan Y9999, +0.84%   and Korea SEU, +0.12%   rose about 0.5%, while Chinese benchmark indexes SHCOMP, +0.40% 399106, +0.03%   posted similar gains, building on Monday’s sharp rebound.

“In the absence of any material event risk to push risk assets higher this week, we are also still seeing signs of markets refusing to sell off with any real conviction,” said Chris Weston, chief market strategist at IG Markets.

But New Zealand stocks ignored gains in the region, with the NZX 50 Index NZ50GR, -0.02%   down 0.2% after shedding as much as 0.5% in early trade following Monday’s three-week closing high.

Elsewhere, the Australian dollar hit a five-month low against the U.S. dollar after the minutes of this month’s central-bank meeting showed officials are nervously watching labor markets in other economies and domestic wage growth remained weak. The S&P/ASX 200 stock index XJO, +0.29%   was recently up 0.3%.