Asia stocks advance as chipmakers rise; Nikkei up 0.15%

Investing.com – Asian stocks were broadly higher on Tuesday, as shares in the technology sector performed strongly, while shares in Japanese steelmakers declined amid speculation their earnings will disappoint.

During late Asian trade, Hong Kong's Hang Seng Index climbed 0.14%, South Korea's Kospi Composite shed 0.16%, while Japan’s Nikkei 225 Index was up 0.15%.

In Japan, shares in chip makers outperformed after the Nikkei newspaper reported that Japanese companies plan to raise prices of dynamic random access memory chips by 10% as early as this month.

Shares in the world’s third largest computer chip manufacturer Elpida Memory surged 3.12%, while shares in Sumco Corporation jumped 2.13%.
   
However, shares in Japan’s largest steelmaker Nippon Steel tumbled 1.35% after the Nikkei newspaper reported that the company could miss their earnings forecast for the year through March 31 due to increasing material costs. Shares in rival JFE Holdings slumped 1.41%.

Meanwhile, shares in Japanese suppliers to electronics giant Apple declined after chief executive Steve Jobs said he was taking a medical leave of absence on Monday.

Shares in Tokyo Electron dropped 0.96%, while mobile phone manufacturer Kyocera saw shares fall 0.72%.

In Hong Kong, shares in the real estate sector were broadly higher after the nation’s largest property developer Sino Land Company reaffirmed its full-year earnings forecast.

Shares in Sino Land rallied 1.79%, rivals Sun Hung Kai Properties saw shares climb 1.10%, while shares in property investment firm New World Development rose 0.98%.

Meanwhile, Australia’s S&P/ASX 200 Index rose 0.80% as resource stocks led gains after metal and crude oil prices advanced.

Shares in the world’s second largest mining group Rio Tinto jumped 1.07%, rival BHP Billiton saw shares gain 0.71%, while shares in gold producer Newcrest Mining added 1.01%.

The outlook for European equity markets, meanwhile, was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.34%, France’s CAC 40 futures indicated a rise of 0.38%, the FTSE 100 futures pointed to an increase of 0.26%, while Germany's DAX futures were up 0.24%.

Later in the day, the ZEW Centre for Economic Research was to publish a key report on German consumer sentiment while the U.S. was to release official data on manufacturing activity.