Tokyo and Sydney up as investors hunt bargains

Nikkei:8,616.65 (+80.88) Shanghai Comp:2,471.30 (–26.45) All values at yesterday's close

ASIAN EQUITIES made some progress yesterday, as traders continued to seek out bargains after two consecutive sessions of heavy losses left indices in Tokyo and Sydney looking like good value.

Japanese industrial stocks and Australian resource companies stood out to lead gains.

In Tokyo, computer games maker Nintendo fell 5 per cent to ¥12,290 after a muted reaction to its new line-up of games for its latest 3DS console failed to inspire investors.

Microprocessor maker Elpida Memory strode 12.8 per cent higher to ¥557 after upbeat broker comment on the outlook for prices of memory chips from analysts at UBS.

Australian resource stocks helped provide some energy in Sydney, with Woodside Petroleum up 1.8 per cent at A$33.14. BHP Billiton and Rio Tinto climbed on to the leaderboard, up 2.3 per cent to A$37.29 and 1 per cent to A$68.9 respectively.

Cochlear topped the ASX 200 up 4.5 per cent to A$60.10

The Shanghai Composite was caught in the downdraft. Ningxia Dayuan Chemical fell 5.6 per cent to Rmb28.79. – (Copyright The Financial Times Limited 2011)