Asian markets were mixed on Monday after US economic data out on Friday reassured markets while Japan ticked higher as the yen fell against the dollar.

The benchmark Nikkei 225 advanced 69 points at 11,260 while the Hang Seng retreated 36 points at 23,685.

Exporters were popular in Tokyo as the dollar rose towards the ¥93 level compared to ¥92.50 on Friday.

Shares of Sony surged 7.5% while Nissan advanced 4.3%.

Sharp was another strong riser, up 5.5%, after it beat its earnings forecast. However the results came in weaker than market predictions.

Panasonic charged nearly 17% higher on Monday after it moved back in profit after it reduced costs and benefited from the weaker yen. The group reported a quarterly net profit of ¥61.4bn compared to a loss of ¥197.6bn the same quarter a year earlier.

Elsewhere steel giant JFE Holdings surged 11% after broker Daiwa upgraded the stock to "buy" from "neutral".

Trading in Hong Kong was lighter than usual ahead of Chinese New Year holiday with investors offloading insurers and buying up banks.

Ping An Insurance fell 2.8% in Hong Kong mainland regulators approved HSBC's sale of its remaining stake in the group.

Peer China Life Insurance skidded 1.93% in sympathy.

Bank of China rose 1.03%, Bank of East Asia gained 0.7%, Agricultural Bank of China rose 2.9%.



CJ

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