NPSCY Nippon Steel Corporation (PK)

By Chao Deng 

Shares in Australia led most Asian markets higher by midday Tuesday, although declines in energy kept a cap on gains.

Australia's S&P ASX 200 was up 0.9% at 5253.70, helped by consumer staples and discretionary shares, which rose 2.2% and 1.7% respectively. Banks on the index were also up, by 1.1%.

"We're still pretty range bound" as volumes are light, said Andrew Sullivan, managing director at Haitong International Securities. But, these sectors are getting a bit of a boost from expectations of spending around the holidays, and benefits to banks from an environment of higher interest rates. Banks can start charging higher margins when benchmark rates rise. Earlier this month, the U.S. Federal Reserve increased short-term rates for the first time in years.

Australian shares are now up for an eighth-straight session, reopening from Monday when markets there were closed for Boxing Day.

Elsewhere Tuesday, Hong Kong's Hang Seng Index was up 0.3%, and the Shanghai Composite Index was up 0.2%. The latter was recovering from a 2.6% selloff Monday, its worst daily percentage drop in a month.

The Nikkei Stock Average gained 0.5% and South Korea's Kospi was flat.

A fresh selloff in oil prices pressured energy shares, although they recovered slightly in the afternoon.

The sector was down 0.1% in both Australia and Hong Kong. In Australia, these shares have been some of the worst performing in Asia in the month to date, down more than 8%.

A global glut of crude oil has contributed to a 30% fall in U.S. oil prices this year. Last week's respite in oil-price declines helped lure investors back to the energy sector. But U.S. crude prices fell again Monday, down 3.4% to $36.81 a barrel.

U.S. stocks slipped overnight, with energy stocks notching some of the steepest declines, including Chevron Corp. on the Dow Jones Industrial Average.

Brent crude oil prices were last recovering by 0.1% to $36.67 a barrel in Asia trade Tuesday.

In China, investors continue to gauge several concerns as the year winds down: scrutiny by Chinese officials over capital flight as the economy slows; a potential flood of new shares to the market next year as China launched a registration-based IPO system; and possible selling by large Chinese shareholders next year, once authorities allow them to. A six-month ban on selling by large shareholders, put in place during July, is set to expire in early January.

Hong Kong-listed property developer China Vanke Co., whose management is in the middle of a fight to maintain control of the company from a group of activist shareholders, said Tuesday that it had signed an initial agreement to buy a company, without giving details of the potential target or seller. The move would lead to an issuance of new shares, which would help Vanke fend off attempts by the activists, led by Baoneng Group, to buy it.

Shares of the firm remained suspended, having soared 19% this month through Dec. 18.

Shares of Real Nutriceutical Group Ltd., which has been targeted by short seller Glaucus Research Group California LLC, were down 3.6% even after the firm said late Monday that its chief executive had stepped in to support the stock. Shares plunged 16% Monday when they resumed trading for the first time following a suspension on Oct. 22. The firm sells nutritional supplements and health drinks.

Gold prices were up 0.3% at $1071.40 a troy ounce.

Kosaku Narioka contributed to this article.

Write to Chao Deng at Chao.Deng@wsj.com

(END) Dow Jones Newswires

December 29, 2015 00:14 ET (05:14 GMT)

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