Beijing, China (BBN)-Asian markets traded higher on Tuesday, recovering losses made a day earlier on fears that Greece would exit the eurozone, after voting no to bailout conditions from creditors.
Greeks rejected more austerity measures on Sunday, deepening the debt crisis which sent markets tumbling on Monday, reports BBC.
Investors were awaiting the Greek government’s new proposals to be unveiled at an emergency bloc meeting.
Japan’s benchmark Nikkei 225 was up 1.4 per cent to 20,389.47 in early trade.
The euro also rebounded from Monday’s one week low to $1.1045 against the dollar.
It bought 135.47 yen, slightly below 135.50 in New York trade.
Chinese shares opened lower with the Shanghai Composite down 1.8 per cent to 3,706.81 despite more measures from the government to stem the sell-off in the market.
Over the weekend, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China’s state-owned margin finance company, which in turn would be helped with liquidity from the central bank.
Bernard Aw, market strategist at trading firm IG, said he expected authorities to continue to “implement stronger measures until the stock market stabilises”.
Reports said that about 25 per cent of Chinese listed firms had requested to have their shares halted from trading on Tuesday.
Meanwhile, Hong Kong’s Hang Seng index was higher 0.3 per cent to 25,321.72 – trading in the opposite direction.
In South Korea, the benchmark Kospi index was down 0.1 per cent to 2,051.87.
Shares of Samsung Electronics were higher by over 2 per cent despite the tech giant’s earnings guidance falling short of expectations for the second quarter.
Australia’s S&P/ASX 200 index was up 1.8 per cent to 5,572.70 as investors awaited the central bank’s decision on interest rates later in the day.
The Reserve Bank of Australia is widely expected to keep interest rates at record low of 2 per cent after a cut in May.