Asia’s benchmark stock gauge headed toward its highest close in two weeks, reversing earlier losses as utilities advanced. Tencent Holdings Ltd. dropped as regional Internet shares sank on concern valuations are too high.
Japanese utilities including Tokyo Electric Power Co. leaned on customer rate increases to boost their financial performances in the first nine months of their fiscal years, as idled nuclear plants kept fuel costs high.
Kansai Electric Power Co., which supplies Japan’s second-biggest metropolitan area, may have to spend at least 285 billion yen ($3.1 billion) to improve the safety of its nuclear-power plants, President Makoto Yagi said.
Kansai Electric Power Co., Japan’s second-biggest power company, expanded its sources of crude to include Malaysia, Russia and Angola as consumption increased fivefold following the Fukushima disaster in 2011.
Japanese shares fell, with the Nikkei 225 Stock Average entering a correction, as investors weighed corporate earnings and slowing Chinese manufacturing growth increased concern the global economic recovery is faltering.