Sony Corp., Japan’s biggest exporter of consumer electronics, climbed 4 percent in Tokyo. Olympus Corp. (7733), a maker of optical equipment that has lost $4 billion in market value amid an accounting scandal, jumped 8.2 percent after it was allowed to keep its stock market listing. Reliance Industries (RIL) Ltd., India’s biggest company by market value, fell 2.5 percent in Mumbai after earnings dropped for the first time in two years.

The MSCI Asia Pacific Index (MXAP) rose 0.1 percent to 120.85 as as of 5:15 p.m. in Tokyo, having swung between gains and losses at least seven times. About the same number of shares rose and fell in the measure. The gauge last week completed its longest streak of weekly gains in a year as reports showed the U.S. jobs market is improving and falling European borrowing costs signaled the debt crisis may be easing.

“Any weakness is a good buying opportunity given improving economic data out of the U.S.,” said Nader Naeimi, a Sydney- based senior strategist at AMP Capital Investors Ltd., which manages nearly $100 billion. “Greece can go hot and cold very quickly.”

Japan’s Nikkei 225 Stock Average closed little changed, after declining as much as 0.3 percent and rising as much as 0.3 percent. BSE India Sensitive Index added 0.1 percent, reversing losses of as much as 0.5 percent. Australia’s S&P/ASX 200 Index lost 0.3 percent. Markets in China, Hong Kong, Indonesia, Malaysia, Philippines, South Korea, Singapore and Taiwan are closed today for holidays.

Exporters Gain

Futures on the Standard & Poor’s 500 Index slipped 0.2 percent today. The gauge added 0.1 percent in New York on Jan. 20 as banks gained and results from International Business Machines Corp. and Intel Corp. boosted technology shares.

Exporters to the U.S. advanced as sales of previously owned American homes rose for a third month in December to the highest level since January 2011. The increase signals that the U.S. housing market, which triggered the global recession, ended last year with positive momentum.

Sony Corp. (6758), the maker of Bravia televisions and PlayStations game consoles, climbed 4 percent to 1,422 yen. Billabong International Ltd (BBG), the surfwear maker that counts the Americas as its biggest market, jumped 6.4 percent to A$1.985 in Sydney. Satyam Computer Services Ltd. (SCS), an Indian software maker that counts North America as its biggest market, rose 1.7 percent to 72.20 rupees in Mumbai.

Godrej Consumer Products Ltd. (GCPL), a maker of cosmetics and shaving creams controlled by billionaire Adi Godrej, jumped 5 percent to 422.8 rupees. Temasek Holdings Pte., a Singapore- state owned investment company, agreed to buy 4.9 percent of the company.

Olympus Jumps

The MSCI Asia Pacific Index gained 6 percent this year through Jan. 20, compared with gains of 4.6 percent by the S&P 500 and 4.6 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 1.3 times book value. That compares with 2.1 times for the Standard & Poor’s 500 Index in the U.S. and 1.4 times for the Europe Stoxx 600 Index in Europe.

Olympus climbed 8.2 percent to 1,297 yen in Tokyo. Rather than force the camera maker to be delisted, the Tokyo Stock Exchange fined the company 10 million yen ($130,000) and required annual reports on efforts to improve management, the bourse said on Jan. 20.

Japanese internet-related companies rallied after BNP Paribas said the shares may be undervalued. DeNA Co. (2432), Japan’s biggest social-network game operator, surged 8.6 percent to 1,962 yen. Gree Inc., the second-largest, advanced 5.7 percent to 2,090 yen.

Greek Talks

Companies that receive revenue from Europe declined ahead of a meeting of finance ministers in Brussels to discuss new budget rules for the region, a financial firewall to protect indebted states and a Greek debt swap.

Greek officials and private creditors continued negotiations on a deal that’s crucial to lowering the country’s debt and securing more financial aid before it faces a 14.5 billion-euro ($18.7 Billion) bond payment on March 20.

Canon dropped 1.2 percent to 3,390 yen in Tokyo. Shimano Inc. (7309), the bicycle parts maker that counts Europe as its biggest market, fell0.9 percent to 3,690 yen.

MS Drug

Mitsubishi Tanabe Pharma Corp. (4508) plunged after European and U.S. regulators said they are reviewing the safety of Gilenya, a multiple sclerosis drug it discovered. The shares dropped 7.6 percent to 1,066 yen, the lowest since November 2009.

Reliance Industries slipped 2.5 percent to 773.25 rupees in Mumbai after the owner of the world’s biggest oil refining complex said third-quarter net income declined 14 percent from a year earlier to 44.4 billion rupees ($884 million). That missed the 45.6 billion rupee median estimate of 29 analysts surveyed by Bloomberg.

United Spirits Ltd. (UNSP), India’s second-largest liquor maker by market value, decreased 5 percent to 592.35 rupees after reporting third-quarter profit dropped to 470.6 million rupees from 1.3 billion rupees a year ago. JPMorgan Chase & Co. cut its rating on the stock to “neutral” from “overweight.”

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editor responsible for this story: John McCluskey at j.mccluskey@bloomberg.net  

http://www.bloomberg.com/news/2012-01-23/most-asian-stocks-decline-amid-uncertainty-over-greek-debt-agreement-talks.html

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