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.

Nikkei 225 14,622.89 +145.73 +1.01%

Hang Seng 21,834.45 -53.30 -0.24%

S&P/ASX 200 5,350.09 -26.66 -0.50%

Shanghai Composite 2,046.59 -17.08 -0.83%

Citic Pacific Ltd. soared 13 percent in Hong Kong on a plan to buy its parent’s assets.

A measure tracking power and gas companies rose the most among the MSCI Asia Pacific Index’s 10 industry groups as Japanese utilities advanced.

Tencent fell 5.9 percent in Hong Kong after King Digital Entertainment Plc, the maker of the “Candy Crush” smartphone game, posted the biggest decline of a newly listed U.S. company in over four months, even after pricing its shares at a discount to peers.