Asian markets ended higher on Monday after opinion polls in Greece showed a lead for a party favoring the country’s economic bailout in upcoming elections, with mainland Chinese stocks rising amid expectations for a policy stimulus.
Japan’s Nikkei 225 Index nosed up 12.76 points, or 0.2%, to 8,593.15
The Hang Seng Index in Hong Kong gained 87.58 points, or 0.5%, to 18,800.99
The day’s broadly positive performance came against a relatively improved backdrop in Europe, with weekend reports citing opinion polls that put the pro-bailout New Democracy party ahead of rivals. The reports eased fears that Greece’s exit from the euro-zone was imminent.
Mining stocks advanced in Sydney against the backdrop, with BHP Billiton Ltd and Rio Tinto Ltd. put on 1.4% and 1.7%, respectively.
Shares of Woodside Petroleum Ltd. rose 2.1% after the energy firm said its $14.6-billion U.S. Pluto liquefied natural gas terminal is operating at significantly higher capacity levels than forecast for this month.
Other energy producers also gained as crude-oil futures edged back above the $91-a-barrel level in electronic trading.
Inpex Corp rose 0.3% in Tokyo, Santos Ltd. added 1.9% in Sydney and Cnooc Ltd. climbed 0.4% in Hong Kong.
In Tokyo, buying in some heavyweight stocks pulled the market higher after a choppy trading session, during which Fanuc Corp. put on 2% and Fast Retailing Co climbed 2.2%.
On the downside, shares of chip maker Renesas Electronics Corp. plunged 10.6% after weekend reports that the firm plans to cut up to 14,000 jobs and raise about $1.25 billion U.S. in capital.
Major Renesas shareholder NEC Corp. also tumbled 9.2%
CHINA
The gains came amid reports that the National Development and Reform Commission, China’s top economic planner, approved three large steel construction projects. The approvals follow Premier Wen Jiabao last week promised pro-growth policies.
Shanghai’s CSI 300 Composite Index advanced 41.59 points, or 1.6%, to 2,614.69
Several property, construction and mining and metals stocks jumped on Chinese bourses.
Shanghai Construction Group Co. and China Railway Erju Co. each rose by the day’s 10% limit, Anhui Conch Cement Co. gained 5.8% and Poly Real Estate Group Co. added 3.3% in Shanghai; in Shenzhen, XCMG Construction Machinery Co. climbed 9% and Xinjiang Tianshan Cement Co. rose 8.6%.
Chinese property and banking stocks also ranked among the best performers in Hong Kong, where China Overseas Land & Investment Ltd. rose 4.1%, China Resources Land Ltd. added 3.4% and Bank of China Ltd. climbed 2.5%.
Among the decliners, shares of car maker BYD Co. tumbled 5.9% amid vehicle safety concerns after weekend reports that one of its vehicles caught fire and exploded in the southern Chinese city of Shenzhen, killing three people.
In other markets;
Markets in Korea had the day off
Singapore's Straits Times Index tacked on 14.47 points, or 0.5%, to 2,787.22
Taiwan’s Taiex Index surged 64.37 points, or 0.9%, to 7,136
New Zealand’s NXZ Index gave back 23.98 points, or 0.7%, to 3,462.26
Australia’s ASX Index hiked 38.78 points, or 1%, to 4,068.03
