Most Asian markets advanced Wednesday, with a rise in commodity prices and a surge in Chinese imports boosting resource stocks, while Japanese shares get support from the weak yen.
In Japan, the Nikkei 225 index tacked on 95.78 points, or 0.7%, to close at 13,288.13, a closing level it hasn’t seen since Aug. 12, 2008.
Hong Kong’s Hang Seng Index gained 164.22 points, or 0.8%, to 22,034.56
In Japan, steel maker JFE Holdings Inc. climbed 4.1% and commodities trader Marubeni Corp. rose 4.3%, while in Seoul, shares of steel major Posco gained 2.6%.
In Sydney, BHP Billiton Ltd. and Rio Tinto Ltd. advanced 1.7% and 2.7%, respectively, despite the broader market’s weakness, after data showing a rebound in Chinese iron-ore imports in March from a decline in the first two months of the year.
In Hong Kong, Aluminum Corp. of China Ltd. climbed 3.1%, and Jiangxi Copper Co. rose 1.1%, while in Shanghai, they rose 5.6% and 1.1%, respectively.
Gains in Japan came amid expectations the U.S. dollar may soon cross the 100-yen level despite the pair’s inability to cross over the threshold Tuesday.
A survey by the Nikkei newspaper, showing that two-thirds of corporate leaders expect business to improve because of the yen’s recent movements, also aided sentiment.
Among stocks sensitive to currency movements, Toyota Motor Corp. added 1.1%, Canon Inc. climbed 2% and Komatsu Ltd. gained 1.7%.
Among banks, Mitsubishi UFJ Financial Group Inc. jumped 5%, and Sumitomo Mitsui Financial Group Inc. soared 6.7%.
However, shares of banks and retailers retreated in Sydney after data showing that consumer sentiment weakened in April.
Among the blue chips, National Australia Bank Ltd. slipped 0.7%, and Woolworths Ltd. slid 1.1%.
Shares of sportswear maker Billabong International Ltd. plunged 26.7% after the firm said it was in talks with a private-equity consortium over a takeover bid that was 45% below previous indicative offers.
CHINA
Commodity producers were bolstered by monthly Chinese data showing a strong growth in imports, although the rate of increase in exports slowed, leading to a surprise trade deficit for March.
The Shanghai CSI 300 deducted 4.12 points, or 0.2%, to 2,485.31
In other markets;
In Korea, the Kospi Index gained 14.84 points, or 0.8%, to 1,935.58
In Taiwan, the Taiex Index added 24.26 points, or 0.3%, to 7,752.80
The Singapore Straits Times Index eased 3.32 points, or 0.1%, to 3,293.25
In New Zealand, the NZX 50 regained 24.86 points, or 0.6%, to 4,420.06
Australia’s ASX 200 erased 8.84 points, or 0.2%, to 4,968
