Asian stocks rose a second day after comments from Russian President Vladimir Putin signaled the Ukraine crisis won’t immediately escalate.
Japan’s Nikkei 225 index added another 176.15 points, or 1.2%, to 14,897.63
The Hang Seng Index in Hong Kong eased back 77.85 points, or 0.3%, to 22,579.78
Honda Motor Co., a carmaker that gets more than 80% of sales overseas, rose 1.3% to 3,732 yen after the yen yesterday posted its steepest decline since Jan. 14.
Nippon Electric Glass, a supplier of panels used in liquid crystal displays, climbed 4.2% to 473 yen after Macquarie Group Ltd. raised its rating on the stock to outperform from neutral.
Fuji Heavy Industries Ltd., which makes Subaru cars, was the second-biggest decliner on the Nikkei 225 Stock Average after cutting its profit forecast. The shares dropped 1.8% to 2,685 yen.
GCL-Poly Energy Holdings Ltd., the world’s largest maker of polysilicon used for solar panels, gained 2.5 percent to HK$2.89 after Trina Solar Ltd. said it expects shipments of solar modules to soar on surging demand.
Australian stocks hiked after gross domestic product topped estimates.
CHINA
China shares slid amid concern the country is facing its first onshore corporate bond default.
The Shanghai CSI 300 Index doffed 20.29 points, or 0.9%, to 2,163.98
Shanghai Chaori Solar Energy Science & Technology Co. said yesterday it may not be able to make an 89.8-million-yuan ($14.6 million U.S.) interest payment in full by the March 7 deadline.
A default would highlight strain in China’s financial system after a trust product issued by China Credit Trust Co. was bailed out in January.
China’s growth target was given in a work report that Premier Li Keqiang will deliver today in Beijing. Maintaining expansion close to last year’s 7.7% would help sustain demand for oil and iron ore and support a global economy that’s forecast by the International Monetary Fund to accelerate.
In other markets;
In Taiwan, the Taiex recovered 78.39 points, or 0.9%, to 8,632.93
Singapore’s Straits Times Index gained 11.93 points, or 0.9%, to 3,116.64
Korea’s Kospi Index regained 17.13 points, or 0.9%, to 1,971.24
The New Zealand Exchange 50 index tacked on 39.83 points, or 0.8%, to 5,073.09, its fourth day closing at a record high
In Australia, the S&P/ASX 200 clicked 46 points, or 0.9%, higher to 5,446.23.
