Asian share markets ended mostly higher Wednesday, with Chinese shares in Shanghai and Hong Kong rallying hard on hopes for further stimulus measures and speculation the measures may include market-supportive moves.
Japan's Nikkei 225 Average marched ahead 61.24 points, or 0.9%, at 7,290.96
In Hong Kong, the benchmark Hang Seng Index surged 297.27 points, or 2.5% to 12,331.15.
South Korean and Singaporean stocks also bounced after a bad start, shaking off the early effect of continued declines on Wall Street and recouping some of the ground lost earlier this week.
But the advance didn't inspire much confidence in analysts that the gains could be sustained in the face of poor economic data from around the globe.
In Tokyo, auto stocks were weak after data showed U.S. February sales were tepid, and with more talk that companies are going cap-in-hand to the government for funds.
Honda Motor Co. fell 3.5% while Toyota Motor Corp. shed 2.5%. The Nikkei reported that several automakers were turning to government lending to secure operational funds, with Honda Motor later confirming it was seeking money.
But gains in technology and auto stocks led the Seoul market higher, with the weaker Korean won helping exporters. Samsung Electronics was up 2.8% while Hyundai Motor was 3% higher and Kia gained 3.1%.
In Hong Kong, the gains were led by Anhui Conch Cement, up 12.7% and Jiangxi Copper, up 8.7%., and strength in China-related stocks helped to offset weakness in HSBC Holdings, which slumped 4.4%, adding to Tuesday's declines after the bank reported disappointing earnings and announced a share-rights issue.
Taiwan shares were led higher by Mediatek, which rose 2% after it revised up its first-quarter revenue estimate Tuesday on better-than-expected demand for its chips from emerging markets.
Australia's S&P/ASX 200 was the weakest link, after data showed that gross domestic product unexpectedly shrunk 0.5% in the most recent quarter. It was the largest quarterly contraction since the fourth quarter of 2000. The data gave investors pause in markets perceived as risky, weighing on currencies like the euro and the New Zealand dollar.
Domestic growth-related stocks were under water in Australia, with Wesfarmers down 5.3% and Telstra falling 2%.
CHINA
The Shanghai Composite was the best performer of the day, adding 143 points, or 6.7%, to 2,282.15 - its largest percentage gain in a day since Nov. 10 - on expectations that Beijing will expand the size of its planned economic stimulus.
Steel- and resource-related stocks advanced across the region on speculation that a recovery in Chinese consumption could support demand for commodities.
Shares of Aluminum Corp. of China jumped 9%, Baoshan Iron & Steel advanced 4.7% and Angang Steel jumped 5.4% on the mainland. Property developers also jumped sharply, with Poly Real Estate Group up 8.9% and China Vanke up 6.5%.
Elsewhere:
Singapore’s Straits Times Index was up 15.83, or 1.0%, to 1,544.34
Taiwan’s Taiex gained 106.08 points or 2.4% to 4,541.42
South Korea’s Kospi picked up 33.69 points or 3.3% to 1,059.26
New Zealand’s NZX 50 Index improved 51.40 or 2.1% to 2,469.34
Australia’s S&P/ASX 200 Index was on the downside, however, losing 52.80 points or 1.6% to 3,166.40
