Asian stocks rallied on Wednesday, with some indexes tapping another round of record closing highs, while Japan's Nikkei notched a nine-month high as Toyota Motor, Canon Inc. and other blue chips rose on expectations of strong earnings.
In Tokyo, the Nikkei 225 index rose 98.83 points, or 0.57 percent, to finish at 17,507.40 while the benchmark Hang Seng Index rose 51.35 points, or 0.3 percent, to 20,821.05.
Players snapped up laggards, including marine shipping stocks and utilities, with Kawasaki Kisen Kaisha Ltd. rising 7.76 percent to 1,041 yen (US$8.53) and Tokyo Electric Power Co. gaining 2.34 percent to 3,930 yen (US$32.21).
Oil stocks also climbed after crude oil prices jumped overnight in New York. Showa Shell Sekiyu K.K. rose 0.85 percent to 1,304 yen (US$10.69), and Sumitomo Metal Mining Co. jumped 2.37 percent to 1,596 yen (US$13.08).
Elsewhere:
BANGKOK: Thai shares advanced 1 percent to 657.16, tracking regional gains, as sentiment was buoyed by the central bank's plans to ease capital inflow rules for long-term foreign loans to local companies.
JAKARTA: Indonesia shares dropped as traders said the market is still in a consolidated period after early gains. The Jakarta Stock Exchange Composite slipped 0.3 percent to 1,803.06.
KUALA LUMPUR: Malaysian shares hit a new closing high for 2007, supported by strong buying interest in blue chips by foreign funds, dealers said. The Kuala Lumpur Composite Index added 1.2 percent to 1,183.04.
MANILA: Philippine stocks surged for the fifth session as investors took advantage of low interest rates and an upbeat economic outlook to accumulate shares across a range of sectors. The benchmark Philippine Stock Exchange Index rose 45.41 points, or 1.4 percent, to 3,244.75.
MUMBAI: Indian shares ended higher as investors bought into steel companies on hopes of an increase in product prices in line with global trends. The Bombay Stock Exchange's 30-stock Sensitive Index, or Sensex, ended up 69.22 points, or 0.5 percent, at 14,110.46.
SEOUL: South Korean shares rose, led by gains in steel maker Posco and Korean Air. The Korea Composite Stock Price Index, or Kospi, rose 19.97 points, or 1.5 percent, to 1,383.06.
SHANGHAI: Chinese stocks hit a new record high for the fourth straight day on heavy buying of companies that might serve as listing vehicles for financial institutions. The benchmark Shanghai Composite Index gained 0.9 percent to 2,975.13. The Shenzhen Composite Index added 0.6 percent to 706.01.
SINGAPORE: Singapore's shares reached another record high, led by technology stocks. The Strait Times index rose 17.34 points, or about 0.6 percent, to 3,150.24 points.
Singapore's shares closed modestly lower, taking a breather from the previous session's record-breaking rally. The Straits Times Index fell 12.30 points, or 0.4 percent, to 3,132.90 after rocketing 2.4 percent to a new record closing high on Monday.
TAIPEI: Taiwan stocks rose slightly on plans by contract chipmaker United Microelectronics Corp. to cut its number of shares and make payments to shareholders. The Weighted Price Index of the Taiwan Stock Exchange gained 83.18 points, or 1.1 percent, to 7,935.54.
WELLINGTON: New Zealand stocks edged higher but lagged behind offshore markets as investors weighed the effect of a strong local currency on corporate earnings to be reported in February. The benchmark NZX-50 index gained 7 points, or 0.2 percent, to 4,134.79.
SYDNEY: Australian shares hit records with lower-than-expected inflation data adding to positive sentiment generated by strong commodity prices. The benchmark S&P/ASX200 index rose 33.8 points, or 0.6 percent, to 5,768.8.
With files from wire services
