Financial and resources stocks led gains in Asia Wednesday as concern about Dubai's debt problems faded and gold prices rallied to a record.
A 2009 high for the Dow Jones Industrial Average on Tuesday also encouraged buyers.
In Tokyo, the Nikkei 225 Index added 36.74 points, or 0.4%, to 9,608.94
In Hong Kong, the Hang Seng Index gained 176.42 points, or 0.8%, to 22,289.57.
Banks and financial companies were leading gains across most of the region as concern about the industry's exposure to Dubai's debt burden began to subside. Dubai World said Monday it was in talks with banks to restructure $26 billion U.S. in debt.
In Seoul, KB Financial closed up 2.2%, while Shinhan Financial gained 1.7%.
In Australia, Westpac finished 0.4% higher, National Australia Bank rose 0.9% and Australia & New Zealand Bank climbed 0.6%.
Bank shares in Singapore were also gaining ground with Oversea-Chinese Banking Corp. gaining 0.1% in late trading and DBS Group Holdings rising 1.5%.
Spot gold raced to a record $1,216.60 U.S. a troy ounce and was at $1,212.10 U.S., up $16.10 from the New York close in Asia's evening trading. On Globex, December gold climbed to a record above $1,215 U.S.
Resource stocks drove the Australian market higher with BHP Billiton up 1.4%, while Rio Tinto rose 3%. Gold and oil stocks were also firm on commodity price strength with Newcrest Mining up 5% and Woodside Petroleum up 1%.
Japanese stocks were volatile, though benchmarks ended higher. A government official said Wednesday that the Japanese government's new economic-stimulus package is likely to be valued at more than seven trillion yen ($80.2 billion U.S.)
The South Korean stock market was helped by foreigners' buying as concerns about Dubai World's debt problems ebbed.
Technology stocks were higher on growing hopes for a positive surprise from U.S. retail sales over the year-end shopping season. Hyundai Engineering & Construction and Samsung Electronics each added 1.4% and LG Electronics gained 2.5%. Auto stocks climbed on strong November sales data with Hyundai Motor adding 0.5%.
In foreign-exchange markets, there was fresh jawboning on the yen's recent strength by Japanese officials.
Bank of Japan policy-board member Miyako Suda told business leaders Wednesday that the central bank is carefully watching the impact of the yen's rise on the real economy, and whether any deterioration will push down price expectations.
The U.S. dollar was higher at 87.20 yen from 86.68 yen in late New York trade Tuesday, while the euro was at $1.5091 U.S. from $1.5086 U.S. and 131.62 yen from 130.76 yen.
CHINA
The Shanghai 300 Composite Index picked up 36.50 points, or 1%, to 3,597.33.
Chinese bank stocks joined the fray with China Construction Bank Corp. up 1.4% in Hong Kong and adding 0.8% in Shanghai
Elsewhere;
Taiwan’s Taiex index advanced 28.39 points, or 0.4%, to 7,677.62
Singapore’s Straits Times index tacked on 25.39 points, or 0.9%, to 2,796.34
Korea’s Kospi index grew 21.91 points, or 1.4%, to 1,591.63
New Zealand’s NZX Index finished 2.85 points, or 0.1%, higher to 3,149.45
Australia’s S&P/ASX 200 added 43.30 points, or 0.9%, to 4,762.40
