Asian markets rallied strongly Monday, with resource sector stocks pacing a broad-based advance on the back of higher commodity prices and Australia's Arrow Energy surging after receiving a takeover bid.
The Nikkei 225 index in Tokyo resumed its upward drive, tacking on 216.96 points, or 2.1%, to 10,585.92
The Hang Seng Index in Hong Kong rocketed up 408.90 points, or 2%, to 21,196.87.
In Sydney, shares of Arrow Energy soared 46.8% to finish at 5.11 Australian dollars ($4.65 U.S.) after Royal Dutch Shell PLC and PetroChina Co. offered to pay around A$3.26 billion, or A$4.45 a share in cash for the company.
Several other commodity stocks also ended up, riding the back of higher commodity prices.
BHP Billiton rose 2.4% and Rio Tinto added 2.6%, with BHP also helped by news that Japan's major steelmakers have agreed to a 55% price hike for supplies during the April-June quarter.
Korea Zinc Co. rose 2.5%, Tokyo-listed Pacific Metals Co. added 2.7% and Inpex Corp. added 1.1%.
Yanzhou Coal Mining Co. added 3.4%, while Aluminum Corp. of China, or Chalco gained 4.2% in Hong Kong; in Shanghai, the stocks rose 0.8% and 0.4%, respectively.
In Tokyo, shares advanced as sentiment improved on better-than-expected U.S. jobs data and the yen's recent weakness. Shinichiro Matsushita, market analyst at Daiwa Securities, said expectations the Bank of Japan will further ease monetary policy also continued to support the market.
Sony Corp. climbed 2.8% and Sharp Corp. jumped 3.8%, while Toyota Motor Corp. rose 3.5% and Nissan Motor Co. surged 4.7%.
Panasonic Corp. rose 2.8%, helped by the weaker yen and on news it will partner American electronics retailer Best Buy to market its three-dimensional image television sets in the U.S.
Technology stocks gained in Taipei after Apple announced it would begin taking preorders for its iPad tablet from U.S. customers on its website from March 12. Shares of Wintek Corp. jumped by the day's 7% limit, while Foxconn Technology added 2.6%.
Chinese banking and property stocks broadly advanced in Hong Kong as well as Shanghai on hopes Beijing will retain its moderately loose policy stance. Bank of Communications gained 2.5% and China Citic Bank Corp. added 2.3%, while Beijing North Star Co. rose 2.5% in Hong Kong; in Shanghai, the stocks rose 1%, 0.9% and 0.6%, respectively.
In foreign exchange markets, the euro continued to attract buyers following the improved sentiment around Greece and the U.S. economy. On Friday, German Chancellor Angela Merkel said the Greek government had not asked Germany for aid but that Germany stood in solidarity with Greece, indicating that the euro zone had faith in Athens' substantial budget-cutting plan.
Traders say the receding concerns around Greece should be supportive for the euro.
The euro was fetching $1.3666 U.S. from $1.3620 U.S. in late New York trade Friday, and 123.32 yen from 123.04 yen. The U.S. dollar was buying 90.23 yen, compared with 90.33 yen.
Elsewhere;
Shanghai’s CSI 300 Index moved ahead 26.41 points, or 0.8%, to 3,286.18
Korea’s Kospi index progressed 25.47 points, or 1.6%, to 1,660.04
Singapore’s Straits Times Index advanced 44.28 points, or 1.6%, to 2,834.57
Taiwan’s Taiex Index prospered 96.01 points, or 1.3%, to 7,762.27
New Zealand’s NZX Index improved 8.17 points to 3,222.82
Australia’s S&P/ASX 200 moved up 40.70 points, or 0.9%, to 4,807.90
