Asian stocks started the week on a mostly upbeat note Monday, with Japan's Nikkei Average ending higher as investors bought Toyota Motor Corp., Fanuc Ltd. and other blue chips after data showed the economy grew at a faster pace in the first quarter than originally thought.
In Tokyo, Nikkei 225 index rose 55.39 points, or 0.31 percent, on the Tokyo Stock Exchange to finish at 17,834.48 points while in Hong Kong, the blue chip Hang Seng Index rose 106.34 points, or 0.52 percent, to 20,615.49.
Advancers included banks, insurance companies and precision equipment makers. They were cheered by the government's decision to revise first quarter gross domestic product to an annual pace of 3.3 percent, up from 2.4 percent, largely due to stronger than initially estimated capital investment.
In Tokyo trading, Mitsubishi UFJ Financial Group Inc. rose 0.72 percent to 1.40 million yen (US$11,475.41). Sompo Japan Insurance Inc. added 1.98 percent to 1,650 yen (US$13.52). Nikon Corp. gained 2.28 percent to 3,140 yen (US$25.74).
Elsewhere:
BANGKOK: Thai shares snapped a four-day losing streak as regional inflows helped the market recover from early losses. The SET index rose 0.3 percent to 754.15 in thin trade.
JAKARTA: Indonesia shares rose on bargain hunting. The Jakarta Stock Exchange Composite Index advanced 1.4 percent to 2084.029.
KUALA LUMPUR: Malaysia shares advanced, boosted by bargain hunting and Wall Street. The Kuala Lumpur Composite Index of 100 blue chips rose 0.4 percent to 1357.66 in moderate volume.
MANILA: Financial markets were closed Monday, declared a holiday by the government ahead of the June 12 Independence Day. They will reopen on Tuesday.
MUMBAI: Indian shares ended flat as gains in technology shares were offset by losses in auto and cement counters, which slipped on fears that the annual monsoon rains would hurt their sales. The 30-stock Sensex gained 19.60 points, or 0.1 percent, to end at 14083.41. On the rival National Stock Exchange, the 50-stock S&P CNX Nifty rose 0.60 points to close at 4145.60.
SEOUL: South Korean shares closed down for the second consecutive session as concerns over global inflation and possible monetary tightening triggered more profit-taking in shares of recent gainers in the shipbuilding, construction and brokerage sectors. The Korea Composite Stock Price Index, or Kospi, ended down 10.72 points, or 0.6 percent, at 1716.56.
SHANGHAI: Chinese stocks rose for a fifth day as investors returned following recent sharp losses. The benchmark Shanghai Composite Index turned up 2.1 percent at 3,995.68. The Shenzhen Composite Index rose 2.5 percent to 1,173.26.
SINGAPORE: Shares ended higher for the first time in a week, boosted by a rally in Cosco and bargain-hunting after Friday's Wall Street recovery. The STI closed up 53.9 points, or 1.5 percent, at 3545.5.
TAIPEI: Taiwan shares rose on Wall Street's lead and amid improved outlook for tech stocks. The Weighted Price Index of the Taiwan Stock Exchange gained 38.17 points, or 0.5 percent, to close at 8338.88 points in strong volume.
WELLINGTON: New Zealand shares closed higher on modest volume, although brokers said it will take several sessions of positive leads from offshore markets for investors to convincingly shake off the negative sentiment following last week's Reserve Bank of New Zealand rate hike. The NZX-50 closed up 22 points, or 0.5 percent, at 4205.51.
With files from wire services
