Asian stocks ended mostly higher in holiday-thinned trade Wednesday, with Hong Kong and Shanghai markets rebounding as investors looked past China’s rate increase Saturday to snap up banks and commodity shares.
The Nikkei 225 index gained 51.91 points or 0.5% to 10,344.50
Hong Kong’s Hang Seng Index hurtled skyward 347.57 points, or 1.5%, to 22,969.30, ending a three-trading-day losing streak.
Miners held Australian shares back as the market reopened for the first time after Beijing’s rate increase, though Tower Australia rocketed higher on a takeover bid from Dai-ichi Life Insurance Co.
Energy shares rose as crude-oil prices stayed above $91 U.S. a barrel and close to a two-year high.
Cnooc climbed 2.6% and PetroChina Co. added 2.3% in Hong Kong, while Japan Petroleum Exploration Co. advanced 2% in Tokyo.
The region’s gold miners also got a lift from firmer prices, which climbed above $1,400 U.S. per troy ounce Tuesday and stayed there Wednesday in Asia.
Zijin Mining Group Co. rose 2.2% in Hong Kong, with Zijin rising 0.6% and Zhongjin Gold Corp adding 1.9% in Shanghai, while Newcrest Mining added 2.5% in Sydney.
Spot gold was at $1,406.80, up 60 cents from its New York close.
In Sydney, mining stocks were pressured as the markets reopened for the first time since the PBoC rate increase Saturday, with Rio Tinto dropping 1% and BHP Billiton falling 1.3%.
Tower Australia surged 42% to 3.87 Australian dollars ($3.91 U.S.) after Dai-ichi Life’s offer of A$4 per share. Its independent directors on Wednesday unanimously recommended that its shareholders accept the offer for the group.
Rare-earths developer Lynas Corp jumped 11% to A$1.79 after China on Tuesday lowered its export quota for rare earths in the first half of 2011 by 35% compared with the same period this year.
Japanese stocks were up in light volume, though exporters were still weighed by the yen’s recent strength.
In Tokyo, Nippon Telegraph & Telephone slipped 0.7% after the Nikkei reported that the company plans to lower prices on its fiber-optic broadband service by up to 40% next year.
Takaoka Electric jumped 18% on a Yomiuri Shimbun report that the U.S. government will use Japan’s quick- charging system in its electric-vehicle-operation tests. Takaoka, a power-station-equipment maker affiliated with Tokyo Electric Power, supplies chargers for electric vehicles in Japan.
Hitachi added 2.4% after the company’s president said it would likely sign a contract for a U.K. high-speed-railway project, as early as at the start of 2011.
Gains in Seoul came as investors remained optimistic about the prospects for 2011.
Shinsegae climbed 4.6% after the department-store operator said it was considering a bonus issue. If approved by its board, shareholders will get two shares for each share they own.
In foreign-exchange markets, the euro was at $1.3121 U.S. compared with $1.3117 U.S. in late New York trade and at 107.84 yen against 108.14 yen. The dollar was at 82.18 yen compared with 82.42 yen.
In other markets
Shanghai’s CSI 300 Index tacked on 16.90 points, or 0.6%, to 3,061.83
Taiwan’s Taiex Index fell off 4.41 points, or 0.1%, to 8,866.35
Singapore’s Straits Times Index added 24.21 points, or 0.8%, to 3,207.91
Korea’s Kospi Index garnered 10.17 points, or 0.5%, to 2,043.49
New Zealand’s NZX 50 Index moved lower 3.59 points, or 0.1%, to 3,325.62
Australia’s S&P/ASX 200 Index slipped 2.10 points to 4,775.20
