Asian markets ended higher Wednesday on solid Wall Street gains, and as investors looked beyond the ongoing unrest in Egypt.
Japan stocks were buoyed by advances in exporters and resource-sector shares, although a rise in Sydney was capped by a drop in insurance and transport companies as a severe cyclone approached Queensland state.
Japan’s Nikkei 225 Index leaped 182.86 points, or 1.8%, to 10,457.40
Hong Kong’s Hang Seng Index skyrocketed 428.01 points, or 1.8%, to 23,909.
Japan shares followed the upbeat trend set by U.S. markets, with auto makers underpinning broad-based gains.
Toyota Motor Corp. rose 3.3% and Nissan Motor Co. jumped 3.1% after the companies reported solid U.S. auto sales for January.
Casio Computer Co. soared 6.6% after saying Tuesday it had swung to a group net profit in the April-December period, as margins improved due to cost cuts and on a restructuring in its mobile-phone-handset business.
NTT Data Corp. climbed 6.7% after reporting strong profit growth on Tuesday.
Firm metal prices boosted several resource-sector stocks, with Sumitomo Metal Mining Co. rising 3.2% and Pacific Metals Co. edging 2% higher.
Elsewhere, BHP Billiton climbed 2.4% and Rio Tinto added 2% in Sydney and Jiangxi Copper Co jumped 3.4% in Hong Kong.
Despite the strength in Australian mining sector shares, the broader market gains were more modest as worries grew about the approaching tropical Cyclone Yasi.
Insurers bucked the market amid worries the sector may be hit by big claims, with Insurance Australia dropping 2.4% and QBE Insurance Group dropping 1.7%.
Transport companies were also lower, with QR National shedding 0.4% and Asciano sliding 2.5%.
Qantas Airways fell 1.3% after saying it was suspending Cairns and Townsville flights until Feb. 4 due to the cyclone. Maryborough Sugar Factory, which grows sugar cane in Queensland, dropped 5.1%.
Retail stocks jumped in Hong Kong during the shortened trading session, spurred by above-view December retail-sales data. Luk Fook Holdings International jumped 6.4% and I.T Ltd. gained 5.7%.
In other markets
Markets in Taiwan, Korea and China had the day off for the Lunar New Year holidays this week, while those in Hong Kong were open for a half-day.
Singapore’s Straits Times Index improved 26.38 points, or 0.8%, to 3,211.12
New Zealand’s NZX 50 added 3.84 points, or 0.1%, to 3,352.30
Australia’s S&P/ASX 200 grew 44.40 points, or 0.9%, to 4,796.50.
