Most Asian equity markets ended higher Wednesday as expectations that Greece would be able to avoid a messy default gathered wind, with the rally backed by strong gains in resource-sector stocks after commodity prices rose overnight.
In Japan, the Nikkei 225 average sprinted ahead 148.28 points, or 1.5%, to 9,797.26
Hong Kong’s Hang Seng Index slid 0.60 points to 22,061.20
The performance marked a second day of broad stock gains in the region. It came ahead of a much-anticipated vote by Greek lawmakers later Wednesday on a package of austerity and privatization measures. If it passes, Greece’s parliament will then vote on implementation measures, likely on Thursday.
In Tokyo, utility shares climbed after the Nikkei newspaper reported that the opposition Liberal Democratic Party would seek a revision to the government’s bill on Tokyo Electric Power Co.’s compensation plan for those affected by radiation leaks at the Fukushima nuclear power plant.
The LDP is seeking to for Tepco to be the only utility to make the compensation payouts, the report said.
Shares of Chubu Electric Power Co. climbed 4%, and Tohoku Electric Power Co. jumped 6.3%.
Shares of Tepco ended 2.9% higher after the company’s shareholders on Tuesday rejected a motion to abandon nuclear power.
Energy-sector stocks rose across the region after crude-oil prices jumped overnight in New York. Cnooc Ltd. added 1.7% in Hong Kong, Woodside Petroluem Ltd. advanced 2.5% in Sydney, and Inpex Corp. gained 2.1% in Tokyo.
Other resource-sector firms were also supported by firm commodity prices overnight, with Newcrest Mining Ltd. adding 2.1% in Sydney, Sumitomo Metal Mining Co. climbing 3.6% in Tokyo, Korea Zinc Co. advancing 2.9% in Seoul, and gold miner Zhaojin Mining Industry Co rising 1.1% in Hong Kong.
Shares of Fanuc Ltd. jumped 3.6% in Tokyo after the Nikkei newspaper reported that the firm had set itself a sales target of one trillion yen ($12.3 billion U.S.) in three years.
The rise in Japanese shares was supported by data showing the nation’s industrial production jumped 5.7% in May, compared to a 1.6% increase in April, led by a rebound in autos
Among notable losers for the day, Chinese auto maker BYD Co. -- in which Warren Buffett’s Berkshire Hathaway Inc. has a stake -- tumbled 5% in Hong Kong after reporting an 84% plunge in its first-quarter net profit.
The losses came after Bank of America Merrill Lynch downgraded the stock to underperform.
CHINA
Mainland Chinese stocks diverged from the broad regional trend to finish lower for the first time in seven sessions, as investors locked in recent profits.
Shanghai’s CSI 300 Index shed 41.56 points, or 1.4%, to 3,000.17
On mainland Chinese bourses, losses were spread across several sectors. Baoshan Iron & Steel Co. dropped 1.5%, and China Coal Energy Co. gave up 1.4%.
In other markets;
Korea’s Kospi Index progressed 31.51 points, or 1.5%, to 2,094.42
Taiwan’s Taiex Index added 94.52 points, or 1.1%, to 8,573.38
Singapore’s Straits Times Index moved up 28.95 points, or 1%, to 3,079.74
New Zealand’s NZX 50 Index dropped 26.09 points, or 0.8%, to 3,414.92
Australia’s S&P/ASX 200 Index improved 55.20 points, or 1.2%, to 4,529.50
