Most Asian stocks rallied Wednesday as strong U.S. and German data dissipated some worries about global economic health and sparked a rally in global markets.
Japan’s Nikkei 225 Index leaped 123.50 points, or 1.5%, to 8,459.98
In Hong Kong, the Hang Seng Index rocketed upward 336.25 points, or 1.9%, to 18,416.40
Trading volumes were thin in several markets ahead of the approaching year-end holidays.
Taiwan’s Taiex recorded the region’s biggest gains, a day after the government said that it will make use of a fund to restrict stock market losses resulting from sliding global markets.
Shares of Cathay Financial Holding Co. rose by the day’s 7% limit, while Chinatrust Financial Holding Co. added 6.7%.
Stocks elsewhere in the region put up a strong performance, meanwhile, with exporters and resource stocks ranking among the big gainers.
In Tokyo, Mazda Motor Co. rose 3% while Honda Motor Co. climbed 2.4%; in Seoul, Hyundai Motor Corp. added 2.2%.
Among technology firms, Samsung Electronics Co. jumped 4.5% in Seoul and Sony Corp. gained 3.4% in Tokyo.
Commodity-linked stocks also benefited from the spate of upbeat data.
China Coal Energy Co. rose 1.9% and PetroChina Co. gained 3.4% in Hong Kong.
In Sydney, mining giant BHP Billiton Ltd gained 3%, and rival Rio Tinto Ltd. put on 2.5%. Shares of building-products maker Boral Ltd., which is exposed to the U.S. construction market, advanced 5.4%.
Shares of Macquarie Group Ltd. rose 2.9% after the Australian Financial Review reported the firm may sell off a financial-services arm.
HSBC Holdings PLC gained 2.5% in Hong Kong on news it will sell its Japanese private-banking arm to Credit Suisse AG for an undisclosed amount.
CHINA
Mainland Chinese stocks surrendered early gains to finish lower on concerns about the nation’s slowing economic engine, and as Ping An Insurance Group Co. tumbled on equity-dilution worries after announcing a fund-raising plan.
Shanghai’s CSI 300 index eased 37.97 points, or 1.6%, to 2,339.11
Several resource sector and automobile stocks dropped, with Aluminum Corp. of China Ltd. dropping 2.7% and SAIC Motor Corp. losing 1.5% in Shanghai. Shares of Ping An tumbled 5.2% after the insurer said Tuesday it plans to raise as much as 26 billion yuan ($4.1 billion U.S.) in convertible bonds.
Analysts at Macquarie said they estimated the company’s 2013 earnings to be affected by 7% to 10%, depending on the price at which the bonds are converted to equity. Ping An’s Hong Kong-listed shares dropped 2.7%.
In other markets;
Taiwan’s Taiex Index rallied 303.84 points, or 4.6%, to 6,966.48
Korea’s Kospi Index gained 55.35 points, or 3.1%, to 1,848.41
Singapore’s Straits Times Index advanced 58.87 points, or 2.3%, to 2,673.32
New Zealand’s NZX 50 Index recovered 21.05 points, or 0.7%, to 3,223.08
Australia’s S&P/ASX 200 Index marched ahead 86.40 points, or 2.1%, to 4,139.50
