Most Asian stock markets ended higher Thursday as a rosy outlook for 2011, a weaker U.S. dollar and firmer metal prices aided sentiment and spurred purchases of risk assets.
Amid light end-of-year trading volume, resource-sector shares led the advance in Shanghai and Sydney, while banks rose in Hong Kong. But Japanese shares were lower as worries about the yen’s strength against the dollar lingered.
The Nikkei 225 index slid 115.62 points, or 1.1%, to 10,228.90
Hong Kong’s Hang Seng Index edged up 30.04 points, or 0.1%, to 22,999.30
Tokyo Electron dropped 1.3%, Mazda Motor fell 1.3% and Honda Motor gave up 1.2%.
There were also a few gainers in Tokyo. Consumer lender Orient Corp. jumped 9.2% on a Nikkei report that Mizuho Financial Group planned to purchase Orient’s preferred shares from Morgan Stanley and two others.
Hitachi rose 1.9% following a Yomiuri Shimbun report it will jointly bid with Mitsubishi Heavy Industries for a railway construction project in Bangkok. Mitsubishi Heavy dropped 1.3%.
Promise rose 3.1% on a local media report that Sumitomo Mitsui Financial Group President Teisuke Kitayama signaled in an interview the bank may raise its 21% stake in the consumer lender. Sumitomo Mitsui fell 1.9%.
In Hong Kong, shares of Industrial & Commercial Bank of China rose 1.2% and China Construction Bank climbed 0.7%, recouping some recent losses.
South Korean stocks were supported by purchases by funds, aimed at shoring up the year-end values of their portfolios. Hyundai Elevator rose 15%, rallying for a fourth day.
A series of recent stake purchases from Schindler Deutschland, a Germany-based affiliate of Switzerland’s Schindler Holding, prompted speculation that the German firm may be interested in taking over the local elevator maker. Schindler Deutschland has raised its stake in Hyundai Elevator to 35.27% from 25.54% in September.
Mining and metal shares helped lift Australian markets, BHP Billiton and Fortescue Metals Group rising 0.9% and 1%, respectively, in Sydney.
In the foreign-exchange markets, the U.S. dollar recovered some of its recent losses overnight in choppy trade. The dollar was at 81.47 yen, compared with 81.64 yen in late New York trade Wednesday, while the euro rose to $1.3243 U.S. from $1.3225 U.S. The U.S. dollar index fell 0.2% to 79.65.
CHINA
Mining and metal shares also helped lift Chinese markets, in particular helping Shanghai stocks erase losses posted earlier in the day.
Jiangxi Copper added 3.5% and Zhongjin Gold rose 1.5% in Shanghai. One expert said miners were perhaps oversold Wednesday on concerns that China will continue to raise rates.
Property developers, however, were further hurt by concerns of additional property-tightening measures after the housing ministry said late Wednesday it will continue to strengthen controls on the overheated sector. Poly Real Estate shed 2.8% and Gemdale sank 4.1%.
In other markets
Shanghai’s CSI 300 Index tacked on 2.27 points to 3,064.10
Taiwan’s Taiex Index regained 41.56 points, or 0.5%, to 8,907.91
Singapore’s Straits Times Index added 4.55 points, or 0.1%, to 3,212.46
Korea’s Kospi Index strengthened 7.51 points, or 0.4%, to 2,051
New Zealand’s NZX 50 Index moved higher 8.65 points, or 0.3%, to 3,334.27
Australia’s S&P/ASX 200 Index added 15.20 points, or 0.3%, to 4,790.40
