Most Asian markets advanced Wednesday, as upbeat results from Apple Inc. and International Business Machines inspired gains in the region’s technology stocks, while a weakened U.S. dollar helped lift commodity sector shares.
Japan’s Nikkei 225 Index gained 38.12 points, or 0.4%, to 10,557.10
Hong Kong’s Hang Seng Index leaped 265.64 points, or 1.1%, to 24,419.60
Higher-than-expected quarterly earnings and sales from Apple and IBM late Tuesday added fuel to optimism over prospects for the region’s semiconductor sector.
Elpida Memory jumped 5.7% amid hopes for price increases. Also extending gains, Samsung Electronics rose 2.9% and Hynix Semiconductor advanced 0.7% in Seoul, while Inotera Memories climbed 3% and Powerchip Technology Corp. added 0.5% in Taipei.
Materials stocks also sparkled elsewhere in the region, with Korea Zinc Co. soaring 5.1% in Seoul, Rio Tinto and BHP Billiton each rising 0.9% in Sydney.
Meanwhile, shares of Rakuten climbed 3.6% in Tokyo on growing expectations the online retail and financial service firm’s 2010 earnings will be strong.
Macau casino stocks traded in Hong Kong continued to rally after CLSA and J.P. Morgan said they expected gaming revenue growth in 2011 to beat consensus analyst estimates, driven by mainland Chinese tourist arrivals. Shares of Galaxy Entertainment Group soared 6.9% and SJM Holdings climbed 4.8%, while Wynn Macau advanced 4.6%.
The New Zealand market was supported by a 13.9% surge in Kathmandu Holdings shares, after the outdoor clothing retailer said it expects first-half operating profit to rise 20% to 26% on the previous comparative period. The firm cited strong sales performance over December and January in both Australia and New Zealand.
The single currency was buying $1.3459 U.S. from $1.3388 U.S. late in New York on Tuesday, and ¥110.45 from ¥110.58. The dollar was at ¥82.06, compared with ¥82.56.
CHINA
Stocks in Shanghai and Hong Kong ranked among the big gainers as investors temporarily looked past concerns over Chinese monetary tightening, although they remained wary that inflation data due this week could bring back those worries.
Shanghai’s CSI 300 Index surged 67.20 points, or 2.3%, to 3,044.85
Resource sector shares were also broadly higher as the U.S. dollar’s weakness aided commodity prices, which in turn pushed shares of Cnooc up 2.4% in Hong Kong, while heavyweight PetroChina Co. added 1.2% and Jiangxi Copper jumped 4.3% in Shanghai.
Aluminum Corp. of China, which surged in Hong Kong Tuesday, said it’ll return to profit in 2010 after posting losses in 2009.
The company’s shares rose a further 3.9% in Hong Kong Wednesday, and advanced 2.3% in Shanghai.
In other markets
Korea’s Kospi Index regained 19.21 points, or 0.9%, to 2,115.69
Taiwan’s Taiex Index advanced 98.02 points, or 1.1%, to 9,086.02
Singapore’s Straits Times Index skidded 7.62 points, or 0.2%, to 3,241.96
New Zealand’s NZX 50 inched forward 2.28 points to 3,346.02
Australia’s S&P/ASX 200 Index moved up 32.80 points, or 0.7%, to 4,834.60
