Japanese stocks rose for a seventh straight session for their best finish since the March 11 earthquake, with car makers and other exporters among the leading gainers.
In Japan, the Nikkei 225 average roared ahead 110.02 points, or 1.1%, to 10,082.50
Hong Kong’s Hang Seng Index collapsed 230.40 points, or 1%, to 22,517.60
In Tokyo, shares of Honda Motor Co. rose 1.6% and Nissan Motor Co. added 2.2% amid hopes for a better outlook for the second half of the year as production improves.
Other exporters also advanced, with Sony Corp. climbing 1.2% and Fanuc Ltd. adding 1.9%.
In Seoul, Hynix Semiconductor Inc. tumbled 5.4% to lose more ground than it gained the previous day, after Hyundai Heavy Industries Co. said it won’t submit a letter of intent for a controlling stake in the chip maker. Hyundai Heavy, on the other hand, soared 6.4% on the announcement.
Some financial stocks gave way after U.S. bank shares lost ground overnight.
In Tokyo, Mitsubishi UFJ Financial Group Inc. surrendered 0.5% and Daiwa Securities Group Inc. fell 0.8%.
In Sydney trading, shares in Westpac Banking Corp. lost 0.4%, while Commonwealth Bank of Australia dropped 0.6%.
Strength in commodities prices supported some energy stocks, as benchmark Nymex crude-oil futures pushed above $97 a barrel. That lifted Japan Petroleum Exploration Co. to rise 3.8%, while Woodside Petroleum Ltd. edged up 0.2% in Sydney
Gold miners sparkled after gold futures posted their biggest one-day gain in eight months in New York, with Newcrest Mining Ltd. advancing 1.8% in Sydney, and Zhaojin Mining Industry Co. gaining 3.3% in Hong Kong.
CHINA
Shanghai and Hong Kong stock markets finished lower Wednesday as banks tumbled on reports Singapore’s Temasek Holdings will raise up to $3.7 billion U.S. by selling down its stakes in Bank of China Ltd. and China Construction Bank Corp.
Shanghai’s CSI 300 Index settled 8.79 points, or 0.3%, to 3,113.71
Shares of Bank of China tumbled 3.6%, and CCB shed 3.2% in Hong Kong; the stocks lost 1.3% and 1.4%, respectively, in Shanghai.
The losses also rubbed off on sentiment toward other banks, sending Industrial & Commercial Bank of China Ltd 2.5% lower in Hong Kong and 0.9% in Shanghai.
The extended losses for these banks came a day after Moody’s Investors Service warned that a Chinese audit last month understated the risks to loans made by them to Chinese local governments.
PetroChina Co. advanced 1.2% in Shanghai.
In other markets;
Korea’s Kospi Index gained 9.44 points, or 0.4%, to 2,171.19
Taiwan’s Taiex Index added 40 points, or 0.5%, to 8,824.44
Singapore’s Straits Times Index sliced off 8.79 points, or 0.3%, to 3,114.71
New Zealand’s NZX 50 Index faded 12.77 points, or 0.4%, to 3,460.83
Australia’s S&P/ASX 200 Index recovered 6.90 points, or 0.2%, to 4,605
