Asian stocks shifted back into record-setting mode Wednesday, with Australia's benchmark S&P/ASX 200 powering to an all-time high after shares of Rio Tinto surged to a record amid talk of a potential takeover and with Japanese issues pivoting off an early bout of weakness as investors snapped up export-related shares.
In Tokyo, the benchmark Nikkei 225 stock index added 91.28 points, or 0.52 percent, to finish at 17,748.12 points while in Hong Kong, the blue chip Hang Seng Index rose 138.43 points, or 0.67 percent, to 20,844.78.
Auto shares were mixed, with Toyota slipping 0.55 percent to 7,200 yen (US$60) and Mazda Motor Corp. jumping 4.92 percent to 683 yen (US$5.69).
After the market closed, Toyota reported a 9 percent gain in profit for the January-March quarter as the automaker marked its seventh straight fiscal year of record sales.
Gainers included shipping stocks. Mitsui O.S.K. Lines Ltd. climbed 5.68 percent to 1,637 yen (US$13.64) after the Nikkei business newspaper said Wednesday that the Tokyo-based shipping company will team up with Norwegian Leif Hoegh group to build three vessels that can reconvert liquefied natural gas into gaseous form before offloading.
Elsewere:
SEOUL: South Korea's main stock index set its latest record high Wednesday. The Korea Composite Stock Price Index, or Kospi, ended up 10.77 points, or 0.7 percent, at 1,593.42. The benchmark 30-company Philippine Stock Exchange Index gained 12.03 points, or 0.4 percent, to 3,345.98.
KUALA LUMPUR: Malaysia's key stock index fell Wednesday as investors took profits following recent sharp gains across the bourse. The Composite Index of 100 blue chips dropped 0.3 percent to 1,350.84 in thin trade. Overall, decliners outnumbered gainers 583 to 288.
MANILA: The Philippine stock index rose the third day in a row Wednesday on gains in the shares of blue chip companies that have or are expected to report solid first-quarter earnings.
SINGAPORE: Singapore shares rose Wednesday on gains in property stocks and news that lender OCBC's first-quarter net profit doubled on year. The benchmark Straits Times Index climbed 13.51 points, or 0.4 percent, to 3,452.72.
SHANGHAI: Shanghai's stock index burst through the psychologically important 4,000 point mark on Wednesday as investors shrugged off official warnings of a possible market bubble amid soaring corporate profits. The benchmark Shanghai Composite Index, which tracks both dollar and Chinese yuan denominated shares, ended up 1.6 percent at 4,013.09, an all-time high.
TAIPEI: Taiwan shares fell on Wednesday, dragged down by big losses at High Tech Computer.
The Weighted Price Index of the Taiwan Stock Exchange dropped 43.14 points, or 0.5 percent, to close at 8052.70 in light trading.
WELLINGTON: New Zealand stocks edged up Wednesday as the market struggled to find fresh local catalysts. The benchmark NZX-50 index rose 9.09 points, or 0.2 percent, to 4,232.33.
AUSTRALIA: Takeover speculation in the resources sector intensified Wednesday with talk that Rio Tinto had rejected a A$100 a share takeover offer from the world's biggest miner BHP Billiton driving shares of both companies and the overall market to record highs. The All Ordinaries index rose 37 points to close at a new record of 6,338, touching an intraday high of 6,376.9.
With files from wire services
