Asian stocks rose sharply on Monday, with investors welcoming the release of better-than-expected Japanese economic data and watching for upcoming talks to tackle Europe’s debt troubles.
In Japan, the Nikkei 225 average recharged itself 122.69 points, or 1.4%, to 9,086.41
Hong Kong’s Hang Seng Index amassed 640.09 points, or 3.3%, to 20,260.10
Major global equity markets all posted significant losses in turbulent trading last week amid fear of slowing global economic growth and fallout for the banking sector from escalating sovereign-debt problems.
Data out Monday showed Japan’s gross domestic product contracted by 0.3% in the April-June quarter, or 1.3% on an annualized basis -- much less expected.
Investors were buying up battered banks Monday, with Hong Kong-listed HSBC Holdings PLC rising 4%, while China Construction Bank Corp. improved by 4.9%, with its Shanghai shares up 1.1%.
Sydney-listed Australia & New Zealand Banking Group Ltd. climbed 3.8%
Among Hong Kong-traded insurers, China Life Insurance Co. rose 6.1%, while Ping An Insurance Group Co. jumped 8.9%. Ping An last week reported a 19% rise in life premiums year-to-date.
Meanwhile, the Japanese GDP data helped Tokyo-listed exporters take back some recent losses Monday, with Toyota Motor Corp., rallying 2.9%, and Honda Motor Co. ending the day up 3.4%.
Gains spread to Hong Kong export firms, with Esprit Holdings Ltd. jumping 5.3%, and Li & Fung Ltd. rising 7.6%.
Commodity-related stocks were also strong, with BHP Billiton Ltd., up 4.6%, and Rio Tinto Ltd. 4.5% higher in Sydney, while Cnooc Ltd. gained 5.1% in Hong Kong.
Home builder SXL Corp. soared 51.7% after Yamada Denki Co. launched a tender offer for the firm. Yamada Denki shares rose 2.5% Monday.
In other markets;
Shanghai’s CSI 300 Index tacked on 42.52 points, or 1.5%, to 2,917.88
Korea’s Kospi Index had the day off
Taiwan’s Taiex Index garnered 182.37 points, or 2.4%, to 7,819.39
Singapore’s Straits Times Index gathered 23.81 points, or 0.8%, to 2,874.40
New Zealand’s NZX 50 Index added 36.13 points, or 1.1%, to 3,252.63
Australia’s S&P/ASX 200 Index grew 110.30 points, or 2.6%, to 4,282.90
