Asian shares traded mostly higher Monday, as investors hoped for progress in curbing Europe’s debt crisis in what could be a crucial week for the troubled region.
Japan’s Nikkei 225 Index added 52.23 points, or 0.6%, to 8,695.98.
In Hong Kong, the Hang Seng Index grew 139.30 points, or 0.7%, to 19,179.70.
Some encouraging signs for Europe emerged over the weekend, as Italy outlined a 30-billion-euro ($40.2-billion U.S.) three-year austerity plan ahead of a key meeting of French and German leaders planned for later Monday.
Banking shares were among the gainers in Japan, with Sumitomo Mitsui Financial Group Inc. up 2.2%, Mizuho Financial Group Inc. adding 2.9%, and Nomura Holdings Inc rising 2.8%.
Many Asian exporters also gained ground, with Elpida Memory Inc. up 4.1% in Tokyo, and Samsung Electronics Co. 1.5% advancing in Seoul, while in Hong Kong, Li & Fung Ltd. rose 3.3%, and Lenovo Group Ltd. added 2%.
Miners were among the best performers by sector in Australia, helped by some deal-related gains and renewed risk appetite. Coal miner Whitehaven Coal Ltd. climbed 1.2% after stating that it is in early-stage merger talks with rival Aston Resources Ltd., which gained 4.2%.
Uranium producers were also strong, after the Australian Labour Party voted over the weekend to lift a ban on uranium exports to India. Energy Resources of Australia Ltd. climbed 9.8%, while Paladin Energy Ltd. rose 2.4%.
In Hong Kong, the carriers fared somewhat better, with China Eastern ending flat, China Southern losing 1.2%, and Air China Ltd. managing a 0.8% gain.
Monday’s Asia stock moves came on the heels of a strong week for global equities, after central banks’ took action to lower the cost of U.S. dollar funding for European banks, coupled with monetary-policy easing in China.
In the previous week, the Nikkei Average gained 5.9%, while the Kospi jumped 7.3% and the S&P/ASX 200 rose 7.6%.
CHINA
Notable decliners in the region included mainland Chinese airlines, which traded mostly lower after UBS downgraded its 2012-2013 passenger-traffic growth forecasts for the sector, and as China Business News reported a fuel-surcharge hike for some flights.
Shanghai’s CSI 300 index docked 35.93 points, or 1.4%, to 2,521.39
In Shanghai, China Eastern Airlines Corp. fell 3.3%, Air China Ltd. lost 3.2%, and China Southern Airlines Co. dropped 4.5%, with rising oil prices also weighing on the shares.
In other markets;
Taiwan’s Taiex Index shed 42.60 points, or 0.6%, to 7,098.08
Korea’s Kospi Index eked up 6.86 points, or 0.4%, to 1,922.90
Singapore’s Straits Times Index dipped 7.13 points, or 0.3%, to 2,766.23
New Zealand’s NZX 50 Index gathered 18.84 points, or 0.6%, to 3,301.22
Australia’s S&P/ASX 200 Index picked up 33.30 points, or 0.8%, to 4,321.30
