Stocks in South Korea ended at a record Thursday, leading a broader regional rally that also saw Japan tilt higher on gains in exporters like Toyota Motor Corp. after the U.S. dollar strengthened against the yen.
In Tokyo, Nikkei 225 index added 109.52 points, or 0.62 percent, to finish at 17,842.29 while in Hong Kong, the blue chip Hang Seng Index rose 288.51 points, or 1.4 percent, to 20,867.26.
Steel shares advanced after Nippon Steel Corp. and Godo Steel Ltd., an Osaka-based steelmaker, said Wednesday they will strengthen their alliance with increased mutual shareholdings -- a move seen as further consolidation between them.
Nippon Steel rose 1.16 percent to 873 yen ($7.10). Godo Steel jumped 2.63 percent to 546 yen ($4.44).
Trading company shares moved higher on higher raw material prices. Marubeni Corp. rose 1.24 percent to 979 yen ($7.96).
Exporters such as automakers gained amid the yen's weakness against the dollar, boosting overseas earnings and making exports less expensive. Honda Motor Co. posted a 0.71 percent gain to 4,270 yen ($34.72).
Chinese stocks fell Thursday after top leaders called for tightened monetary policy to help cool economic growth following the release of stronger-than-expected data for inflation and industrial production.
The benchmark Shanghai Composite Index fell 1.5 percent to 4,115.21, breaking a seven-session winning streak.
Property developers fell in anticipation of further interest rate hikes. China Vanke slipped 3.1 percent to 18.95 yuan and Financial Street shed 3.7 percent to 32.69 yuan.
Steel makers fell after the State Council said it will adjust some export tax rebates.
Baoshan Iron & Steel slid 3.9 percent to 11.44 yuan, Wuhan Iron & Steel lost 4.0 percent to 11.34 yuan and Laiwu Steel declined 3.9 percent to 18.71 yuan.
But blue chips were firm on institutional demand, with Pudong Development Bank up 1.7 percent at 34.19 yuan and Ping An Insurance rising 1.2 percent to 64.43.
Elsewhere:
MANILA: Philippine shares surged to a record closing high Thursday, tracking Wall Street's advance as worries over rising U.S bond yields eased and the focus shifted back to equities. The benchmark 30-company Philippine Stock Exchange Index jumped 84.80 points, or 2.34 percent, to 3,628.62, breaking initial resistance at 3,600 and surpassing the previous record of 3,622.94 hit June 4.
SEOUL: South Korean shares rose sharply Tuesday to a record high amid heavy computer-generated buying linked to the expiry of futures and options. The Korea Composite Stock Price Index rose 47.19 points, or 2.7 percent, to 1,769.18 on heavy volume.
TAIPEI: Taiwan shares rose sharply Thursday as buying momentum was boosted by Wall Street gains overnight. The Weighted Price Index of the Taiwan Stock Exchange rose 104.33 points, or 1.3 percent, to close at 8450.72, the highest finish since July 17, 2000.
With files from wire services
