Asian stocks advanced Wednesday as overseas economic data sparked buying in the region’s exporters, with South Korean shares outperforming the rest of the region.
In Japan, the Nikkei 225 Index regained 95.94 points, or 0.8%, to 11,468.28
In Hong Kong, the Hang Seng index hiked 163.50 points, or 0.7%, to 23,307.41
The strong region-wide performance followed a higher finish on Wall Street Tuesday, when merger-and-acquisition speculation, and hopes for improved economic prospects in Europe spurred U.S. stocks.
The European Union is South Korea’s fourth-largest export destination, according to the European Commission website.
Auto titan Hyundai Motor Co. gained 3.1% and its affiliate Kia Motors Corp. rose 1.9%, while heavyweight Samsung Electronics Co. added 3.6%.
In Tokyo, Isuzu Motors Ltd. added 1.8%, while Toyota Motor Corp. rose 1.7% after a Nikkei news report that it planned to raise domestic production by more than originally planned.
Also, data out Wednesday showed Japanese exports grew faster than expected in January, with shipments to China swinging back to growth, although the country’s trade deficit hit a record.
Shares of Sony Corp. rose 0.3% ahead of an event at which it is expected to unveil its next-generation PlayStation videogame console.
Orix Corp. gained 2.4% after announcing a deal late Tuesday to buy asset-manager Robeco from Dutch lender Rabobank.
In Australia, banking and insurance group Suncorp Group Ltd. fell 0.9% after the firm reported a 48% rise in first-half net profit which just missed analyst forecasts.
Mining giant BHP Billiton Ltd. declined 0.9%, after news of the retirement of Chief Executive Officer Marius Kloppers and the appointment of the firm’s non-ferrous operations chief Andrew McKenzie to the role.
On a busy day for Australian resource-sector earnings, Fortescue Metals Group Ltd. fell 5% after the iron-ore extractor reported a 40% drop in first-half net profit to $478 million U.S. and advised that it won’t pay an interim dividend.
Woodside Petroleum Ltd. advanced 3.1% after the oil-and-gas firm raised its final dividend payout and reported its annual net profit nearly doubled to $2.06 billion U.S.
CHINA
The Shanghai CSI 300 Composite 300 index added 17.03 points, or 0.6%, to 2,702.64
On the Chinese mainland, property firms were recouping some ground lost in the previous session, with Poly Real Estate Group Co. rising 1.4%. The gains came after Standard & Poor’s revised its outlook for Chinese residential developers to stable from negative as sales strengthen.
Data out Wednesday showed foreign direct investment into the nation fell 7.3% in January from year-earlier levels.
In other markets
Korea’s Kospi Index progressed 38.81 points, or 2%, to 2,024.64, for its best percentage gain so far in 2013
In Taiwan, the Taiex index picked up 68.22 points, or 0.9%, to 8,029.10
The Singapore Straits Times Index moved higher 13.12 points, or 0.4%, to 3,308.89
In New Zealand, the NZX 50 index sifted off 29.97 points, or 0.7%, to 4,214.24
In Australia, the S&P/ASX 200 gained another 16.82 points, or 0.3%, to 5,098.71.
