Stocks in Asia mostly rose Wednesday as U.S. economic data and comments from Federal Reserve chief Ben Bernanke helped lift the mood in global markets.
In Japan, the Nikkei 225 Index fell another 144.84 points, or 1.3%, to 11,253.97, on top of Tuesday’s sizable loss.
In Hong Kong, the Hang Seng index regained 57.32 points, or 0.3%, to 22,577.01
Setting the stage for gains in Asia, shares climbed in the U.S. Tuesday, after housing data was well received. Additionally, Federal Reserve chairman Ben Bernanke defended the U.S. central bank’s monetary policy, sending a strong signal on ongoing asset purchases.
Japanese stocks continued to struggle as the U.S. dollar reached 91.72 yen, down from ¥91.88 in late North American trading on Tuesday, and well off a level of more than ¥94 reached intraday on Monday.
Exporters came under selling pressure in Tokyo. Panasonic Corp. declined 1.8%, while in the auto sector, Nissan Motor Co. lost 1.5% and Honda Motor Co. fell 2.5%.
The rest of the region advanced, however, with AIA Group Ltd. jumping 4.1% in Hong Kong after the insurer posted solid results for 2012.
China Construction Bank Corp. rose 0.2% among banks, while in the property sector, Hang Lung Properties Ltd climbed 0.5% and New World Development Co. added 3.8% to retrace some recent losses.
Hong Kong’s Financial Secretary John Tsang said Wednesday that the city’s gross domestic product was expected to grow by between 1.5% and 3.5% in 2013 as the global economy gathers strength, Dow Jones Newswires reported. GDP grew 1.4% in 2012, just exceeding government forecasts for 1.2% growth.
Aiding the South Korean stock market, Kia Motors Corp. advanced 1.7% and Hyundai Motor Co. added 0.7%.
In Australia, building materials group Boral Ltd. climbed 4.2% after Tuesday’s U.S. housing data.
Rival James Hardie Industries PLC reversed early losses to trade up 1.6%. The firm reported a 7% drop in nine-month net profit to $115 million U.S.
Utility AGL Energy Ltd. jumped 4.5% after reporting that its first-half net profit more than tripled to $373 million U.S.
CHINA
The Shanghai CSI 300 Composite 300 index recovered 27.08 points, or 1.1%, to 2,594.68
In stock action on the mainland, Agricultural Bank of China Ltd. rose 2.1% and Poly Real Estate Group Co. higher by 3.9% in Shanghai.
In other markets
Korea’s Kospi Index added 4.03 points, or 0.2%, to 2,004.04
In Taiwan, the Taiex index grew 17.08 points, or 0.2%, to 7,897.98
The Singapore Straits Times Index inched up 6.86 points, or 0.2%, to 3,261.12
In New Zealand, the NZX 50 index progressed 37.40 points, or 0.9%, to 4,276.32
In Australia, the S&P/ASX prospered 33.03 points, or 0.7%, to 5,036.59
