Japanese and South Korean stocks jumped Thursday on hopes the Federal Reserve will maintain its bond purchases for longer, while mainland Chinese shares continued to drop amid worries over policy outlook.
In Japan, the Nikkei 225 regained 379.54 points, or 3%, to 13,213.55
Hong Kong’s Hang Seng Index added 101.53 points, or 0.5%, to 20,440.08
In Hong Kong, shares of Industrial & Commercial Bank of China Ltd. gained 1.3%, on top of Wednesday’s 6.8% surge, and footwear major Belle International Holdings Ltd. jumped 4.6%.
Meanwhile, technology shares led the strong advance in Seoul, with heavyweight Samsung Electronics Co. soaring 6.2% after recent losses, while LG Display Co. added 3.4%.
Data released on Thursday showed South Korea’s current-account surplus rose to a record high in May on the back of robust exports despite a global slowdown, helping to lift the market’s mood.
In Tokyo trade, the real-estate and banking sectors were higher.
Shares of Mitsui Fudosan Co. rallied 9.6%, and Mitsubishi Estate Co. jumped 9.4%, while Shinsei Bank Ltd. and Sumitomo Mitsui Financial Group Inc. advanced 3.9% and 3%, respectively.
In Australia, shares of in the financial and retailer sectors advanced, tracking a positive lead from Wall Street and most other regional markets.
The gains came amid major political changes, with Kevin Rudd returning as prime minister after he defeated incumbent Julia Gillard in a Labour Party leadership vote late Wednesday.
One researcher said the market would largely shrug off the political change, as the prospect of a Labour loss in upcoming general elections was a "near certainty."
Commonwealth Bank of Australia rose 2.8%, and Woolworths Ltd. climbed 3.1%.
CHINA
The Shanghai Shenzhen CSI 300 doffed 7.56 points, or 0.4%, to 2,160.74
The benchmark had risen more than 1% earlier in the day after official data showing profits at Chinese industrial firms rose more than 15% from a year-earlier in May.
But the index let those gains slip by amid festering worries over high borrowing costs in the Shanghai interbank money markets and concerns about a slowing economy.
While banks were broadly higher, coal miners and brokerages declined, with Citic Securities Co. losing 1.5% and China Shenhua Energy Co. dropping 1.9%.
In other markets;
Taiwan’s Taiex Index gained 51.25 points, or 2.9%, to 7,883.90
Singapore’s Straits Times Index gathered 13.63 points, or 0.4%, to 3,118.03
Korea’s Kospi Index climbed 51.25 points, or 2.9%, to 1,834.70
In New Zealand, the Exchange 50 Gross Index picked up 23.36 points, or 0.5%, to 4,416.96
In Australia, the S&P/ASX 200 jumped 79.57 points, or 1.7%, to 4,811.28
