Japanese stocks helped set the pace for a broad-based rally in Asia Thursday, with investors snapping up banking and export-related shares as concerns over the fallout from U.S. credit markets eased and as a weaker yen inspired gains.
In Tokyo, Nikkei 225 index ended 415.68 points higher, rising 2.6 percent to 16,316.32 while in Hong Kong, the blue chip Hang Seng Index rose 2.8 percent to close at 22,966.97.
Shares of Canon added 5.9%, getting an extra boost after the company said it would buy back up to 23 million shares, or 1.7% of its outstanding equity, before Sept. 25.
Honda Motor Co. led gains among automotive exporters, its shares rising 2.5% after the yen fell to the 115-level against the U.S. dollar.
Toyota Motor Corp. saw its shares rise 2%.
ELSEWHERE:
SEOUL: South Korean shares finished up 2.3 percent on the buying of builder and shipbuilder shares.
SHANGHAI: China's benchmark Shanghai Composite Index rose above the 5,000-level Thursday for the first time, as investors snapped up blue chips on a strong outlook for corporate earnings. The index closed 1.0 percent higher at 5,032.49.
TAIPEI: Shares closed 2.8 percent higher in Taiwan.
WELLINGTON: New Zealand's NZX 50 added 2.3% to 3,982.38.
SYDNEY: In Australia, the benchmark S&P/ASX 200 gained 2.6 percent to 6,159.7 points. The country's central bank Thursday bought a total of 1.88 billion Australian dollars ($1.53 billion) in securities to provide liquidity to the banking system. The Reserve Bank of Australia had made a net injection of 2.75 billion Austrlain dollars ($2.23 billion) on Wednesday -- its biggest one-day intervention since Sept. 12, 2001.
with files from other wire services
