Asian stocks rose on Tuesday to start the year, with Hong Kong's top index again reaching a new record high.
Japan's financial markets were closed on Tuesday while Hong Kong's Hang Seng Index rose 345.46 points, or 1.73 percent, to close at 20,310.18.
Analysts said the local market will maintain its upward momentum in the near term as investors continue to believe Chinese companies will benefit from a further appreciation of the Chinese yuan.
China Mobile, the largest mobile operator in China by subscribers and the second-largest component of the benchmark index by market capitalization, contributed 145.9 points, or 42 percent, of the Hang Seng Index's 345.46 point gain.
The Chinese mobile operator rose 3.7 percent on a report it might seek a listing on the Shanghai Stock Exchange.
Ming Pao Daily, a Hong Kong-based Chinese language newspaper, on Monday cited unnamed sources as saying China Mobile is seeking to launch an A-share initial public offering this year.
Chinese banks and insurance stocks continued to surge amid a rally in the local market.
Elsewhere:
JAKARTA: Indonesian shares rose to a fresh all-time high at the first session of the year, boosted by hopes that a stronger rupiah would lead the Central Bank to cut key interest rate. The Jakarta Stock Exchange Composite index closed 30.997 points or 1.7 percent to 1,836.520.
MANILA: Philippine shares declined as investors cashed in on gains in select stocks that propelled the market to 10-year highs. The benchmark Philippine Stock Exchange Index lost 0.2 percent, or 5.69 points, at 2,976.85.
MUMBAI: Indian shares began the New Year on a positive note, with automobile and technology companies lifting the benchmark index. The Bombay Stock Exchange's benchmark 30-stock Sensitive Index, or Sensex, closed up 1.1 percent, or 155.33 points, at 13,942.24.
SEOUL: South Korean technology stocks, including semiconductor shares, rose. But the overall market closed flat as those gains were cancelled out by losses in bank stocks following the government's moves to place restrictions on mortgage loans. The Korea Composite Stock Price Index, or Kospi, ended up 0.8 point, or 0.06 percent, at 1,435.26.
TAIPEI: Taiwan shares opened the year by rising to a new six-year high as foreign investors returned from their holidays. The Weighted Price Index of the Taiwan Stock Exchange gained 97.08 points, or 1.2 percent, to 7,920.8 -- its highest closing level since finishing at 8,026.32 on Aug. 25, 2000. The index climbed 19.48 percent in 2006.
SYDNEY: The Australian share market closed near flat after late profit-taking on some of last week's stellar performers countered morning gains. The benchmark S&P/ASX 200 index closed up 0.3 point at 5,670.2.
With files from wire services
