Most Asian markets advanced Wednesday after a positive lead from Wall Street, with exporters helping Japanese stocks snap a three-session losing streak and mainland Chinese shares extending gains on hopes of further government action to support the economy.
Australia and New Zealand markets ended lower, weighed down by disappointing corporate news.
In Tokyo, the Nikkei 225 Stock Average rallied 213.43 points or 2.73% to 8.038.94, with car makers such as Toyota Motor Corp. and Honda Motor Co. rising sharply even after they reported weak U.S. sales for January, as they outperformed the Big Three U.S. automakers.
Experts said investors are still cautious ahead of Japanese companies' October-December earnings and U.S. jobs data due this week.
Shares of Honda Motor jumped 6.3% and Toyota added 4.5%.
Hong Kong's Hang Seng index picked up 287.00 points or 2.25%, to end the day’s trading at 13,063.89
Auto stocks also lifted the South Korean market, after Hyundai Motor Co. (HYMLF:
and Kia Motors Corp. reported an increase in U.S. sales, defying the weak trend.
Hyundai gained 8% and Kia surged 11.7%.
In Australia, Westfield Group dropped 12.4% after raising A$2.9 billion in equity.
Banks were mostly lower after Tuesday's strong gains and U.S. peers' weakness overnight, with National Australia Bank down 0.5%. Mining giant BHP Billiton ended flat after reporting lower-than-expected half-yearly profit.
CHINA
China's Shanghai Composite had its third advance this week.
Banks were higher in the country after the China Securities Journal reported strong growth in new yuan-denominated loans in January, with Industrial & Commercial Bank of China climbing 3% and Shanghai Pudong Development Bank rising 5%.
Technology shares rose in Seoul on hopes the chip and LCD panel industries may have seen the worst of their demand cycle, with Samsung Electronics 5.7% higher and Hynix Semiconductor up 4.5%.
Elsewhere:
China’s Shanghai Composite Index raced ahead 57.50 points, or 2.73%, to 2,166.41
Korea’s Kospi Index charged ahead 32.17 points or 2.77% to 1,195.37
Taiwan’s Taiex index gained 17.16 points, or 0.39%, to 4,389.97
Singapore’s Straits Times Index slid 4.53 points, or 0.26%, to 1,707.39
Australia’s ASX 200 was lost 70.80 or 2.02% to 3,437.90
New Zealand shares gave back 11.67 points, or 0.42%, to 2,768.62
