Asian markets finished higher Wednesday as investors in Sydney cheered better-than-expected Australian GDP data and China-related shares fueled gains in Hong Kong.
Japan's Nikkei 225 advanced 37.36 points, or 0.4% to 9,741.67, a fourth straight winning session, while Hong Kong's Hang Seng climbed 187.39 points, or 1%, to 18,546.47.
Overall strength in Asia followed a report from the Australian Bureau of Statistics that Australia's economy grew 0.4% in the first quarter from the fourth quarter 2008 and 0.4% from the year-earlier period, beating expectations.
In Japan, auto maker shares were mixed, with shares of Toyota closing down 0.5%, while Honda rose 2% and Nissan ended flat. The trio posted steeper declines in U.S. sales in May than most of their American counterparts, though most auto makers reported their highest sales of 2009.
Resource stocks continued to rise with Sumitomo Metal Mining up 5.5% in Japan, while in China, Zijin Mining Group closed up 5.5%.
Commodity plays finished mainly higher in Sydney, extending a strong run. Alumina gained 8.3% after a 7% rise Tuesday in its joint venture partner Alcoa in the U.S., with Fortescue Metals up 4.6%, Rio Tinto up 3.8% and BHP gaining 0.9%. But Lihir closed down 0.3%. and Woodside slipped 0.2%.
Korean financial stocks closed lower after a report in the Maeil Business Newspaper that KB Financial and Woori Finance Holdings were working on rights offers. A spokesman for KB Financial said the company was reviewing various options to raise capital, while a spokesman at Woori Finance said it didn't have plans to issue new shares to secure liquidity. KB Financial ended down 1.5% with Woori off 5.7%.
But shipping shares were still cheering the recent gains in the Baltic Dry Index, with U-Ming Marine Transport closing up 1% and Sincere Navigation up 1.9%. The BDI, a measure of demand in the sector, breached the 4,000 level Tuesday for the first time this year.
In currency markets the euro was down at $1.4280 U.S., from $1.4314 late in New York, and at 137.51 yen, from 136.78 yen.
The dollar was at 96.26 yen, from 95.53 yen. The Australian dollar was supported by the nation's uptick in GDP data. Recently it was at 82.34 U.S. cents after touching 82.65 U.S. cents, an eight-month high.
CHINA
China Metals was down by 7% and Prince Housing was off 6.9% after prosecutors said they were probing the management of the two building companies on allegations of insider trading, having raided the offices of the companies on Tuesday.
Hong Kong’s index rebounded from a 2.6% decline the previous day on gains in China-related companies. Bank of Communications rose 2.8%, Bank of China rose 2.1% and China Construction Bank gained 1.4%.
Elsewhere:
China’s Shanghai Composite Index gained 74.29 points, or 2.6%, to 2,939.39
Singapore’s Straits Times Index tacked on eight points, or 0.3% to 2,383.82
South Korea’s Kospi index gained back 2.04 points, or 0.1% to 1,414.89
Taiwan’s Taiex subtracted 55.94 or 0.8%, to 6,893.14
New Zealand’s NZX 50 Index picked up 33.43 points, or 1.2% to 2,840.63
Australia’s S&P/ASX 200 climbed 61.90 points, or 1.6% to 4,017.20, a near-seven-month high.
