Asian stocks were mostly back in rally mode Wednesday, extending gains for a second straight session, as investors continued to snap up shares that were battered over the past week's global shakeout.
In Tokyo, the Nikkei 225 index closed 79.88 points, or 0.47 percent lower at 16,764.62 while Hong Kong's Hang Seng Index fell 139.92 points, or 0.7 percent, to 18,918.64.
Canon Inc. led declines among export-related shares as the yen edged higher against the U.S. dollar and was little changed vs. the euro.
Sony Corp. fell 1.19 percent to 5,820 yen ($50.17) and Canon sank 2.41 percent to 6,070 yen ($52.33).
Elsewhere:
BANGKOK: Thai shares fell 0.57 percent, as trading sentiment turned sour following foreign net selling of 811.4 million baht the day before.
JAKARTA: Indonesian shares rose 0.6 percent at 1,743.19, led by gains in nickel miner Inco and rival Aneka Tambang, on hopes for strong 2007 outlook due to higher commodity prices.
KUALA LUMPUR: Malaysian shares gained 2.3 percent at 1,156.58, led by blue chips as foreign funds fished for oversold stocks.
MANILA: Philippine shares rebounded from steep losses, inspired by a Wall Street rally overnight and recoveries in other Asian markets. The benchmark 30-company Philippine Stock Exchange Index leapt 89.99 points, or 3 percent, to 3,063.26.
MUMBAI: Indian shares fell with cement stocks taking a big hit on a day of volatile trading. The 30-share benchmark index of the Bombay Stock Exchange -- the Sensex -- fell 117 points, or 0.9 percent, to 12,580 points.
SEOUL: South Korean shares rose for a second session as construction shares gained. The won fell. The Korea Composite Stock Price Index rose 8.02 points, or 0.6 percent, to 1,410.95.
SHANGHAI: China's stocks closed higher for a second consecutive session as the market showed signs of stabilizing following recent volatility. The benchmark Shanghai Composite Index surged 2 percent at 2,896.59. The Shenzhen Composite Index jumped 2.6 percent to 750.25.
SINGAPORE: Singapore's benchmark Straits Times Index gained 22.63 points, or 0.7 percent, to close at 3,059.15, as investors picked bargains following last week's steep losses. But traders said the STI will likely trade with a downward bias for the rest of the week.
TAIPEI: Taiwan shares rose slightly, led by gains in food stocks. The Weighted Price Index of the Taiwan Stock Exchange rose 29.83 points, or 0.4 percent, to close at 7,480.89.
WELLINGTON: New Zealand stocks rose modestly in line with overseas markets, as investors awaited a key central bank interest rate decision. The benchmark NZX-50 index rose 29.2 points, or 0.7 percent, to 4,062.52.
SYDNEY: Australian shares recovered for a second day, helped by gains on Wall Street and strength in regional markets, although few traders were prepared to bet the recent correction has run its course. The benchmark S&P/ASX 200 index rose 53.5 points, or 0.9 percent, to 5,825.3.
With files from wire services
