Most Asian markets climbed Monday, with Japanese exporters posting handsome gains on the yen's recent fall amid hopes Greece may receive financial assistance, while energy sector shares rallied as crude-oil prices stayed at elevated levels.
In Tokyo, the Nikkei 225 leaped 251.33 points, or 2.3%, to 11,165.79
In Hong Kong, the Hang Seng index raced ahead 342.57 points, or 1.6%, to 21,587.06.
Some analysts advised caution, although Greek Finance Minister George Papaconstantinou said Sunday he expects the rescue package's final terms to be ready by early May.
In Japan, the yen fell against the U.S. dollar as risk appetite returned, aiding the nation's exporters. Canon Inc.climbed 3.5% and Toyota Motor Corp. gained 3.4%, while Suzuki Motor Corp. jumped 4.2%.
The advance in Toyota shares came after the Nikkei reported Saturday the company expected to post a group operating profit as high as 50 billion yen ($532 million U.S.) for the fiscal year ended March 31, compared with the company's forecast of a 20 billion yen loss, due to cost reductions and a weaker yen. Toyota, which is due to report earnings on May 11, said that the figures in the report were "not something that we have formally announced."
Toshiba Corp. rose 2.4% and IHI Corp. surged 6.8% after the Nikkei reported they will form a joint venture this autumn to make core components for nuclear power plants.
Hong Kong's Hang Seng Index rebounded as investors looked for bargains after the market posted losses in five of the previous six sessions. Market heavyweight HSBC Holdings rose 2.3%, while Henderson Land Development Co. jumped 4.3%, leading the property sector.
Property developers in Hong Kong had racked up losses last week after the special administrative region's government introduced guidelines for presales transactions on Wednesday in its latest attempt to stymie rising property prices.
Swire Pacific gained 2% after its unit, Swire Properties, on Sunday set an indicative price range for its initial public offering of its property unit at between 20.75 Hong Kong dollars and 22.90 Hong Kong dollars ($2.66 and $2.94 U.S.) a share. People familiar with the situation said Monday that Swire Properties is seeking to raise up to $3.09 billion U.S.with an over-allotment option included.
Energy sector shares rose across the region on higher crude-oil prices, with Inpex Corp. rising 0.9% in Tokyo, Cnooc jumping 3% in Hong Kong.
In Seoul, Korea Life Insurance gained 1.4%, getting a boost from expectations that strong pricing for Samsung Life Insurance Co.'s initial public offering will boost peers. Samsung Life's IPO was priced at 110,000 Korean won ($99.80 U.S.) per share, near the top of its indicative price range, in what will be South Korea's biggest IPO to date.
Taiwanese shares were led higher by technology sector gains on expectations of better first-quarter earnings. Taiwan Semiconductor Manufacturing gained 2.9%, United Microelectronics added 3.7% and MediaTek rose 2.8%.
In foreign exchange trading, the euro dropped despite improved sentiment on Greece, giving up some of its sharp gains posted on Friday. The single currency was buying $1.3328 U.S., compared with $1.3372 U.S. in late New York trade Friday, and 125.37 yen from 125.78 yen. The dollar rose to 94.21 yen from 93.56 yen.
CHINA
China's Shanghai Composite was among the region's losers, giving back 18.01 points, or 0.6%, to 3,172
Home developers and banking shares lost further ground on worries the property sector might be subject to more restrictive government policies in the coming weeks. Shares of Poly Real Estate Group gave up 0.4% and Cinda Real Estate Co. shed 1.3%, while China Merchants Bank slid 0.9% in Shanghai.
Elsewhere;
Korea’s Kospi index gained 15.17 points, or 0.9%, to 1,752.20
Singapore’s Straits Times Index gained 14.13 points, or 0.5%, to 3,002.62
Taiwan’s Taiex index prospered 153.25 points, or 1.9%, to 8,158.14
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New Zealand’s NZX 50 Index added 4.59 points, or 0.1%, to 3,306.25
Australia’s S&P/ASX 200 was off for a holiday.
