Asian markets erased early session losses to end higher Thursday, as bargain-hunters scooped up recently battered shares ranging from Australian miners to Chinese banks and South Korean technology stocks.
Tokyo’s Nikkei 225 gained 117.66 points, or 1.2%, to 9.639.72
In Hong Kong, the Hang Seng index moved up 234.92 points, or 1.2%, to 19,431.37
The advance came despite a weak finish on Wall Street and against a backdrop of the euro's advance against major currencies, which has come to symbolize investor risk appetite of late.
Technology stocks paced gains in Seoul to help the Kospi rebound after the benchmark fell more than 1% in the opening minutes. Heavyweight stock Samsung Electronics gained 2.9% and LG Electronics rose 2%.
Gains in Sydney were led by miners, with BHP Billiton surging 4.3% and Rio Tinto spiking 4.8%.
The rise came after analysts at Morgan Stanley wrote that they saw "substantial value in Australian stocks, particularly mining stocks" after the recent correction.
Wesfarmers fell 1.4% after reporting that food and liquor sales slowed in the past six months as interest rates rose. Graincorp jumped 8.2% after posting a 63% rise in net profit for its fiscal first half and reinstating its interim dividend.
Shipping stocks extended gains after the Baltic Dry Index, a measure of marine freight rates, stretched its winning run on Wednesday. Mitsui O.S.K Lines rose 3% and Kawasaki Kisen Kaisha jumped 4.7% in Tokyo, Hanjin Shipping Holdings added 1.6% in Seoul, Sincere Navigation added 2.4% in Taipei and China Cosco Holdings jumped 4.2% in Hong Kong.
In foreign-exchange markets, the euro climbed to $1.2263 U.S. from $1.2193 U.S. late Wednesday in New York, and to 110.78 yen from 109.56 yen. But the common currency was still pressured by concerns over the euro zone's fiscal and debt problems.
CHINA
Chinese banks and automobile shares posted strong gains amid hopes that China may delay its monetary tightening measures.
Shanghai’s CSI 300 was up 46.04 at 2,859.98
China Construction Bank gained 1.2% and China Merchants Bank advanced 3% in Hong Kong, and 0.8% each in Shanghai, while Dongfeng Motor Group soared 6.2% in Hong Kong.
But property shares underperformed in Shanghai after tax authorities ordered local governments to ensure they collect taxes on the appreciation of land values from property developers.
Gemdale ended flat and Poly Real Estate Group inched 0.3% higher in Shanghai.
Elsewhere;
Singapore’s Straits Times Index moved ahead 43.68 points, or 1.6%, to 2,739.70
Korea’s Kospi index advanced 25.38 points, or 1.6%, to 1,607.50
Taiwan’s Taiex index progressed 75.81 points, or 1.1%, to 7,243.16
New Zealand’s NZX 50 Index tacked on 23.65 points, or 0.8%, to 3,034.83
Australia’s S&P/ASX 200 gained 72 points, or 1.7%, to 4,379.20
