The global forecast for the Asian markets suggests mild consolidation thanks to renewed concerns over the lingering debt situation in Europe. Uninspired economic and corporate earnings news from the United States adds to the cautious sentiment. Financials and technology stocks figure to weigh on investors, while gold and oil shares should provide support. The European and U.S. markets finished lower on Wednesday, and the Asian bourses are expected to open in similar fashion.
The Nikkei Stock Average ended 1.0% higher as the U.S. dollar extended its recent gains against the yen to lift Japanese exporters.
China's Shanghai Composite Index rose 0.9%, Hong Kong's Hang Seng Index gained 0.3% and Taiwan's Taiex added 1% to 8,001.68. South Korea's Kospi inched up 0.2%.
Stocks in Asia had slipped in early trading on doubts over the durability of the latest Greek rescue plan, but recovered as the day progressed. An increase in oil prices to a nine-month high lured buyers to the energy sector, with Inpex Corp. rising 1.4% in Tokyo, while PetroChina gained 1.4% in Hong Kong and 0.1% in Shanghai.
Japanese car makers and other exporters gained. Toyota Motor climbed 1.8% and Nissan Motor added 2.3%, while Nintendo advanced 3%.
Chinese property firms jumped on mainland bourses as well as in Hong Kong, in the wake of a report in the Shanghai Securities Journal that the city will soon ease certain restrictions on home purchases. China Overseas Land & Investment jumped 2.8% and China Resources Land climbed 2.9% in Hong Kong.
In Shanghai, Gemdale Corp. climbed 3.9% and Poly Real Estate Group rose 2.7%, while China Vanke gained 3.4% in Shenzhen. Shares of Alibaba.com shot up 42.7% in Hong Kong as trading resumed for the first time since Feb. 9, after its parent group confirmed plans to take the company private.
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