Most Asian markets up; Tokyo lifted by gains in car, steel stocks

Most Asian markets rose Thursday, with Japanese stocks advancing as gains in shipping, steel, auto and consumer finance issues outweighed losses in power companies hurt by this week's strong earthquake.

Hong Kong edged up as traders bought blue chips, and Jakarta finished at a record high.

Japan's Nikkei 225 index rose 100.99 points, or 0.56 percent, to finish at 18,116.57 on the Tokyo Stock Exchange.

The index got a boost in late trade on a report that consumer finance companies Promise Co. and Sanyo Shinpan Finance Co. are in talks to merge this year. The news sent the two companies' share prices soaring. Both issued statements denying any decision to merge had been reached.

Shipping and steel company stocks likewise posted gains. And auto shares climbed despite plans at Toyota Motor Corp. and other major manufacturers to temporarily halt domestic production due to damage at a key parts supplier from Monday's magnitude-6.8 quake.

Power company stocks fell on woes at Tokyo Electric Power Co., which has experienced a slew of problems at one of its nuclear plants due to the quake, including a fire and leaks of radioactive plants due to the quake, including a fire and leaks of radio active material into the ocean. TEPCO shares fell 5.55 percent.

Hong Kong shares edged higher Thursday as traders bought blue chips, shrugging off concerns that China may soon launch new tightening measures to contain its red-hot economy.

The Hang Seng Index rose 174.28 points, or 0.8 percent, to 23,016.20.

Conglomerate Hutchison Whampoa rose a sharp 4.1 percent, and its affiliate Cheung Kong surged 4.2 percent.

In other stocks, Hang Seng Bank rose 2.4 percent and fellow bank HSBC edged up 0.1 percent.

Traders weren't discouraged by worries that China may rein in its economy in light of new growth figures.

China's gross domestic product grew 11.9 percent in the April-June quarter compared to a year earlier, according to figures announced Thursday by China's National Bureau of Statistics. That was faster than the 11.1 percent gain in GDP in the first quarter.

BANGKOK: Thai shares pared intraday losses to end mildly lower. The main stock index dipped 0.3 percent to 847.26 points.

JAKARTA: Indonesia shares hit a fresh closing high on foreign buying in most blue chips amid hopes of strong first-half earnings. The main stock index jumped 1.7 percent to 2,333.68 points.

KUALA LUMPUR: Malaysian shares moved up 0.5 percent to 1,376.40 points in moderate volume.

MANILA: Philippine shares slipped as investors cashed in gains to raise funds for ongoing public offerings. A wider-than-expected first-half budget deficit and higher oil prices also weighed on the market. The benchmark 30-company Philippine Stock Exchange Index dropped 31.89 points, or 0.85 percent, to 3,702.91.

MUMBAI: Indian shares rose 248.96 points, or 1.6 percent, to 15,550.13.

SEOUL: South Korean shares advanced as banks and LG Electronics rose on earnings momentum. Brokerage stocks gained on merger and acquisition speculation. The Korea Composite Stock Price Index, or Kospi, rose 7.2 points, or 0.4 percent, to 1,937.90.
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