2/15/2012 4:41 AM ET
(RTTNews) – Asian shares rallied on Wednesday, with key benchmark indexes in Hong Kong, Tokyo and South Korea surging to six-month highs, as the yen slumped to a three-month low and investors believed Greece will not go bankrupt.
Investors shrugged off weaker-than-expected U.S. retail sales data and turned their focus to a conference call of EU finance minister later in the day to see if Greece will be able to secure a second bailout. Commodities rose and the euro gained ground, in line with equities, after China pledged to help resolve Europe’s debt crisis.
Japan’s Nikkei index rose 2.3 percent to a six-month closing high, with export-related stocks rallying after the Bank of Japan launched another round of quantitative easing the previous day. The broader Topix index added 2.1 percent. Among major exporters, Canon, Honda Motor, Kyocera, Toyota Motor, Sony and Mazda Motor jumped 1-8 percent. Realtors continued to rise, with Mitsubishi Estate and Sumitomo Realty climbing 3-4 percent, benefiting from improved liquidity.
Financials also gained ground, with Mitsubishi UFJ Financial Group and Nomura Holdings rising 4.1 percent and 5.4 percent, respectively. Tokio Marine Holdings jumped 5.7 percent after the non-life insurer maintained its net income forecast of 10 billion yen for the year ending March. Elpida Memory plunged 14.4 percent after the chipmaker said it may not survive. China’s Shanghai Composite index rose 0.9 percent to a two-and-half month high, led by gains in resource and securities sectors. Hong Kong’s Hang Seng index jumped 2.1 percent to close at its highest level in more than six months after People’s Bank of China Governor Zhou Xiaochuan echoed remarks made by Premier Wen Jiabao that his country will continue to invest in European government debt to help resolve Europe’s debt problems.
Australian shares reversed early losses, bolstered by comments from the head of China’s central bank. Both the benchmark S&P/ASX 200 and the broader All Ordinaries index ended up about 0.2 percent each.
Commonwealth rose half a percent after the lender reported a 19 percent rise in first-half profit and pledged to maintain staffing levels. ANZ edged up marginally amid reports that Peter Marriott will retire as finance chief before the end of the week. ANZ subsequently confirmed the development. NAB edged up 0.1 percent and Westpac added 0.3 percent, but investment bank Macquarie Group shed 0.9 percent.
Westfield soared 5.3 percent after the mall owner announced a $4.8 billion joint venture in the United States. Perpetual jumped 7.2 percent after the investment firm upgraded its half-year profit guidance. Miners were subdued, with BHP Billiton down 0.2 percent and Rio Tinto declining 0.6 percent. Fortescue lost 1.4 percent on saying it had reduced production guidance for the March quarter due to the impact of Cyclone Heidi.
