InfoAnda - Bargain hunting drives Asia stocks higher

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Bargain hunting drives Asia stocks higher AFP - 41 minutes ago Send IM Story Print A currency dealer is seen at the foreign exchange market in Tokyo. Nagging worries about the eurozone debt crisis weighed on the single currency against the dollar Monday, analysts said, while military tension in the Korean peninsula also prompted further risk aversion. HONG KONG (AFP) - – Investors took their lead Monday from a Wall Street rally while keeping an eye on Europe's debt crisis, with shares broadly higher in early trade. As well as Friday's Wall Street rally, dealers were also spurred by bargain hunting after the broad sell-off in regional stocks in recent weeks caused by fears for the eurozone. Shanghai jumped 3.10 percent and Hong Kong was 0.57 percent higher by the break. Property developers were boosted by hopes of a short-term halt in the mainland government's efforts to rein in the property market, dealers said. Sydney gained 2.09 percent, or 90 points, to close at 4,395.4. Singapore was up 1.39 percent in the afternoon. Markets took their cue from Wall Street, where the Dow rose 1.25 percent on bargain hunting and relief that President Barack Obama's finance bill had passed through the Senate. However, Tokyo closed down 0.27 percent, or 26.14 points, at 9,758.40, with exporters feeling pressure from a stronger yen as traders move into the safe-haven currency due to the crisis in Europe. The single unit fell to 112.55 yen from 113.02. The dollar bought 90.16 yen, slightly up from 89.93 Friday. The euro, which hit four-year lows below 1.22 dollars last week on concerns about the European debt crisis, was at 1.2486 dollars in Asian trade. The crisis in Europe is being driven by debt and public deficit levels that have soared way above EU rules after governments increased spending to get their economies through the worst recession in generations. Markets remain concerned despite a near trillion-dollar package to prevent the troubles of debt-ridden Greece spreading to the rest of Europe. "It would take about three to six months before investors feel comfortable that enough has been done to address the problems in the (European Union)," said NRA Capital Chairman Kevin Scully. In Australia, mining giant Rio Tinto hit out at government plans for a new tax on resource "super profits", describing it as the company's top regulatory headache globally. Chief executive Tom Albanese said the proposed levy had already damaged Australia's reputation and would reverberate through the entire economy, adding that the country's currency had also been hurt by it. Sam Walsh, head of Rio's iron ore division, warned: "Whether it's Japanese, Chinese, Taiwanese customers... it was the same refrain: they are very, very concerned about the 'super tax'." Chinese and Hong Kong shares gained on speculation Beijing will hold off tightening measures, with Xu Lianzhong, at China's powerful economic planner, saying leaders should be wary of such moves due to uncertainties over the global recovery. In Bangkok, shares opened 2.4 percent lower as dealers returned after the bourse was closed for two-and-a-half days due to clashes between anti-government protesters and security forces. The fall came as the government said the political crisis would slice 1.5 percentage points off the country's 2010 growth. Data revealed the economy expanded 12 percent year-on-year in the March quarter. Oil turned higher, buoyed by Asian markets, though analysts said the rise was likely to be short-lived. New York's main futures contract, light sweet crude for delivery in July, gained 66 cents to 70.70 dollars a barrel in the afternoon, reversing earlier losses. Brent North Sea crude for July delivery advanced 16 cents to 71.84 dollars. Gold opened at 1,181.00-1,182.00 US dollars an ounce in Hong Kong, up from Friday's close of 1,175.00-1,176.00 dollars. In other markets: -- Seoul closed up 0.30 percent, or 4.75 points, at 1,604.93. -- Taipei rose 1.17 percent, or 85.02 points, to close at 7,322.73. Cathay Financial added 0.4 percent to 46.80 Taiwan dollars and Taiwan Cement picked up 2.5 percent to 26.60. -- Manila closed up 0.38 percent, or 11.93 points, at 3,191.29. Ayala Corp. gained 3.17 percent to 325 pesos while SM Prime Holdings rose 2.5 percent to 10.25 pesos. But Philippine Long Distance Telephone Co. fell 0.2 percent to 2,455 pesos while Aboitiz Power Corp. slipped 3.07 percent to 15.75 pesos. -- Wellington added 0.37 percent, or 11.14 points, to close at 3,061.22. Telecom fell 1.5 percent to 1.96 New Zealand dollars on news it is considering full structural separation so its network company can take part in a government plan to build a national, high-speed broadband network. Recommend Send IM Story Print Related Articles China backs exchange rate reforms but no timetable AP - 18 minutes ago US-BUSINESS Summary Reuters - 28 minutes ago Rio Tinto: tax makes Australia top sovereign concern Reuters - 28 minutes ago Thai bourse chief says expects more foreign selling Reuters - 29 minutes ago Toray to raise up to 109.5 bln yen via share offerings Reuters - 30 minutes ago News Search Top Stories Britain's coalition sets out plan to cut record deficit Air passengers face misery as BA strike starts Spanish PM vows to stay firm on cuts despite strike threat Anger mounts as oil blackens Louisiana marshes, beaches Clinton, Geithner arrive in Beijing for talks More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Paris museum burglar grabs 120-million-dollar art haul Tourists take walk on wild side with LA gang tour US team creates first 'synthetic life' Britain's coalition sets out plan to cut record deficit Pope, ECB chief slam governments over debt crisis More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! 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