Asian markets rise on energy stocks and earnings (MarketWatch) (23-04-2008)

HONG KONG (MarketWatch) -- Most Asian markets rose on Wednesday, on energy stocks in Japan as oil prices continued their upward route and earnings in China, as

Hong Kong and Shanghai-listed stocks were lifted by Jiangxi Copper Co. and China Merchants Bank Co. a day after they reported strong quarterly earnings. In Sydney, banking shares were lifted by up to expectations Australian & New Zealand Banking Group half-yearly results.

In Tokyo, the Nikkei 225 Average rose 1.2% to 13,708.44 and the broader Topix index advanced 1.2% to 1,326.90. Both indexes reversed early declines.

Crude-oil futures for June delivery gained as much as 11 cents to $118.18 a barrel in electronic trading, after finishing at $118.07 a barrel on the New York Mercantile Exchange Tuesday.

China's Shanghai Composite Index, which dropped as low as 3,089.89 earlier in the day, staged a sharp rebound as strong corporate earnings encouraged buyers to lap up banking and resource stocks. The benchmark index, which tracks both yuan-denominated A shares and foreign currency denominated B shares, was recently up 3.1% at 3,244.86.

In Hong Kong, the Hang Seng Index rallied 1.1% to 25,201.90, regaining the psychologically important 25,000-point level for the first time since early February, while the Hang Seng China Enterprises Index gained 2.2% to 13,709.89.

Elsewhere in the region, Australia's S&P/ASX 200 index gained 1.1% to 5,624.80, South Korea's Kospi added 1.1% to 1,806.48, New Zealand's NZX 50 index gained 0.8% to 3,611.52 and Taiwan's Weighted index inched up 0.3% to 9,068.04.

In Sydney, shares of ANZ added 3.8%, after the company's half-yearly profit fell 7% from the year-ago period, registering the first decline in 10 years, on provisions for bad loans. The results matched expectations, according to reports.

Source MarketWatch