HONG KONG—Asian shares were broadly higher Tuesday, lifted by retreating oil prices and positive numbers from the United States despite more gloomy news from debt-hit Europe.
Tokyo’s Nikkei 225 index notched its highest finish in seven months, up 0.92 percent, or 88.59 points, at 9,722.52, its loftiest close since August 2.
Hong Kong’s Hang Seng index closed 1.65 percent, or 350.87 points, higher at 21,568.73. Cathay Pacific rose 5.7 percent to HK$14.88 and was the best-performing blue chip, as lower oil prices eased concerns about fuel costs.
The Shanghai Composite Index edged up 0.20 percent, or 4.80 points, at 2,451.86. It has risen around four percent since Monday last week.
New York’s main contract, light sweet crude for delivery in April, shed 26 cents to $108.30, while Brent North Sea crude for April delivery was down 85 cents to $123.32 in the afternoon.
“Crude prices pulled back… as concerns that high oil prices might curb economic growth, along with the stronger dollar, countered supportive fears about Iran and potential supply disruptions,” said Phillip Futures.
Japan’s benchmark Nikkei had declined in morning trade as a stronger yen took its toll and chip-related shares came under pressure after DRAM chip-maker Elpida Memory filed for bankruptcy protection on Monday.
“But the Nikkei ended in positive territory as some players chased shares at still reasonable prices, which proved that the recent buying sentiment is still alive,” said Hirokazu Fujiki, a broker at Okasan Securities.
“US economic indicators are providing a support for overall market sentiment,” Daiwa Securities head of investment strategy and research department Kazuhiro Takahashi told Dow Jones Newswires.
Australia bucked the positive trend, with the benchmark S&P/ASX 200 down 0.11 percent, or 4.7 points, at 4,262.7.
European stock markets rose at the start of trading, with London’s FTSE 100 index up 0.10 percent at 5,921.58 points.
Frankfurt’s DAX 30 climbed 0.26 percent to 6,867.23 points and in Paris the CAC 40 gained 0.37 percent to 3,454.18 points.
Overnight, banking shares pulled the Dow to the 13,027 level last seen in May 2008, but the index sank back in the final minutes of trade to end virtually unchanged.
The Dow Jones Industrial Average closed at 12,981.51.
But the broad-based S&P 500 added 1.85 (0.14 percent) to 1,367.59, its best finish since early June 2008.
Boosting trade was a report from the National Association of Realtors that pending home sales rebounded 2.0 percent in January, twice as much as Wall Street expected.
In Mumbai, the benchmark Sensex index closed up 1.64 percent, or 285.37 points, at 17,731.12, led by bank stocks, defying fears that a nationwide strike joined by millions of workers would hit shares.
German lawmakers voted Monday to endorse a second multibillion-euro lifeline for Greece after Chancellor Angela Merkel warned failure to act would run incalculable risks.
Meanwhile, ratings firm Standard & Poor’s declared Greece in “selective default” after banks agreed to write off more than half of their Greek debt holdings in a second EU bailout of the country.
In Spain, Finance Minister Cristobal Montoro said the country ended 2011 with its strained public finances in much worse shape than first thought, with the public deficit 8.51 percent of output, way above the 6.0-percent target.
The euro stood at $1.3436 and 108.44 yen, compared with $1.3398 and 108.02 yen in New York.
The dollar was at 80.70 yen from 80.61 yen in New York Monday.
Gold was at $1,776.70 an ounce at 0920 GMT, compared with $1,767.20 on Monday.
In other markets:
— South Korea’s KOSPI index closed 0.63 percent, or 12.53 points, higher at 2,003.69 with large-cap chipmakers surging after Japanese rival Elpida Memory filed for bankruptcy protection
— In Wellington, the NZX 50 rose 6.35 points, or 0.19 percent, to 3,309.79, largely due to a 27 percent surge in Australia-based food company Goodman Fielder on takeover speculation
Goodman Fielder, which has dual listings in New Zealand and Australia, rose to NZ$0.85 after Singapore-listed Wilmar International announced it had taken a 10.21 percent stake in the company.
— Singapore’s main Straits Times Index gained 22.95 points, or 0.78 percent, to 2,969.73.
Commodities firm Olam International gained 1.72 percent to Sg$2.36, while Singapore Airlines was up 0.37 percent to Sg$10.84.
— Kuala Lumpur’s main index closed down 2.31 points, or 0.15 percent, at 1,556.73.
Petronas Chemicals lost 1.5 percent to 6.80 ringgit.
— Bangkok gained 0.99 percent, or 11.22 points, to 1,146.26.
Banpu rose 2.54 percent to 646 baht, while PTT added 0.84 percent to 360 baht.
— Indonesian shares rose 1.10 percent, or 42.54 points, to 3,903.56.
Astra Agro Lestari gained 2.82 percent to 21,900 rupiah.
— Philippine shares closed 0.44 percent higher, with expectations of a central bank interest rate cut later this week, dealers said.
The composite index added 21.14 points to 4,820.43.
There are expectations that the central bank will cut interest rates by 25 basis points in April, April Lee Tan of CitisecOnline.com told Dow Jones.
Top-traded Energy Development Corp. rose 3.67 percent to 5.08 pesos.
— Taipei was closed for a public holiday.