Asian shares rise as Ukraine fears ease

People walk past an electronic stock indicator in Tokyo, Tuesday, July 22, 2014. Asian shares rose Tuesday as tensions over the downing of a passenger jet in Ukraine eased after pro-Moscow separatists released a train packed with bodies and handed over the aircraft’s black boxes. AP PHOTO/SHIZUO KAMBAYASHI

HONG KONG–Asian markets picked up Tuesday with traders welcoming news that pro-Russian rebels had handed over the black boxes from downed flight MH17, helping to ease geopolitical concerns.

Hong Kong rallied 1.69 percent, or 394.97 points, to close at 23,782.11– its highest level since December–and Shanghai rose 1.02 percent, or 21.00 points, to 2,075.48.

Tokyo closed up 0.84 percent, or 127.57 points, at 15,343.28, Seoul ended 0.52 percent higher, adding 10.43 points to 2,028.93, and Sydney ended up 0.06 percent, or 3.4 points, at 5,543.3.

The downing of the Malaysia Airlines jet last Thursday in Ukraine fanned fears that a regional crisis could become an international one, with Western governments saying it was shot down by pro-Russian separatists.

Those tensions eased on Tuesday after it emerged the rebels had given the plane’s two black boxes to Malaysian officials.

They also announced a ceasefire in an area around the crash site to provide safe access for an international investigation.

And they allowed a train carrying the remains of the majority of the people killed in the disaster to leave the region.

The improved sentiment filtered through to currency markets, with the yen easing as investors grew more confident in higher-risk assets. The Japanese unit is considered a safe haven in times of uncertainty.

In the afternoon the dollar was worth 101.50 yen compared with 101.38 yen in New York, while the euro rose to 137.15 yen from 137.10 yen.

The single currency bought $1.3521 against $1.3523.

In Kuala Lumpur, Malaysia Airlines shares surged 15.0 percent to 0.23 ringgit.

Wall Street’s three main indexes ended in the red Monday on concerns over Ukraine before news of the black box breakthrough emerged.

The Dow fell 0.28 percent, the S&P 500 eased 0.23 percent and the Nasdaq lost 0.17 percent.

US dealers were also spooked by the ongoing battle in Gaza, where Israel has mounted a ground assault against Hamas, leading to the deaths of hundreds of civilians.

On oil markets, US benchmark West Texas Intermediate for August delivery was up 54 cents at $105.13 at midday, and Brent crude for September climbed 26 cents to $107.95.

Gold fetched $1,306.89 an ounce by 0800 GMT compared with $1,314.80 late Monday.

In other markets:

— Taipei rose 0.62 percent, or 58.39 points, to 9,499.36.

Taiwan Semiconductor Manufacturing Co. was 0.81 percent higher at Tw$124.5 while leading chip design house MediaTek gained 1.97 percent to Tw$517.0.

— Wellington added 0.14 percent, or 6.97 points, to 5,133.87.

Fletcher Building was up 0.14 percent at NZ$8.94 and Contact Energy gained 0.18 percent to close at NZ$5.45.

— Manila ended marginally lower, dipping 4.94 points to 6,869.94.

Alliance Global Group slipped 2.90 percent to 26.75 pesos while Nickel Asia dropped 5.99 percent to 34.55 pesos.

— Kuala Lumpur gained 2.72 points, or 0.15 percent, to 1,871.36.

SapuraKencana Petroleum rose 1.8 percent on 4.43. Public Bank fell 0.5 percent to 20.02 ringgit.

— Mumbai rose 1.21 percent or 310.63 points to end at 26,025.80 points.

Financial Technologies India gained 9.53 percent or 302.30 rupees, while Wockhardt climbed 6.40 percent to 642.15 rupees.

— Bangkok fell 1.15 percent, or 17.74 points, to close at 1,520.81.

Coal producer Banpu dropped 3.17 percent or 1.00 baht to 30.50 baht while Bangkok Bank rose 1.27 percent or 2.50 baht to 199.50 baht.

— Singapore rose 0.08 percent, or 2.64 points, to close at 3,316.91.

Casino operator Genting Singapore was up 0.40 percent to finish at Sg$1.33 and Singapore Telecom was unchanged at Sg$3.94.

— Jakarta lost 0.85 percent, or 43.60 points, to 5,083.52.

Asia Pacific Fibers fell 1.72 percent to 57 rupiah and palm oil producer Astra Agro Lestari lost 0.95 percent to 26,000 rupiah.