Asia Stocks climbed sharply

Decrease Font Size Increase Font Size Text Size Print This Page

SYDNEY (MarketWatch) — Stocks climbed sharply across Asia on Thursday as investors looked for some improvement in the global economy and as technology firms got a boost from U.S. corporate results.

Japan’s Nikkei Stock Average JP:100000018 +0.79%  rose 0.9%, while Australia’s S&P/ASX 200 index AU:XJO +1.72%  climbed 1.4% and South Korea’s Kospi KR:SEU +1.56%  gained 1.7%.

In China, Hong Kong’s Hang Seng Index HK:HSI +1.60%  jumped 1.6%, and the Shanghai Composite Index CN:000001 +0.96%  gained 1.1%.

In addition, “the market’s not expensive and offshore leads were positive,” he added, noting equity-market gains on Thursday.

Broadly reassuring comments on the U.S. economy rather than stimulus measures from Federal Reserve Chairman Ben Bernanke, as well as a surge in June housing starts and strong technology-sector earnings pushed U.S. stocks to a higher close on Wednesday.

The recent run of upbeat earnings reports from U.S. technology companies led to a 1.1% rise for the Nasdaq Composite COMP +1.12%overnight and gains for Japanese technology companies on Thursday.

Advantest Corp. JP:6857 +6.53%   ADTTF -15.71%  zoomed 6.2% higher, and Alps Electric Co. JP:6770 +4.11%   APELF 0.00%  rallied 5.2%.

Component maker Renesas Electronics Corp. JP:6723 +7.44% RNECY -4.85%  jumped 8.7%, while Hitachi Ltd. JP:6501 +2.42% HTHIF 0.00%  added 2.6% and Fujitsu Ltd.JP:6702 +0.58% FJTSY +1.53%  improved by 1.2%.

Tech-sector gains also showed up in other markets, with Samsung Electronics Co.SSNLF -0.30%  climbing 3.5% in Seoul, while Internet firm Tencent Holdings Ltd.HK:700 +2.61% TCEHY -2.11% rose 2.3% in Hong Kong.

Telecommunications shares were also strong in Hong Kong after suffering recent declines. China Unicom Hong Kong Ltd. HK:762 +5.15% CHU -2.99%  rose 3.9%, and rival China Telecom Corp. HK:728 +5.01% CHA -0.29%  shot 5% upward.