Asian stocks mixed, weaker yen lifts Tokyo

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Tokyo rose 0.57 per cent, or 61.62 points, to end at 10,808.29, its best finish since April 30, and Shanghai added 0.85 per cent, or 24.66 points to reach 2,923.90.

Hong Kong closed up 1.12 per cent, or 257.19 points, at 23,156.97.

But Sydney was flat, edging 0.8 points lower to 4,930.2, while Seoul tumbled 1.06 per cent, or 21.41 points, to 1,989.11.

In Tokyo exporters led the gains after the dollar struck a two-month high against the yen in New York.

In afternoon trade the dollar was at 83.74 yen, nearly unchanged from New York, where it briefly hit 83.93.

The US currency is riding high after the US Federal Reserve said manufacturing activity in the New York region accelerated in February to its highest level since June.

That came as the US Labor Department said import prices rose more than expected in January on the back of surging oil costs.

However retail sales, a key indicator of the consumer spending that drives two-thirds of the economy, slowed to a weaker-than-expected 0.3 per cent rise in January.

Shanghai rose for a fifth straight session, lifted by steelmakers, which were boosted by product cost hikes. Analysts said Tuesday's Chinese inflation data showing a 4.9 per cent rise in prices could restrain the market amid fears of further tightening.

In Sydney, BHP Billiton fell 1.63 per cent as traders had widely anticipated its corporate results, which showed half-year net profits surged 72 per cent to $10.52 billion thanks to a recovery in the West and strong growth in emerging markets.

The Asian advances came despite a 0.34 per cent fall on the Dow Tuesday, which analysts partly put down to consolidation after recent healthy gains.

On currency markets, the euro was bolstered by news that troubled German state-controlled lender WestLB had reached a deal on its restructuring and downsizing before a crucial deadline, said Yuzo Sakai, manager of FX business promotion at Tokyo Forex & Ueda Harlow.

The euro fetched $1.3526 in Tokyo trade, up from $1.3488 in New York late Tuesday. The common European currency rose to 113.27 yen from 112.97.

Oil was up in Asian trade, with New York's main contract, light sweet crude for March, rising 23 cents to $84.55 per barrel in the afternoon.

Brent North Sea crude for April advanced 29 cents to $101.93.

Gold closed at $1,375.50-$1,376.50 an ounce in Hong Kong, up from Tuesday's close of $1,364.00-$1,365.00.

In other markets:

-- Singapore rose 0.46 per cent, or 14.06 points, to close at 3,094.72.

DBS Bank dropped 1.61 per cent to Sg$14.70 and Singapore Telecom was down 0.33 per cent at Sg$3.03.

-- Taipei edged down 0.10 per cent, or 8.97 points, to 8,712.96.

Taiwan Semiconductor Manufacturing Company fell 0.55 per cent to Tw$72.1 while Hon Hai was flat at Tw$115.0.

-- Jakarta shares edged up 0.02 points to 3,416.78.

Car distributor Astra International fell 0.5 per cent to 49,300 rupiah, while coal miner Bumi Resources dropped 0.9 per cent to 2,725 rupiah.

-- Kuala Lumpur was virtually unchanged, edging up 0.97 points to 1,506.30.

IOI Corp. ended up 2.3 per cent at 5.71 ringgit and Petronas Dagangan rose 2.1 per cent to 12.50. Malayan Banking fell 0.8 per cent to 8.47.

-- Manila rose 0.56 per cent, or 21.26 points, to end at 3,812.04.

Aboitiz Equity gained 1.7 per cent to 38.30 pesos, Philippine Long Distance Telephone fell 0.3 percent to 2,300 and Metropolitan Bank was 0.8 per cent lower at 59.00.

-- Wellington closed down 0.17 percent, or 5.61 points, at 3,384.48.

Casino-operator Sky City shed 1.2 per cent to NZ$3.29 and Telecom shed 0.5 per cent to NZ$2.23, while Fletcher Building closed 0.2 per cent higher at NZ$8.23.

-- Bangkok rose 1.40 per cent, or 13.58 points, to close at 982.07.

Banpu gained 16.00 baht to 740.00, and PTT Plc added 3.00 baht to 329.00.

-- Mumbai rose 0.15 per cent, or 27.10 points, to 18,300.90.

The market has jumped nearly five per cent in a four-day-rally on bargain-hunting, after a sharp bout of selling last week.

Real estate firm Unitech rose 9.3 per cent, or 3.25 rupees, to 38.2 rupees a day after the company said it was cooperating with federal investigators over a suspected telecom fraud that robbed the government of billions of dollars.

Police have alleged that a unit of Unitech benefited from the sale at knock-down rates of second-generation mobile phone licences in 2008.

The world's seventh largest steel maker Tata Steel rose 3.97 per cent, or 24.5 rupees, to 641.05 after the firm said its quarterly profit more than doubled to 10.03 billion rupees ($222 million) for the three months to December.