By Chao Deng
Stocks in Asia rose Wednesday, as fears eased over Greece
leaving the eurozone while Hong Kong energy stocks rallied on hopes
of a possible mega-merger in China's oil sector.
The Nikkei Stock Average was up 1.2%, Australia's S&P/ASX
200 gained 1.0% and the Hang Seng ended up 0.2%, ahead of the Lunar
New Year on Thursday.
Hong Kong extended four consecutive days of gains in a shortened
trading day while the Shanghai market was closed for a week-long
holiday.
PetroChina Co. and Sinopec were most heavily traded, leading the
energy sector up 2.7% amid thin turnover. China's leadership is
exploring ways to consolidate the country's oil industry, including
possibly merging China National Petroleum Corp. and its main
domestic rival Sinopec, The Wall Street Journal reported.
With Asia light on data, investors turned to cues from abroad.
The S&P 500 eked out a record finish, after reports that Greece
would seek an extension of its rescue deal from its eurozone
creditors.
"Overseas markets are stable even as uncertainty remains over
Greece and Ukraine," said Mitsushige Akino, chief fund manager at
Ichiyoshi Investment Management.
The U.S. dollar was lower against the yen in Asian trade
Wednesday, with investors sitting on the sidelines ahead of Bank of
Japan Gov. Haruhiko Kuroda's post-policy board meeting news
conference. Though the central bank stood pat on its policy earlier
Wednesday, most market watchers expect it to consider new stimulus
later in the year, as lower oil prices push inflation further below
its 2% target.
In Singapore, commodities trader Noble Group was up 1.9%, after
publishing a further rejection of allegations of accounting
irregularities. The firm said Iceberg Research didn't contact it
for clarification before publishing a research report that doubted
how much Noble's stakes in associate firms were worth. Noble's
shares lost 5.4% Tuesday and 7.9% Monday.
In Australia, Toll Holdings Ltd. jumped 47.2%, after the company
received a takeover offer from Japan Post Holdings, which values
Toll at 9.04 Australian dollars ($7.07) a share--a 49% premium on
Tuesday's A$6.08 closing price.
Gregor Stuart Hunter contributed to this article.
Write to Chao Deng at Chao.Deng@wsj.com
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