Most Asian markets rose Monday as investors seemingly ignored worries about weak US jobs data to buy Japanese trading houses, Chinese insurers and Indian banks. Japan's Nikkei 225 stock index rose 1.2 percent to 13,450.2, while Hong Kong's Hang Seng rose 1.3 percent to 24,578.8. Commodity-related shares were the notable gainers in Tokyo after gold and oil prices rose. Trading house Mitsui & Co. advanced 8.5 percent. Nippon Mining Holdings gained 8.9 percent and Sumitomo Metal Mining added 5.8 percent. Steel shares were weaker, though, dragged down by Nippon Steel, which lost 3.4 percent. Local media triggered earnings concerns for the sector with reports that Nippon Steel is likely to agree to a proposed hike in coal prices by BHP Billiton for this fiscal year. Japanese bank shares were mostly flat after a Nikkei report said combined net profit at Japan's six major banks is estimated to have plunged more than 40 percent for the fiscal year ended March 31, in part due to losses related to US subprime mortgages. Investors “don't want to hold too many financial shares in Japan,” said Bjorn Holta, executive director of institutional sales at KBC Securities. Hong Kong's stock index advanced its fourth straight session, led by Chinese insurers tracking gains in mainland bourses. Investors are eager to buy Chinese stocks because their valuations have become attractive, said Francis Lun, general manager of Fulbright Securities. Confidence in Chinese stocks was further boosted after investment guru Jim Rogers said he started buying Chinese and Taiwan stocks in the last few weeks due to their recent corrections, and that he would buy a lot more if there are further declines in the markets. Insurer Ping An's Hong Kong shares rose 5.2 percent. China's second-largest insurer advanced on news it is setting up a 20 billion yuan ($2.86 billion) private equity unit. China Life Insurance rose 3.4 percent. On China's mainland markets, institutional investors bought brokerages and metal companies. “Institutional investors bargain hunted banks and steelmakers last week. Today, it was brokerages and metal makers,” said United Securities analyst Yang Weicong. The benchmark Shanghai Composite Index gained 4.5 percent to 3,599.62. – AP The index has fallen 32 percent since the beginning of the year, and is 41 percent below an all-time peak of 6,124.04 points hit in mid-October. Haitong Securities and Northeast Securities both surged by the maximum daily limit of 10 percent, after falling 54 percent and 65 percent respectively over the past five months. Aluminum Corp. of China and Jiangxi Copper also rose the limit, after having lost around 60 percent each over the same period. Elsewhere in Asia, indices rose in Australia, Indonesia, New Zealand, South Korea and Taiwan. In India, the benchmark Sensex index rose 2.7 to 15,757 as investors bought banks and software companies. ICICI Bank Ltd. rose 6 percent. State Bank of India advanced 4.2 percent. Among software firms, Wipro Ltd. rose 4.4 percent, Tata Consultancy Services Ltd. rose 3.4 percent and Satyam Computer Services Ltd. rose 1.6 percent. In Asian currencies, the dollar traded at 102.64 yen at 4:50 p.m. in Tokyo (0750 GMT), up from 102.04 yen late Friday in New York. The euro fell to US$1.5678 from US$1.5723. Stock exchanges were closed in the Philippines and Thailand for public holidays. __
