Most Asian stock markets advanced Wednesday as investors welcomed robust growth figures from China amid caution over Europe's debt problems, AP reported. Hong Kong's Hang Seng index added 1.1 percent to 21,905.60, the Shanghai Composite index rose 1.5 percent to 2,794.27, and South Korea's Kospi gained 0.9 percent at 2,129.64. Japan's Nikkei 225 stock average finished up 0.4 percent at 9,963.14 after the yen pulled back from its highest level against the U.S. dollar since mid-March earlier in the day. After the dollar fell under the 79-yen level, Japanese Finance Minister Yoshihiko Noda described the move as "slightly one-sided." His comment to reporters triggered speculation that Japan might intervene in currency markets. The latest data out of China showed that the country's rapid economic growth slowed only slightly in the April-June quarter to 9.5 percent from 9.7 percent in the previous quarter. The growth report alleviates concerns of an abrupt slowdown and gives Beijing room to tighten controls to fight climbing prices. The government has been trying to tame the world's No. 2 economy, where inflation hit a three-year high in June. Beijing has hiked interest rates five times since October and tightened controls on lending and investment. "This set of better-than-expected data does not guarantee continued strong performance in (the second half of 2011), but at least it eases the fear of a hard landing," said Credit Suisse analyst Dong Tao. In Tokyo, trading houses made strides, with Mitsui & Co. jumping more than 2 percent. The company said Wednesday that it is making an offer worth 221 million Singapore dollars ($181 million) for Portek International Ltd., a port operator based in Singapore. Elsewhere, Australia's S&P/ASX 200 rose 0.4 percent to 4,514.80, while New Zealand's benchmark slipped 0.2 percent to 3,424.35.
