Asian stocks rose to one-week highs, helped by solid overnight gains on Wall Street, though investors were wary of chasing prices higher until President-elect Donald Trump picks his economic team. Oil extended gains.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.3 percent, pulled up by a 1.3 percent rally in Australian shares. Korean shares and Hong Kong stocks rose 0.9 and 1.3 percent each.
Japanese stocks edged up in choppy trade on Tuesday to close on a five-day winning streak, but gains were limited as investors opted not to take big positions before a national holiday in Japan.
A powerful earthquake that hit northern Japan in the early morning had only a limited impact on the market.
The Nikkei rose 0.3 percent to 18,162.94, its highest close since early January.
China stocks advanced to a fresh 10-1/2 month high on Tuesday, helped by a strong rally in blue-chips, in particular financial and energy shares, after U.S. exchanges rose.
The blue-chip CSI300 index rose 0.8 percent, to 3,468.36, while the Shanghai Composite Index gained 0.9 percent to 3,248.35 points. Both closed at their highest levels since Jan. 6.
Hong Kong stocks posted their biggest gain in nearly two weeks on Tuesday, after major U.S. benchmarks hit fresh peaks overnight, setting a bullish tone for Asian markets.
The market was also propped up by a surge in energy shares on prospects of oil producing countries agreeing to curb output.
The Hang Seng index rose 1.4 percent, to 22,678.07, while the China Enterprises Index gained 2.2 percent, to 9,651.45 points.
Reference: Reuters
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