(2007-03-29) Buying properties in Hong Kong Most Asian, including Hong Kong rise

Major Asian markets advanced Tuesday, with Japan's bourse getting a boost from real estate stocks and Hong Kong off plan for sale shares rising on expectations of strong earnings by blue chips.

For a second straight session, the benchmark Nikkei 225 index on the Tokyo Stock Exchange rose as investors waited for the planned release of Japan's land prices by the government later this week.

Real estate and retail issues helped the index gain 153.65 points, or 0.90 per cent, to finish at 17,163.20 points.

Mitsui Fudosan Co., the country's biggest real estate developer by sales, rose 4.02 per cent. Advancing retailers included Daiei Inc., which rose 2.11 per cent.

Japanese financial markets will be closed Wednesday for the Spring Equinox Day, a national holiday. The markets will reopen on Thursday.

Shares rose in Hong Kong, led by China Mobile and other blue chips that are expected to announce strong earnings. The Hang Seng Index advanced 90.16 points, or 0.5 per cent, to 19,356.90.

China Mobile, which plans to announce 2006 earnings Wednesday, advanced 0.9 per cent. Analysts on average expect the company - China's largest mobile service provider by number of subscribers - will report a 24 per cent jump in earnings on strong subscriber growth.

In currency dealings, the U.S. dollar was trading at 117.88 yen on mid afternoon Tuesday, up from 117.50 yen late Monday in New York. The euro rose to US$1.3298 from US$1.3295.

 

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