Value Hunters Push Asia Higher

"We're very wary of China, and by and large we say that it's a bubble waiting to burst. When companies are trading at 60 times earnings, it's not the place to put your money," adds Young.

Chinese "A" shares fell broadly, dominated by losses in commodity stocks as the price of oil fell to $90.95 vs. yesterday's price of $91, by the end of Asian trading.

Shares in PetroChina(PTR Quote) dived 4.6%, to a new 52-week low of 31.52 yuan, while Sinopec Shanghai Petrochemical(SHL Quote) dipped 1.6%, to 15.26 yuan, and Aluminum Corp of China(ACH Quote) tumbled 4.9%, to 36.99 yuan.

In Hong Kong stocks, China Unicom(CHU Quote) surged 7.5%, to HK$18.08, finishing as one of the island's biggest gainers. Among other telecoms, China Netcom(CN Quote) jumped 1.84%, to HK$24.90, while China Mobile(CHL Quote) rose just 0.21%, to HK$140, and China Telecom(CHA Quote) slipped 1%, to HK$6.2.

Property stocks found favor with investors for the second day running, on hopes of a U.S. interest rate cut in December. Sun Hung Kai Properties(SUHJY Quote) and Cheung Kong Holdings(CHEUY Quote) added 1.7%, to HK$10.60, and HK$146, respectively, while Hutchison Whampoa(HUWHY Quote) leapt 2.4%, to HK$92.20.

"Property prices are doing very well -- they are the best-performing among the Hong Kong markets this week, having moved 17%," says Winner Lee, an associate director of BNP Paribas in Hong Kong. "Investors have been putting money away in banks, and now they are buying properties."