Asia: Stocks Higher Despite Data

PetroChina(PTR Quote) was 0.3% lower, at 17.86 yuan, as crude oil fell 0.7%, to 125.06 a barrel in Singapore trading. Crude oil fell for the fist time in six days, after China announced that its oil imports declined in April on rising prices. Gold was holding up better, at $883 an ounce, due to investors using the commodity as a hedge against China's whopping inflation number.

A-share heavyweights gained the most in Shanghai trading. Aluminum Corp of China(ACH Quote) leapt 2.3%, to 22.65 yuan, and gas station operator Sinopec Shanghai Petrochemical(SHL Quote) jumped 1.4%, to 8.16 yuan, despite higher prices in consumer goods. Sinopec stations on the mainland are currently undergoing a nationwide refurbishment to turn them from pure fueling ports to U.S.-style multi-service stations.

Airlines rebounded sharply in the afternoon session. Air China(AIRYY Quote) added 1.1%, to 14.31 yuan, and China Eastern Airlines(CEA Quote) rose 0.2%, to 10.40 yuan, after staring more than 5% in the red.

In other news in China, local news stations reported evacuations of offices in Beijing after two earthquakes hit separate areas of the mainland. The larger earthquake, with a 7.8 magnitude, hit Sichuan Province during the afternoon. Traders said that the earthquake's tremors did not have any effect on trading in Shanghai.

In Japan, money supply rose 1.9% vs. analysts' expectations of a little more than 2% according to polls in the local media. Still, lower energy prices prompted a higher dollar, which was a plus for Japanese exports. The yen weakened to 103.32 yen vs. the dollar, from 103.04 previously in the trading session.

Sony(SNE Quote) rose 0.7%, to 4650 yen, and electronics marker TDK(TDK Quote) gained 2.3%, to 7120 yen. Yahoo!(YHOO Quote) subsidiary Yahoo! Japan(YAHOF Quote) climbed 1.3%, to 44,450 yen, on bargain hunting after rumors that the search engine portal may tie-up with market leader Google(GOOG Quote).

Elsewhere in Asia, the Taiwanese Taiex rose 0.4%, to 8830.05, and India's Bombay Sensitive Index gained 0.7%, to 16,860.90.

---

Be sure to check out the Far East Portfolio at Stockpickr.com to find out which Indian and Chinese companies are making big moves and announcing major news.