Asia: Japan Rallies on Yen Trade

South Korea's market, known as the Kospi was the second-best performing index in the region Thursday, rising 36 points, or 2%, to 1841.22. Market participants attributed the rise in stocks mostly to exporters such as Posco(PKX Quote - Cramer on PKX - Stock Picks), which benefits from a stronger dollar, rather than to the rumor.

Posco, Korea's largest listed steelmaker and a reputed national favorite of Warren Buffet, jumped 3.5%, to 569,000 won.

In Hong Kong, shares in China Life Insurance(LFC Quote - Cramer on LFC - Stock Picks) gained 0.5%, to HK$31.10, after investors cheered a rumor that the insurance giant may purchase local Hong Kong bank Wing Lah Bank. Local news outlets reported that China Life has approached the Fung family, the largest shareholders in Wing Lah, about a possible acquisition.

Meanwhile, Dah Sing Banking Group, another local chain, says it has been approached as an acquisition target by "Chinese banks and foreign banks". Dah Sing leapt 4.1%, to HK$16.24.

An investigation being launched into fraudulent warrant dealing in Hong Kong sent shares of Hong Kong Exchanges(HKXCF Quote - Cramer on HKXCF - Stock Picks) 1.6% lower, to HK$134, despite the uptick in the index. Hong Kong Exchanges is generally considered a proxy for the Hang Seng, and usually moves in the same direction of the market. Turnover in Hong Kong was sluggish, at $64.09 billion ($8.21 billion).

Among telecoms, China Mobile(CHL Quote - Cramer on CHL - Stock Picks) staged its first proper rally this week after having fallen more than 11% since the announcement of industry restructuring in China. China Mobile added 1.5%, to HK$114.60. China Telecom(CHA Quote - Cramer on CHA - Stock Picks), which is currently suspended from trading, said it will partner with U.S. CDMA developer Qualcomm(QCOM Quote - Cramer on QCOM - Stock Picks) to develop the mobile business it is set to acquire from China Unicom(CHU Quote - Cramer on CHU - Stock Picks). Shares in China Unicom are also suspended from trading.

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