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TheStreet Open House

Asian Stocks Up, Japan's Nikkei Extends Gains

Gains in Hong Kong and mainland China markets reflected a decreasing sense of alarm over the outbreak of a new bird flu strain in eastern China that has killed seven people so far. There is no sign that the virus is being transmitted from human to human.

Hong Kong's Hang Seng rose 0.7 percent to 21,870.34 and the Shanghai Composite Index added 0.6 percent to 2,225.77. The smaller Shenzhen Composite Index advanced 0.8 percent to 926.22.

Australia's S&P/ASX 200 gained 1.4 percent to 4,973.80. Benchmarks in Singapore and Indonesia also rose. Thailand and Taiwan fell.

South Korea's Kospi rose 0.1 percent to 1,920.74 as tension brewed on the Korean Peninsula amid joint U.S.-South Korean military drills.

Pyongyang recalled all its workers from the Kaesong industrial complex, the last major economic link between South Korea and North Korea. The won hovered at its lowest levels since July 2012. A dollar was buying 1,139.5 won at late afternoon time in Asia.

Australian mining stocks were lifted by gains in commodity prices.

Rio Tinto Ltd. rose 3.5 percent. Fortescue Metals Ltd. jumped 7.3 percent. But Africa-focused miner Sundance Resources plummeted 47 percent as it came out of a three-week trading halt. The company said Monday that it had ended talks with Hanlong Mining after the Chinese company ran into problems financing a $1.3 billion takeover deal.

Benchmark oil for May delivery was up 28 cents to $93.64 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 66 cents to finish at $93.36 a barrel on Monday.

In currencies, the euro rose to $1.3031 from $1.3007 late Monday in New York. The dollar fell to 98.93 yen from 99.24 yen after trading as high as 99.66 yen.

___

Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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