Asian markets gaining on exporters and banks (MarketWatch) (21-04-2008)

HONG KONG (MarketWatch) -- Asian markets advanced on Monday, led by exporters in Japan after the dollar gained ground against the yen, while financials in Sydney advanced on hopes that the global credit crunch may be ebbing.

In Shanghai and Shenzhen markets rose after securities regulators announced rules Sunday that would help prop up markets which are down by almost half since last October's all time high.

The Shanghai composite index rose by 0.72%% to 3,116.98, after losing 4% Friday.

Tokyo's Nikkei 225 Average closed 1.63% higher, rising 220.10 points to 13,696.55. The broader Topix index ended up 2.10%, climbing 27.45 points to 1,331.51.

Australia's S&P ASX climbed 2.6% to 5,570, South Korea's Kospi added 1.7% to 1,801 and New Zealand's NZX-50 climbed 0.7% to 3,580.

Hong Kong's Hang Seng Index added 2.18%, rising 526.57 points to 24,724.35, after having reached 24,809 points. The Hang Seng China Enterprises Index, or shares of mainland-incorporated companies listed in Hong Kong, climbed 2.46% to 12,987.64.

Financials gained in Sydney, with shares of Commonwealth Bank were up 4.8% while Macquarie Group, Australia's largest investment bank, climbed 3.2%. In Tokyo, most financials were trading in a very tight range with some notable exceptions such as Mitsubishi UFJ, which gained 3.47% and Sumitomo, which added 4.84%, which Mizuho remained unchanged.

Source MarketWatch