Asian shares advance on U.S. economic data (Reuters)  (26-03-2009)

HONG KONG (Reuters) - Asian shares hit their highest level in 11 weeks on Thursday on hopes the U.S. economic downturn may be easing, while the dollar recovered after its latest wobble about its status as the main reserve currency.

Japan's Nikkei average gained 0.5 percent. Stock indexes in Hong Kong, Shanghai and Singapore gained about 1-2 percent each. Shares in South Korea, Taiwan and Australia rose about 1 percent each.

Among the day's leading gainers, Hong Kong-listed ICBC shares jumped 11 percent after Goldman Sachs pledged to extend the lockup on most of its stake in the state-run bank.

Japan's Elpida Memory Inc surged 18 percent after announcing a plan on Wednesday to raise $471 million eased concerns it would breach debt covenants.

New Zealand bonds fell sharply, sending yields as much as 35 basis points higher on the day as the central bank denied market speculation it would hold an emergency meeting to discuss a sharp spike in five-year bonds.

In commodity markets, oil prices advanced 48 cents to $53.25, while gold prices were steady at $933.10 an ounce.

Source: Reuters