LONDON (ShareCast) - Asian stock markets recovered from earlier jitters about the funding crisis in Cyprus with investors picking up exporters and financials in late trading.
The benchmark Nikkei 225 index closed up 247 points at 12,468 in Japan while the broader Topix added 1.7% to 1,045 in lighter than usual trading. The Hang Seng advanced 214 points at 22,256 in Hong Kong.
Major stocks markets in Asia had traded in negative territory earlier in the session on fears that the controversial bailout for Cyprus could spread into the Eurozone. However by late afternoon, sentiment picked up on hopes that the bailout crisis in Cyprus would be contained.
Shares on the move included Sony (Xetra: 853687 - news) which bounced 6.8% in frenzied trading. Shares of Nikon (Other OTC: NINOF - news) rallied 3.4% while Mazda Motor (Other OTC: MZDAY - news) beefed up 5.6% in Tokyo.
Focus also turned to the US Federal Reserve's two-day policy meeting which kicks off later today and the Bank of Japan's change of leadership this week.
In Hong Kong property stocks did well. China Resources Land (HKSE: 1109.HK - news) jumped 4.12% and China Overseas Land rallied 3.14%.
Financials also enjoyed another strong session with shares of Bank of China rising 2.31% while Bank of Communications added 3.66%.
Elsewhere retailer Esprit rose 5.48% while oil giant Cnooc (HKSE: 0883.HK - news) tacked on 1.12%.