Rebound follows data on economic growth

Nikkei: 10, 586 (+93.64) Hang Seng: 23,122.42 (+73.76) Shanghai Comp: 2,903.83 (-9.98)

ASIAN STOCKS advanced yesterday, rebounding from Tuesday’s retreat, as reports from the US to South Korea showed improving economic growth and crude oil retreated from a 29-month high.

The MSCI Asia Pacific Index rose 0.7 per cent.

Singapore Airlines led airlines higher, rallying 2.1 per cent as oil dropped the most in a week amid reports of a peace plan in Libya.

Doosan Infracore, South Korea’s largest maker of construction equipment, and Hyundai Motor climbed more than 2 per cent in Seoul after the nation’s industrial production quickened.

China Construction Bank led gains by Chinese lenders after Sanford Bernstein raised its earnings estimates for the industry.

Singapore Airlines rose 2.1 per cent to S$13.62. Doosan Infracore was up 6.3 per cent to 26,350 won and Hyundai Motor gained 2.8 per cent to 184,000 won.

Hanwha Chem jumped 8.1 per cent to 35,450 won.

China Construction Bank gained 1 per cent to HK$6.89 and Industrial and Commercial Bank of China, the world's number one lender by market value, increased 1 per cent to HK$6.07. – (Bloomberg)