LONDON (SHARECAST) - Most Asian markets carved out decent gains on Wednesday as investors mulled better than feared earnings from the likes of Industrial and Commercial Bank of China.
The benchmark Nikkei 225 index closed up 86 points at 8,928 in Tokyo while the broader Topic index rose 1.2% to 742.33.
Stocks in Japan dusted off the previous session's losses after the Bank of Japan announced it would increase its asset-buying programme by ¥11trn, in line with expectations. However investors were disappointed the central bank did not take more aggressive action to help boost the world's third largest economy. The BoJ did say it would tackle the strong yen, which gave exporters a lift.
Subaru maker Fuji Heavy Industries surged 6.8% after it lifted its full year profit outlook while shares of Komatsu rallied after it maintained its earnings outlook.
Elsewhere Panasonic jumped almost 5% ahead of its results after the closing bell. It now expects to report a ¥765bn loss compared to the ¥50bn profit predicted in May.
Hitachi powered 3.3% ahead on news that it has bought the rights to build next generation of British nuclear power plants in a £700m deal. The Horizon development aims to build a £8bn replacement for the Wylfa plant, which could create up to 6,000 jobs in the UK.
The Hang Seng advanced 213 points at 21,641 in Hong Kong with resource stocks amongst the biggest gainers.
China Coal Energy was up 2.5% while Sinopec climbed 1.4% in Hong Kong.
In earnings news Industrial & Commercial Bank of China reported a 15% rise in third-quarter net profit, better than market forecasts. Its shares rose 2%.
Oil and gas giant PetroChina said third-quarter profit slumped by a third as it grapples with losses at its refining division, a drop in crude oil prices and dwindling natural gas profits.
Elsewhere Aluminium Corp of China was little changed after it switched into a third-quarter loss.