Autos and chip makers lead Asian stocks up

Japan's Nikkei surged three per cent but other Asian stocks started the quarter more cautiously as reports of a bankruptcy for struggling automaker General Motors supported sentiment.

In Asia, the MSCI index of Asia-Pacific stocks outside Japan pared earlier gains of as much as 1.4 per cent but was up 0.6 per cent. It rose 14.6 per cent in March.

Japan's Nikkei 225 Stock Average rose three per cent to 8,351.91.

South Korea's Kospi Index climbed 2.3 per cent as data showing a 21.2 per cent drop in exports in March from a year earlier offered tentative signs that the global demand slump may be bottoming out. Shares in Taiwan rose two per cent, while markets in Australia and Hong Kong posted modest falls. Markets in the region advanced except in Australia, New Zealand, Hong Kong, Thailand and the Philippines.

The Hang Seng Index declined 19.95, or 0.2 per cent, to 13,556.07, after climbing as much as 1.6 per cent.

The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, rose 0.3 per cent to 8,094.40.

Nikkei rose, led by a rally in carmakers such as Toyota Motor. Other Asian automakers, including South Korea's Hyundai Motor, also advanced. Honda climbed 6.7 per cent to ¥2,470. Toyota Motor jumped 4.8 per cent to ¥3,270. Hyundai Motor rose 4.7 per cent to 58,100 won. Elpida soared 15 per cent, the equivalent of its daily limit, to ¥780, the second-biggest gain in the MSCI World Index. Powerchip Semiconductor, Taiwan's largest memory-chip maker, climbed by its daily 6.8 per cent limit to NT$4.71 (Dh0.51). Taiwan memory-chip supplier ProMOS Technologies surged 6.8 per cent to NT$1.41.

China Unicom slumped 8.7 per cent to HK$7.56 (Dh3.58). Santos climbed 2.6 per cent to A$17.29 (Dh43.87). Inpex Corp, Japan's largest oil explorer, rose 3.8 per cent to ¥709,000.