Asian stocks edged higher on Tuesday tracking gains in Europe, where hopes grew that regional governments would help Greece through its debt crisis, dealers said. But gains were muted as many Asian markets stayed closed for the Lunar New Year celebrations and the region lacked a lead from Wall Street following the Presidents' Day US holiday.
The focus was on Brussels, where European finance ministers began two days of talks on Monday to assess their next moves to help Greece through its financial troubles. Investors in Tokyo took their cue from the main European markets, which gained ground on Monday on hopes that the talks will yield concrete measures to aid Greece. Tokyo closed up 0.21 percent, with the Nikkei-225 rising 20.95 points to 10,034.25. Seoul added 0.46 percent, Sydney climbed 0.49 percent and Mumbai rose 1.17 percent.
Pressure mounted on Greece to take tougher action to slash its debt and public deficit, with Athens insisting that Europe spell out what it will offer in the way of an eventual bailout.
Hopes of some progress in easing Greece's predicament helped the single European currency to claw back some ground in Asia. The euro rebounded to 1.3640 dollars in Tokyo afternoon trade from 1.3607 in late London trading on Monday. The dollar slipped to 89.79 yen from 89.98.
Analysts said a strong quarterly cash earnings result from the country's second largest lender Westpac had lifted the sector, which was also boosted by the European plans to help Greece. "Solid leads from London got the ball rolling but it was the sharply better-than-expected trading update from Westpac Banking Corporation, featuring a large reduction in impairment charges, that boosted market sentiment," IG Markets analyst Ben Potter said.
Westpac shares closed up 6.18 percent to 24.74 dollars (21.83 US) after the company announced a 33-percent rise in first-quarter earnings. In Mumbai, shares rose 1.17 percent aided by rises in global equities. The benchmark 30-share Sensex index closed up 188.33 points to 16,226.68.
India's largest private aluminium producer Hindalco rose 3.2 percent, or 4.5 rupees, to 145.25 on firm metal prices. The world's eighth largest steel maker Tata Steel rose 2.23 percent or 12 rupees to 549.35, ahead of its consolidated third quarter earnings data, to be announced later in the day. Financial markets in China, Hong Kong, Malaysia, Singapore and Taiwan were closed for the Lunar New Year holiday.
In other markets: Bangkok rose 3.64 points, or 0.53 percent, to close at 692.73. Banpu added 4.00 baht to close at 526.00 baht and PTT Plc closed unchanged at 216.00 baht. Jakarta gained 41.04 points, or 1.63 percent, to reach 2,558.50. Car distributor Astra International jumped 2.2 percent to 35,700 rupiah, while Bank Negara Indonesia climbed 1.1 percent to 1,910 rupiah after 2009 net profit doubled to 2.48 trillion rupiah.
Manila ended up 4.47 points, or 0.15 percent, to 2,967.71. Philippine Long Distance Telephone Co gained 0.19 percent to 2,540 pesos while Century Peak Metal Holdings rose 2.78 percent to 3.70. Wellington closed up 28.07 points, or 0.92 percent, at 3,087.61. Casino operator Sky City added 1.9 percent to 3.19 New Zealand dollars, after reporting a 29.6-percent increase in first-half net profit.
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