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Toyota drives Asia's rebound


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Toyota shares closed sharply higher Wednesday after a strong profit result.
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Asia's biggest markets rebounded strongly Wednesday as investors took comfort from a recovery on Wall Street and a firmer dollar.

Japan's Toyota Motor led the region's big movers, surging 5.6 percent after its record profit Tuesday.

Samsung Electronics was another big gainer in the region, up 4.8 percent.

South Korea's Kospi showed the best market performance, up 3.3 percent after a hefty fall on Monday.

In Tokyo, the Nikkei 225 average closed up 2.26 percent to 11,0347.50, adding to Tuesday's 0.21 percent gain.

The broader Topix jumped 3.07 percent to 1122.31.

On Monday, the Nikkei slumped almost five percent to close below 11,000 for the first time since February 26. The market had been on a six-session losing streak that started on April 27, the day after it hit a 33-month closing high.

The dollar is trading at 112.57 yen in Tokyo late in the day. Gold is at $379.50 and light crude oil for June closed at $40.15 a barrel in New York Tuesday.

Elsewhere in the region, Australia's S&P/ASX200 put on 0.66 percent to 3378.8 and New Zealand's Top 50 finished flat, down 0.06 percent.

In Taiwan, the Taiex closed 1.23 percent higher, helped by gains for tech-related stocks. Hong Kong is about 0.9 percent ahead near the close.

Singapore's Straits Times index is up about 0.3 percent to 1809.03. Singapore Airlines is about 1 percent higher to S$10.30.

In Tokyo, Toyota jumped 5.6 percent to 3970 yen after the world's No. 2 car maker posted a double-digit rise in annual profits Tuesday. It forecast another strong year ahead. (Full story)

Honda Motor matched Toyota, closing 5.6 percent ahead to 4720 yen. Nissan was also higher.

Big telco NTT rose 5 percent to 527,000 yen and leading banks Mizuho and UFJ posted gains of 4.5 percent each.

Other gainers included Yahoo Japan Corp and Shinsei Bank. Morgan Stanley Capital Index (MSCI) said these companies were among 31 securities that had been added to its MSCI World Index, the most heavily tracked in the world.

Yahoo Japan finished 4.6 percent higher to 1.13 million yen and key shareholder Softbank was up 7.7 percent to 4180 yen. Shinsei Bank closed up 8.4 percent at 708 yen.

In Seoul, the Kospi closed 3.3 percent ahead to 817.09. The big gainer was market heavyweight Samsung Electronics, which finished almost 4.8 percent higher to 525,000 won.

Hyundai Motor closed 2.35 percent higher at 45,650 won ahead of an announcement that it was ending its partnership with 10 percent shareholder DaimlerChrysler. (Full story)

Shinhan financial group rose 3.5 percent to 20,300 won.

In Australia, the National Australia Bank lost 0.78 percent to A$29.07 after posting a first-half net profit of A$2.17 billion, up 16 percent. (Full story)

Resources group Rio Tinto rose 1.5 percent to A$33.20, and rival BHP Billiton also firmed.

In Taiwan, the Taiex closed up 1.23 percent to 5958.79. Chip foundry UMC rose 1 percent and market heavyweight TSMC finished unchanged at T$57.50.

In Hong Kong, the Hang Seng index is about 0.9 percent ahead to 11,613.60.

PCCW is one of the biggest movers, up 3.5 percent to HK$5.15. Hutchison Whampoa is about 2.3 percent higher to HK$50.75.

On Wall Street Tuesday, the tech-heavy Nasdaq surged 1.86 percent to 1931.35 and the Dow Jones industrial average put on 0.3 percent to 10,019.47. (Full story)


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