AFP/Tokyo

Pedestrians walk past a stock quotation board outside a brokerage in Tokyo yesterday. The Nikkei added 1.2%, rising for a fourth straight day as stronger-than-expected US consumer spending data lifted exporters’ shares but stopping short of 9,000 as concerns lingered about the US economy
Asian stock markets mostly rose for a second straight day yesterday after another Wall Street rally followed a better-than-expected batch of US consumer spending data.
A slight rebound in confidence and news of merger plans in Greece’s banking sector also boosted risk sentiment, while oil prices edged up on hopes for demand growth in the US.
Tokyo rose 1.16%, or 102.55 points, to 8,953.90 while Seoul ended 0.78%, or 14.32 points, higher at 1,843.82 and Sydney added 0.14%, or 5.9 points, to 4,269.2.
Hong Kong climbed 1.71%, or 339.06 points, to 20,204.17.
But ongoing concerns about liquidity send Shanghai down to end 0.38%, or 9.82 points, lower at 2,566.59.
The advances extended gains from Monday, when dealers were cheered by comments from US Federal Reserve chief Ben Bernanke that stopped short of fresh stimulus for the US but left the door open for measures further down the line.
On Monday the US Commerce Department reported that consumer spending, a pillar of the world’s largest economy, rebounded 0.8% in July, after a 0.1% dip in June, the fastest pace since February.
The data sent Wall Street higher. The Dow jumped 2.26%, the S&P 500 surged 2.83% and the Nasdaq shot up 3.32%.
Dealers will now be looking to the upcoming release of key data from the US, including jobs, consumer confidence, manufacturing and factory orders, for a clearer idea of the state of the economy.
“Signs of a market-based and economic recovery are in the wind as a turbulent month draws to a close,” said Ben Le Brun, market analyst at CMC Markets in Sydney.
Global markets have suffered a torrid August, with massive selling as the US’ credit rating was downgraded, eurozone debt fears continued to weigh and economic indicators pointed to a possible new worldwide recession.
Meanwhile there was some positive news from Europe, where the sovereign debt crisis has been weighing on market sentiment.
Two Greek banks, Alpha Bank and Eurobank, announced that they were merging and receiving a sizeable Qatari investment, the first good news from Greece’s banking sector for some time.
On other markets, Taipei rose 0.90%, or 68.18 points, to 7,646.19; Wellington closed 0.35%, or 11.73 points, higher at 3,317.73 and Bangkok fell 1.01%, or 10.66 points, to 1,044.97.
Manila, Singapore, Kuala Lumpur and Jakarta were closed for public holidays.