A businessman passes before a share prices board in Tokyo. Japan’s share prices closed up 136.56 points to a fresh 15-year high of 18,603.48 yesterday.

AFP/Tokyo


Asian stocks mostly rose yesterday as investors awaited details of a Greek reform package crucial to an extension of its bailout, while Fed chair Janet Yellen’s upcoming Congressional testimony was also in focus.
Tokyo added 0.74%, or 136.56 points, to end at 18,603.48, as a weaker yen lifted the benchmark Nikkei to a fresh 15-year high.
Sydney closed up 0.32%, or 19.02 points, at 5,927, while Seoul finished the day 0.39%, or 7.73 points, higher at 1,976.12.
Hong Kong bucked the upward trend as it fell 0.35%, or 86.89 points, to 24,750.07.
Mainland Chinese markets are still closed for the Lunar New Year holiday.
In other markets, Taipei jumped 1.05%, or 99.86 points, to 9,629.37 in post-holiday trade; Taiwan Semiconductor Manufacturing rose 1.68% to Tw$151.0 while Fubon Financial added 3.74% to Tw$55.50.
Manila rose 0.11%, or 8.79 points, to 7,834.86; top-traded SM Investments edged up 0.05% to 918.50 pesos while major lender BDO Unibank rose 0.89% to 113.90 pesos.
Wellington fell 0.55%, or 31.39 points, to 5,722.97; Genesis Energy was down 2.43% at NZ$2.205 and telecom Spark slipped 0.96% to NZ$3.10.
Kuala Lumpur gained 9.29 points, or 0.51%, to close at 1,818.68; British American Tobacco rose 0.88% to 68.98 ringgit and AMMB Holdings rose 0.16% to 6.35. Genting Malaysia dropped 1.44% to 4.10 ringgit.
Bangkok closed up 0.30%, or 4.77 points, at 1,598.66; telecoms company True Corp added 4.38% to 14.30 baht, while Bangchak Petroleum rose 2.38% to 32.25 baht.
Jakarta ended up 0.26% or 14.04 points at 5,417.31; car maker Astra International rose 1.27% to 8,000 rupiah, while palm oil producer Astra Agro Lestari fell 1.33% to 24,200 rupiah.
Singapore rose 0.48%, or 16.31 points, to 3,437.61; Singapore Airlines climbed 0.67% to Sg$12.08 while Singapore Telecom advanced 2.89% to Sg$4.28. “Most investors are waiting for statements from the US financial authorities and the submission of Greece’s economic policies,” Toshihiko Matsuno, chief strategist at SMBC Friend Securities, told Bloomberg News.
After missing a Monday deadline, Greece delivered to Brussels yesterday what it called a “very comprehensive” list of reforms that Athens hopes will secure a four-month extension to its financial lifeline. The news sent the Athens stock market soaring 7%.
A conditional deal that would let Athens pay its bills and avoid a disastrous default is contingent on reforms deemed satisfactory by the so-called “troika”—the European Commission, the European Central Bank and the International Monetary Fund.
Time is of the essence and the stakes are high, with Greece’s current €240bn ($270bn) bailout programme due to expire on Saturday and several European parliaments still needing to approve any extension.
If Athens fails to win more time and the bailout expires, Prime Minister Alexis Tsipras’s month-old government risks running out of money, triggering a likely run on banks and even possible ejection from the 19-country eurozone.
But analysts warned that a bailout extension would only offer temporary relief. “A more detailed reform programme needs to be agreed by April,” Ray Attrill, global co-head of foreign exchange strategy at National Australia Bank, said in a note.
“So whatever happens later today, the Greece issue cannot be... put to bed for another 3-4 months.”
Wall Street put in a mixed session on Monday, with the Dow Jones Industrial Average losing 0.13% following lacklustre housing data on the eve of the Fed chief’s Congressional comments.
The broad-based S&P 500 slipped 0.03% and the Nasdaq edged up 0.10%.
US existing-home sales slowed to their lowest pace in nine months in January, according to the National Association of Realtors.
The disappointing figures come as Yellen gets set to appear for twice-yearly Capitol Hill hearings. She will give the central bank’s assessment of the US economy and possibly a fresh timeline for raising interest rates from near zero.
In forex markets, the euro was slightly weaker at $1.1316 and ¥135.02, against $1.1337 and ¥135.08 in New York.
The dollar strengthened to ¥119.32 against ¥118.76 in US trade.