Asia shares up on Japan hopes

With Tokyo\'s stock exchanges closed for a public holiday, the region extended Friday\'s gains that came after a week of volatility in which billions of dollars were wiped out following the quake-tsunami terror and atomic crisis.

Hong Kong ended 1.73 percent, or 384.99 points, up at 22,685.22 and Sydney closed up 0.35 percent, or 16.4 points, at 4,642.8.

Seoul advanced 1.13 percent, or 22.29 points, to 2,003.42 and Taipei closed 0.87 percent, or 72.96 points, higher at 8,467.71.

Shanghai edged up 0.08 percent, or 2.25 points, to 2,909.14, boosted by energy plays on the back of the Libyan crisis and despite the central bank on Friday hiking the amount of money lenders must hold in reserve.

The regional advances followed a second straight day of gains for the Dow on Friday.

Traders sent markets higher Friday after the Group of Seven richest economies agreed to jointly intervene in currency markets to rein in the yen, which surged to a post-World War Two high of 76.52 against the dollar in the wake of the March 11 disasters.

In early European trade, the dollar was changing hands at 81.20 yen from 80.59 late Friday in the United States, while the euro was at 114.92 yen compared with 114.91. The European unit was at $1.4150 from $1.4165.

The World Bank said the catastrophe could cost the world\'s third-biggest economy up to $235 billion while reconstruction could take five years.

That would be the equivalent of 4.0 percent of output, in an economy that has already been struggling for two decades.

Crews working to avert a radiation release from the Fukushima No. 1 atomic plant have managed to restore an external electricity cable to one of the reactors and may be able to return power to its control room Monday, Japan\'s nuclear safety agency said, potentially easing the work of the rescue crews.

However, workers were temporarily evacuated from the plant later Monday after a plume of smoke was seen rising from another reactor, denting hopes of a breakthrough in their battle to avoid disaster.

The news came after a week of high tension at the complex, which was last week rocked by a series of explosions and fires that stoked concerns of a meltdown.

"Investors have been sidelined after the recovery following Japan\'s nuclear crisis last week," MF Global senior institutional trader Anthony Anderson told Dow Jones Newswires.

"The rise on Wall Street was encouraging, but it closed well off the high and there\'s some nervousness about Libya as well as Japan, with markets closed there today."

Crude rose as Western forces mounted air strikes to halt Moamer Kadhafi\'s attacks on civilians in oil-rich Libya, analysts said.

New York\'s main contract, light sweet crude for delivery in April, rose $1.85 to $102.92 per barrel.

Brent North Sea crude for May was up $1.73 at $115.66.

The US, Britain and France pounded Libya with aircraft and cruise missiles after the UN Security Council authorised the use of "all necessary means" to protect civilians and enforce a ceasefire and no-fly zone against Kadhafi\'s forces.

Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore, warned that the bombardment could see oil installations hit by collateral damage or internal sabotage.

"The unrest in the Middle East and North African region may spread... and hence the contagion effect on oil prices remains. Oil supply disruption is going to support prices in its triple digits," Shum told AFP.

Gold closed at $1,426.00-$1,427.00 an ounce in Hong Kong, up from Friday\'s close of $1,413.00-$1,414.00.

In other markets:

-- Singapore added 1.63 percent, or 47.73 points, to 2,983.51.

Sembcorp Industries gained 1.25 percent to 4.87 and Keppel Land surged 1.96 percent to 4.17.

-- Manila gained 0.38 percent, or 14.43 points, to end at 3,844.31.

Philippine Long Distance Telephone fell 0.3 percent to 2,032 pesos, Alliance Global was off 1.5 percent at 11.50 and Energy Development dipped 0.9 percent to 6.23.

-- Jakarta rose 0.71 percent, or 24.78 points, to 3,518.85.

Car-maker Astra rose 2.1 percent to 55,150 rupiah, food producer Indofood ended up 2.1 percent at 4,950 and coal producer Adaro slipped 2.1 percent to 2,325.

-- Kuala Lumpur rose 0.33 percent, or 4.99 points, to 1,508.88.

Gaming giant Genting added 3.0 percent to 10.42 ringgit, timber company Ta Ann added 4.7 percent to 6.00 and AirAsia was up 0.8 percent at 2.47. Plantation firm IOI Corp was down 1.6 percent at 5.69.

-- Wellington gained 0.27 percent, or 8.86 points, to end at 3,348.37.

Air New Zealand was unchanged on NZ$1.12, Fletcher Building slipped 0.34 percent to NZ$8.73 and Telecom Corp. rose 0.25 percent to NZ$1.985.

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