Shares across Asia tapped into strong gains on Thursday as focus turned to upbeat US economic data and assurances from the Federal Reserve that it will continue with its bond buying policy to stimulate economic growth.

Fed Chief Ben Bernanke told the US Senate's Banking Committee: "the evidence shows that the housing market is strengthening".

Stocks in Hong Kong breached the psychologically important 23,000 as US equities registered strong gains.

Wall Street was bolstered by data from the National Association of Realtor that said January pending US home sales climbed by 4.5%, beating expectations and the best growth rate in nearly three years.

The benchmark Nikkei 225 index closed up 305 points at 11,559 in Tokyo while the Hang Seng surged 443 points at 23,020.

Shares of Citic Pacific rallied 7.6% after it said annual net profit declined by a quarter after a sluggish performance from its steel business during the second half. However its shares surged after the results came in better than analyst expectations.

Property firms also moved ahead after Chinese property developer Vanke profit beat analyst estimates. Peers China Overseas Land settled up 3.3% while China Resources Land perked up 3.7%. New World Development added 3.8%.

Financials also roared ahead, with HSBC rising 2.2% while Bank of China advanced 3.1%.

Japanese stocks were boosted by Prime Minister Shinzo Abe's nomination of Asian Development Bank President Haruhiko Kuroda, a move that was widely expected. Kuroda, like Abe, favours more aggressive monetary easing boost growth.

Stocks on the move included exporters Honda, Toyota and Canon which were up 3.5%, 3.7% and 4% respectively.




CJ

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