Dollar, profit-taking boost Asian shares

The greenback was given a lift against the troubled euro in New York on Thursday as dealers ran for the safe haven unit after Athens warned it might go to the International Monetary Fund if European partners failed to help.

And concerns that China could raise interest rates were eased slightly after the country's central bank drained billions of dollars out of the financial system.

Greek Prime Minister George Papandreou urged the European Union to help a “family” member as the interest rate Athens pays to borrow money on the bond market shot up amid uncertainty over Europe's willingness to help.

And Germany, reluctant to bail out Greece, seemed to be happy to let it seek IMF help. Britain and Sweden had already backed the idea.

A Greek official told Dow Jones Newswires that Athens could go to the Washington-based lender as early as the April 2-4 Easter weekend.

In Asian trade the dollar stood at 90.45 yen, up from 90.39 Thursday in New York. The euro was at 1.3621 dollars and 123.20 yen, compared with 1.3603 dollars and 123.07 yen in New York.

Tokyo's Nikkei ended 0.75 percent, or 80.69 points, higher at 10,824.72.

“A slight appreciation in the yen during the morning session perhaps had a positive impact on exporters such as car makers and technology companies,” Mizuho Securities Senior Strategist Tomochika Kitaoka said.

Crisis-hit Toyota rose 1.98 percent to 3,600 yen as the world's largest automaker continues its bid to repair its reputation after a global recall.

Sydney closed 0.19 percent, or 9.1 points, higher at 4,872.2.

Hong Kong also gained 0.19 percent, or 40.15 points, to end at 21,370.82, Shanghai closed 0.71 percent higher, adding 21.66 points to 3,067.75 after the Rio-Chinalco deal was announced.

Sentiment was also helped by easing concerns over an imminent rate hike faded after the central bank said Thursday it took a massive 213 billion yuan (US$31.2 billion) from the financial system this week to tighten liquidity.

“Overall, market sentiment has improved somewhat in recent sessions, as concerns over imminent monetary and credit tightening faded a little,” Li Xianming, an analyst at Ping An Securities, said.

Regional dealers were making the most of broad losses on Thursday although they had been given a cue from Wall Street, where the Dow rose 0.42 percent, its eighth straight gain.

U.S. stocks were pushed up on welcome consumer prices and jobs data showing the economy continued to slowly pick up.

In other markets:

— Singapore was flat, ending 1.76 points higher at 2,915.70.

— Seoul closed 0.65 percent, or 10.94 points, higher at 1,686.11.

— Jakarta gained 0.21 percent, or 5.73 points, to 2,742.97.

— Kuala Lumpur lost 0.41 percent, or 5.34 points, to close at 1,296.60.

— Manila fell 0.12 percent, or 3.72 points, to 3,097.23.

— Wellington closed 0.30 percent, or 9.72 points, higher at 3,230.40.

— Bangkok rose 2.05 percent, or 15.57 points, to close at 774.59.

— Mumbai rose 0.34 percent, or 58.97 points, to end at 17,578.23.

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