(MENAFN- AFP) Chinese energy firms rallied in Hong Kong on Thursday following the latest moves to reform the country's bloated state-owned enterprises, leading an Asian stock market advance.
Another broadly upbeat batch of data on the US economy also provided some support on regional trading floors, while tensions over Turkey's shooting down of a Russian fighter jet also eased slightly.
PetroChina, the biggest energy producer, jumped 1.4 percent after saying it would sell its stake in a pipeline company for as much as 15.5 billion yuan ($2.4 billion). It will also transfer assets to boost the commercial business of its Kunlun Energy unit. Kunlun rallied almost four percent.
And Aluminum Corp. of China, known as Chalco, said it would also offload a stake in a Shanxi unit for at least 2.4 billion yuan.
The moves come as China looks to overhaul its bloated SOEs in a drive to make them more efficient as President Xi Jinping looks to reform the world's number two economy, which is suffering a painful growth slowdown.
With Sinopec and China Shenhua also surging -- helped by an uptick in oil and metals prices -- the Hong Kong market rallied more than one percent in early trade, while Shanghai was up 0.3 percent.
The region's other markets also climbed, with Tokyo up 0.4 percent by the break, Seoul 0.9 percent higher and Sydney adding 0.7 percent.
Upbeat US figures lent support to buying sentiment, with falling jobless claims, an increase in durable goods orders and rising new-home sales gaining, trumping a below-par hike in consumer spending.
"US economic data was in line with expectations and provides some comfort," Mitsushige Akino, executive officer at Ichiyoshi Asset Management Co, told Bloomberg News.
"Investors expect markets will rise after the US rate hike since uncertainty will be dispelled. They want to buy stocks now."
The dollar strengthened against the euro as the data reinforced expectations the Federal Reserve will lift US interest rates next month, while the European Central Bank considers further easing measures ahead of its policy meeting next month.
While the Turkish downing this week of a Russian fighter jet continues to keep traders on edge, there were hopes a full-blown crisis will be avoided, with both sides stressing a desire to avoid a military escalation in the already volatile region.
Turkey's military said it did not know the warplane it shot down on the Syrian border was Russian, adding that it was ready for "all kinds of cooperation".
- Key figures around 0300 GMT -
Tokyo - Nikkei 225: UP 0.6 percent at 19,959.26 (break)
Hong Kong - Hang Seng: UP 1.0 percent at 22,724.76
Euro/dollar: DOWN to $1.0620 from $1.0622 in New York
Dollar/yen: DOWN to 122.65 yen from 122.70 yen
New York - Dow: UP 0.01 percent at 17,813.39 (close)
New York - S&P 500: DOWN 0.01 percent at 2,088.87 (close)
New York - Nasdaq: UP 0.26 percent at 5,116.14 (close)
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