Stocks in Asia mostly rose Wednesday as U.S. economic data and comments from Federal Reserve chief Ben Bernanke helped lift the mood in global markets. Hong Kong's Hang Seng Index HK:HSI +0.25% advanced 0.3% and China's Shanghai Composite CN:000001 +0.87% rose 0.9%. South Korea's Kospi KR:SEU +0.20% climbed 0.2%, Australia's S&P/ASX 200AU:XJO +0.66% advanced 0.7% and Taiwan's Taiex XX:Y9999 +0.22% added 0.2%, while Japan's Nikkei Stock Average JP:100000018 -1.27% defied to broad trend to decline 1.3%. Setting the stage for gains in Asia, shares climbed in the U.S. Tuesday, after housing data was well received. Additionally, Federal Reserve chairman Ben Bernanke defended the U.S. central bank's monetary policy, sending a strong signal on ongoing asset purchases. Read: U.S. stocks build gains on housing data. “In the current economic environment, the benefits of asset purchases [...] are clear," Bernanke said in remarks to the Senate Banking Committee. Read: Bernanke: QE benefits clear, risks manageable. “Markets welcomed Bernanke's Congressional testimony, in which he put himself firmly on the dovish side. ... His comments reduced concerns over early withdrawal of monetary stimulus in the U.S. and provided hope that easy financing available for emerging market assets will remain in place," said Dariusz.Kowalczyk, strategist at Credit Agricole. Most regional stocks had suffered on Tuesday after Italy's general election ended in stalemate, triggering concerns about another flare-up of euro-zone debt woes. “As the political problems in Europe are likely to be prolonged, the U.S. sequester discussions are set to heat up and markets have had a very good run, volatility may persist for several weeks," said Matthew Sherwood, Perpetual Investment's investment market research head. Japanese stocks continued to struggle as the dollar USDJPY -0.24% reached 91.72 yen, down from ¥91.88 in late North American trading on Tuesday, and well off a level of more than ¥94 reached intraday on Monday Exporters came under selling pressure in Tokyo. Panasonic Corp. JP:6752 -1.79%PC +2.12% declined 1.8%, while in the auto sector, Nissan Motor Co.JP:7201 -1.53% NSANY +1.90% lost 1.5% and Honda Motor Co. JP:7267 -2.49%HMC +1.15% fell 2.5%. The rest of the region advanced, however, with AIA Group Ltd.HK:1299 +4.12% AAGIY -1.44% jumping 4.1% in Hong Kong after the insurer posted solid results for 2012. Read: AIA's 2012 profit rises 89%, beats estimates. China Construction Bank Corp. HK:939 +0.16% CICHY -0.56% rose 0.2% among banks, while in the property sector, Hang Lung Properties Ltd. HK:101 +0.51% HLPPY -0.74% climbed 0.5% and New World Development Co. HK:17 +3.77% NDVLY +0.60% added 3.8% to retrace some recent losses. Hong Kong's financial secretary John Tsang said Wednesday that the city's gross domestic product was expected to grow by between 1.5% and 3.5% in 2013 as the global economy gathers strength, Dow Jones Newswires reported. GDP grew 1.4% in 2012, just exceeding government forecasts for 1.2% growth. In stock action on the mainland, Agricultural Bank of China Ltd. CN:601288 +2.09% ACGBY -0.47% rose 2.1% and Poly Real Estate Group Co. CN:600048 +3.86% higher by 3.9% in Shanghai. Aiding the South Korean stock market, Kia Motors Corp. KR:000270 +1.65% KIMTF -1.81%advanced 1.7% and Hyundai Motor Co. KR:005380 +0.70% HYMTF +2.92% added 0.7%. In Australia, building materials group Boral Ltd. AU:BLD +4.24% BOALF +8.50% climbed 4.2% after Tuesday's U.S. housing data. Rival James Hardie Industries PLC AU:JHX +1.60% JHX -1.46% reversed early losses to trade up 1.6%. The firm reported a 7% drop in nine-month net profit to $115 million. Utility AGL Energy Ltd. AU:AGK +4.48% jumped 4.5% after reporting that its first-half net profit more than tripled to $373 million. Market Watch
