A South Korean dealer works in front of monitors at the Exchange Bank in Seoul. The benchmark Korea Composite Stock Price Index climbed 17.13 points to 1,971.24 points yesterday.

AFP/Tokyo

Asian markets mostly rose yesterday, following a global rally on easing fears about Ukraine after Russian President Vladimir Putin played down the prospect of war.

His comments, which sent the S&P 500 on Wall Street to a new record high, fuelled a second day of buying in much of Asia. The dollar edged up against the yen as investors became more confident in higher-risk assets.

Australian shares were also boosted by better-than-expected growth data. But Shanghai and Hong Kong edged lower as China’s leaders tempered expectations for the world’s number two economy this year with a modest forecast for expansion.

Tokyo jumped 1.20%, or 176.15 points, to 14,897.63 and Seoul climbed 0.88%, or 17.13 points, to close at 1,971.24. Sydney added 0.85%, or 46.0 points, to 5,446.2.

But Shanghai ended 0.89% lower, giving up 18.39 points to 2,053.08, and Hong Kong lost 0.34%, or 77.85 points, to close at 22,579.78.

In other markets, Bangkok gained 0.43%, or 5.82 points, to 1,351.64; coal producer Banpu closed unchanged at 26.50 baht while Bangkok Bank rose 1.70% or 3baht to 179baht

Jakarta climbed 1.26%, or 57.89 points, to 4,659.17; palm oil firm Wilmar Cahaya Indonesia jumped 24.90% to 1,630 rupiah, while retailer Ramayana Lestari Sentosa slipped 0.35% to 1,420 rupiah.

Kuala Lumpur edged up 0.15%, or 2.65 points, to 1,829.11; Malayan Banking added 0.31% to 9.65 ringgit while Tenaga Nasional eased 0.33% to 11.96 ringgit.

Singapore added 0.38%, or 11.93 points, to 3,116.64; DBS bank eased 0.74% to Sg$16.21 while Agribusiness firm Wilmar International gained 0.87% to Sg$3.49. Taipei jumped 0.92%, or 78.39 points, to 8,632.93; Taiwan Semiconductor Manufacturing Co rose 2.33% to Tw$110.0, while smartphone maker HTC was 2.96% higher at Tw$139.0.

Wellington advanced 0.79%, or 39.83 points, to a record high of 5,073.09; Fletcher Building was up 1.05% at NZ$9.65 and Air New Zealand rose 2.20% to NZ$1.855.

Manila soared 0.96%, adding 61.54 points to 6,456.14; SM Prime Holdings rose 2.48% to 14.90 pesos, Philippine Long Distance Telephone gained 1.47% to 2,760pesos and Ayala Land was 2.22% higher at 29.90 pesos. Investors breathed a sigh of relief after Putin said Tuesday that while he reserved the right to send troops into Ukraine, “so far there is no such necessity” and such a move would only be a last resort.

Global markets had tumbled on Monday after lawmakers voted to allow Putin to send troops into Crimea, a mainly Russian-speaking peninsula in the southeast of Ukraine, following the ousting of the country’s pro-Moscow government.

On Wall Street Tuesday the S&P 500 advanced 1.53% to a new record, the Dow surged 1.41% and the Nasdaq gained 1.75%.

“We’re not sure how one says ‘phew’ in Russian, yet that is a collective exclamation at this juncture,” said Briefing.com analyst Patrick O’Hare.

The latest news boosted the dollar against the yen in New York trade after it sank earlier in the week as traders sought out the relative safety of the Japanese unit.

The dollar bought 102.36 yen, compared with 102.24 yen late in New York and well up from the 101.74 yen in Asia earlier Tuesday.

The euro fetched $1.3731 and 140.61 yen against $1.3740 and 140.49 yen.

China’s National People’s Congress began its annual meeting Wednesday, with Premier Li Keqiang saying the government was targeting 7.5 growth in 2014, unchanged from last year’s forecast.

Shares in Sydney were supported after official data showed Australia’s economy expanded 0.8% quarter-on-quarter in the last three months of 2013, higher than the 0.7% forecast thanks to a pick-up in exports.

The figures add to indications in Australia that the country is at an upwards turning point.

The Australian dollar rose to 89.92 US cents in response to the news, from Tuesday’s close of 89.31 US cents.

Oil prices were mixed. New York’s main contract, West Texas Intermediate for April delivery, rose seven cents to $103.40 in afternoon trade, while Brent North Sea crude for April eased 30 cents to $109.00.