Majority of Asian stocks eke out gains

Most Asian markets rose Thursday after key U.S. indexes clinched another record finish overnight, although Japanese stocks skidded as a firmer yen led investors to lock in recent gains despite strong economic growth data and upbeat results from banks. Asian stocks rose the first time in three days, with a regional gauge set for the highest close since June 2008, after U.S. consumer sentiment beat estimates and Tokyo Electric Power led Japanese utilities higher.

The Shanghai Composite climbed 1.2%, Taiwan's Taiex gained 0.9%, South Korea's Kospi added 0.8%, and Hong Kong's Hang Seng Index rose 0.2%. On the downside, Japan's Nikkei Stock Average dropped 0.4% to 15,037.24. But Japan's Topix Index advanced 1.3% to 1,269.51, the highest close since August 2008. Meanwhile, Australia's S&P/ASX 200 fell 0.5% as commodity stocks weakened.

Tokyo Electric Power led Japanese utilities higher. Li & Fung, a supplier of toys and clothing that gets 63% of its sales in the U.S., gained 2% in Hong Kong. Osaka Gas advanced to the highest in more than five years after the U.S. conditionally approved a Texas liquefied natural gas project partially owned by the energy supplier. Tokyo Electric Power soared 16% after reports said it will apply to restart reactors.

Stock gains in Hong Kong were led by heavyweight HSBC Holdings which climbed 1% a day after it unveiled a plan to cut costs by up to $3 billion by 2016. The bank is planning to cut as many as 14,000 jobs across the world. Tencent gained 6.3% to HK$309.40, a record closing high, with trading volume more than twice as high as the three-month average. Shares of China's largest Internet company extended gains after beating estimates for first-quarter profit on May 16.

Those gains help offset losses in the energy sector as a strengthening dollar weakened the outlook for prices of commodities, including crude oil. Shares of PetroChina lost 2.1% and Cnooc shed 1.4%.

Commodity producers also lost ground in other regional markets, weighing in particular on Australia, where BHP Billiton dropped 0.8%, gold miner Newcrest Mining tumbled 5.3% and Oil Search lost 0.8%.

In Tokyo, meanwhile, the drop came despite data released earlier in the day showing the Japanese economy expanded at a better-than-expected rate of 0.9% in the January to March period from the quarter ended Dec. 31.

Banking stocks led the drop even after the country's three largest banks posted strong results, with the Nikkei newspaper reporting that their combined net profit for the fiscal year ended March 31 climbed 11% due to increased lending and upbeat stock and bond markets. Shares of Sumitomo Mitsui Financial Group dropped 4%, Mitsubishi UFJ Financial Group lost 3.6% and Mizuho Financial Group shed 3.1%.

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