Asian rebounds, Shanghai leads gains

ASIAN markets have climbed following a big sell-off, with Shanghai leading the rebound as China's annual parliamentary gathering kicked off.

Traders also took heart from a rally on Wall Street that saw the Dow close within sight of a record high.

Tokyo added 0.27 per cent, or 31.16 points, to 11,683.45 on Tuesday and Seoul advanced 0.17 per cent, or 3.46 points, to 2,016.61, while Sydney jumped 1.29 per cent, or 64.9 points, to close at 5,075.4.

Hong Kong rose 0.1 per cent, or 22.69 points, to 22,560.50.

Shanghai jumped 2.33 per cent, or 52.91 points, to 2,326.31, reversing some of the 3.65 per cent dive on Monday when property and construction stocks were hit after the government set out rules aimed at capping house prices.

The focus was on China's National People's Congress (NPC), which opened on Tuesday with outgoing Premier Wen Jiabao saying the government would target growth of 7.5 per cent for the world's number two economy in 2013 and 3.5 per cent inflation.

"We should energetically change the growth model," Wen said in his final major act after a decade amid demands that China revamp its investment and export-led growth in favour of domestic spending.

A separate government document laid down a 10.7 per cent rise in defence spending to 720.2 billion yuan ($A114.20 billion) in 2013.

The NPC is meeting for nearly two weeks in Beijing and will seal a power transfer to Li Keqiang as Wen's successor, and Communist Party supremo Xi Jinping as state president.

Regional investors cheered a positive lead from New York, where the Dow rose 0.27 per cent to 14,127.82, within 40 points of an all-time high seen in October 2007.

Remarks from the Federal Reserve's number two official reaffirming its aggressive stimulus policy provided support to US shares.

Janet Yellen, vice chairwoman of the Fed board of governors, said in a speech that the central bank intended to "keep monetary policy highly accommodative until well into the recovery".

The S&P 500 gained 0.46 per cent and the Nasdaq was up 0.39 per cent.

Traders also appeared to shrug off the lack of action in Washington on dealing with the "sequester" of US federal spending cuts that came into effect on Friday and which could shave around 0.5 percentage points off growth.

Analysts said the effect of the $US85 billion ($A83.9 billion) in cuts would not be seen yet, giving politicians a little time to agree on a less stringent budget that would help slash the country's deficit.

On currency markets the dollar bought Y93.14 in afternoon trade against Y93.46 in New York late on Monday.

The euro fetched Y121.56 and $US1.3053 compared with Y121.74 and $US1.3024.

The yen saw slight gains despite promises of further monetary easing from the men tapped by the government to take the helm at the Bank of Japan.

Sydney shares showed little reaction to widely expected news that the Reserve Bank of Australia had kept interest rates on hold at three per cent, saying the downside risks to the world economy appeared to have eased slightly.

Oil prices rebounded from big losses late on Monday.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in April, added 20 cents to $US90.32 a barrel in the afternoon and Brent North Sea crude for April delivery increased 46 cents to $US110.55.

Gold was at $US1,583.02 at 1125 GMT (2225 AEDT) compared with $US1,577.65 late on Monday.

In other markets:

- Taipei rose 0.83 per cent, or 65.37 points, to 7,932.71.

Taiwan Semiconductor Manufacturing Co added 1.96 per cent to Tw$104.0 while chip design house MediaTek was 1.76 per cent higher at Tw$347.5.

- Manila rose 1.12 per cent, or 74.16 points, to 6,711.72.

Philippine Long Distance Telephone rose 2.26 per cent to 2,986 pesos, BDO Unibank added 1.05 per cent to 96 pesos, while Energy Development Corp jumped 2.05 per cent to 6.48 pesos.

- Wellington rose 0.37 per cent, or 15.56 points, to 4,269.16.

Fletcher Building was up 1.33 per cent at NZ$9.17, Contact Energy gained 0.38 per cent to NZ$5.35 and Telecom was off 1.08 per cent at NZ$2.30.

- Singapore rose 0.26 per cent, or 8.31 points, to close 3,248.26.

Singapore Telecom increased 0.58 per cent to Sg$3.46 and DBS Bank gained 1.27 per cent to Sg$15.17.

- Jakarta slipped 0.20 per cent, or 9.76 points, to 4,751.70.

Palm oil producer Astra Agro Lestari lost 1.06 per cent to 18,600 rupiah, telecommunications provider Indosat fell 0.76 per cent to 6,550 rupiah, and Hero Supermarket lost 0.99 per cent to 5,000 rupiah.

- Bangkok added 0.56 per cent, or 8.59 points, to 1,549.31.

Supermarket operator Siam Makro jumped 3.72 per cent to 502.00 baht, while Bangkok Life Assurance rose 3.60 per cent to 72.00 baht.

- Kuala Lumpur shares gained 0.37 per cent, or 6.10 points, to 1,642.08.

UEM Land Holdings added 3.6 per cent to 2.59 ringgit, while Axiata Group increased 0.2 per cent to 6.39. CIMB Group Holdings fell 0.1 per cent to 7.19 ringgit.

- Mumbai rose 1.40 per cent, or 265.21 points, to 19,143.17 points.

Sterlite, the Indian arm of global resources Vedenta group, rose 4.47 per cent to 94.65 rupees. Private explorer Essar Oil rose 20.96 per cent to 88.0 rupees.

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