Asian markets open up on Italy relief

Asian stocks opened up on Monday on hopes that new leaders in Italy and Greece will take decisive action to save their indebted nations from bankruptcy and fend off a wider financial meltdown in the euro zone.Italys president appointed former European Commissioner Mario Monti on Sunday to head a new government, while in Greece Lucas Papademos, a former European Central Bank policymaker, has been sworn in as prime minister.Both leaders have been charged with pushing through reforms and austerity plans to restore their countries tattered credibility.Japans Nikkei average rose on Monday as domestic economy rebounded as expected in the third quarter and fears eased about Europes ability to keep its sovereign debt woes from spreading.Japans economy grew 1.5 percent in July-September from the previous quarter following three quarters of contraction as exports and consumption rebounded from a slump caused by the March earthquake, government data showed on Monday.The Nikkei average added 1.4 percent to 8,631.55, while the broader Topix index gained 1.3 percent to 738.37.Seoul shares opened 1.4 percent higher, as gains were led by large cap bank and technology issues, with LG Display up 3.4 percent and KB Financial Group rising 2.5 percent.The Korea Composite Stock Price Index (KOSPI) was up 1.49 percent at 1,891.29 points as of 0002 GMT.Hong Kong shares also opened higher, lifted by strong gains in Tingyi (Cayman Islands) Holding Corp and Want Want China Holdings Ltd, which will be included in the Hang Seng Index from Dec. 5.The Hang Seng Index opened up 2.42 percent at 19,600.37. The China Enterprises Index of top Hong Kong-listed mainland companies was indicated to open 3 percent higher at 10.743.21.In mainland China, stocks gained on Monday, with the benchmark Shanghai Composite Index up 0.71 percent to open at 2,498.67.The Shenzhen Component Index opened 0.79 percent higher at 10,501.73.