Asian markets were off to a positive start on Monday, helped by higher commodity prices.
Japan's Nikkei edged up, led by gains in shipping stocks on hopes for robust earnings. However, trading was subdued as investors were reluctant to make big bets before Canon, Sony and construction machinery maker Komatsu report results, analysts said.
Shipping stocks outperformed the market after the Nikkei business daily on the weekend reported that earnings sharply rebounded at three major marine transport companies in the year ended on March 31.
Mitsui OSK Lines rose 2.7 percent to 464 yen, Nippon Yusen gained 2.3 percent to 307 yen and Kawasaki Kisen added 1.1 percent to 279 yen.
Komatsu rose 1.6 percent to 2,818 yen on a report that the construction equipment maker's operating profit is expected to rise by 30 percent to about 300 billion yen ($3.7 billion) in the current financial year that began in April.
The benchmark Nikkei 225 [.N225 9710.11 
27.90 (+0.29%)] was up 0.6 percent at 9737.41, while the broader Topix gained 0.5 percent.
27.90 (+0.29%)] was up 0.6 percent at 9737.41, while the broader Topix gained 0.5 percent. In South Korea, Seoul shares opened modestly higher as the index hovered near an all-time record high following a run of gains last week.
Shares of POSCO gained 0.8 percent despite the world's No. 3 steelmaker reporting after the market close on Friday quarterly earnings that came below the market consensus, and amid views it may remain under pressure due to fragile demand and high raw material costs.
Meanwhile, shares of Hana Financial Group slumped, weighed down by persistent uncertainty over its $4.1 billion deal to take over Korea Exchange Bank (KEB) from U.S. buyout fund Lone Star.
The Korea Composite Stock Price Index (KOSPI) [.KS11 2212.77 14.95 (+0.68%)]was up 0.26 percent at 2,203.57 points.
14.95 (+0.68%)]was up 0.26 percent at 2,203.57 points.Chinese stocks were in negative territory with banking counters leading the losses as investors looked to lock in profits.
The benchmark Shanghai Composite [.SSEC 2989.55 
-20.97 (-0.7%)] was lower by 1.1 percent.
-20.97 (-0.7%)] was lower by 1.1 percent.In Southeast Asia, markets were mixed Singapore's STI [.FTSTI 3196.03 1.30 (+0.04%)] slipping 0.1 percent and Malaysia'sKLCI [.KLSE 1525.15 2.40 (+0.16%)] climbing 0.2 percent.
1.30 (+0.04%)] slipping 0.1 percent and Malaysia'sKLCI [.KLSE 1525.15 2.40 (+0.16%)] climbing 0.2 percent.Shopping mall owner CapitaMalls Asia was in focus after it said its net profit for the first quarter fell 24 percent to S$49.1 million ($39.8 million), weighed by a reduction in contributions from three malls that were divested to its real estate investment trusts. Shares of the firm slipped 1.6 percent.
The FTSE CNBC Asia 100 Index [.FTFCNBCA 7049.36 -4.05 (-0.06%)], which measures markets across Asia, was up 0.1 percent.
-4.05 (-0.06%)], which measures markets across Asia, was up 0.1 percent.Markets in Australia, New Zealand and Hong Kong are closed for public holidays.
Copyright 2011 Thomson Reuters. Click for restrictions.
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