Most Asian markets gained Tuesday after losses the previous day as investors scooped up shares in banking, insurance and energy companies.
Analysts, though, warned the advance could be short-lived without clear guidance from Wall Street, and as anxiety over high oil prices and inflation persists.
"Investor sentiment is weak as the outlook for Wall Street is still uncertain," said Jackson Wong, investment manager at Tanrich Securities in Hong Kong.
The territory's blue-chip Hang Seng Index improved 0.6 percent to 24,282.04 after shedding nearly 1,500 points over the last week. Mainland stocks also climbed, with the Shanghai Composite Index up 0.3 percent to 3,375.4.
Japan's benchmark Nikkei 225 index also gained, rising 1.5 percent to 13,893.31 to recoup some of its 2 percent decline Monday.
Shares in India and Thailand declined. Mumbai's Sensex fell 0.5 percent to 16,275.59.
But markets in Singapore, Taiwan, Australia and South Korea advanced as recent losses lured buyers back into the market.
In Hong Kong, ports investor Cosco Pacific jumped 5.9 percent after falling 3.6 percent the day before. China Construction Bank gained 0.8 percent, and Hang Lung Properties rose 2.5 percent.
Offshore oil and gas producer CNOOC was 3.7 percent higher, lifted partly by oil prices.
Late afternoon in Singapore, light, sweet crude for July delivery was trading near US$133 a barrel in electronic trade on the New York Mercantile Exchange, about US$2 lower than the all- time record hit last week at $135.09.
In telecoms, China Mobile slid 0.2 percent to HK$114.70 on lingering concerns that China's plan to revamp the sector will hurt the mobile operator, the world's largest by subscribers. The stock has fallen more than 13 percent in the last week.
JPMorgan maintained the carrier's rating of "overweight."
"Even after restructuring, we see it being difficult for the newcomers to make a significant dent in China Mobile's leading position over the next couple of years," the investment bank said in a report.
Meanwhile, developer Sun Hung Kai Properties rose 0.9 percent after Walter Kwok was ousted as chairman and chief executive following an ugly feud with his two younger brothers over control of the company.
Kwok's mother was named the company's new chairwoman; his brothers were appointed as co-chief executives.
In Tokyo, many investors bought back banking and energy stocks.
Financial giant Mizuho financial Group Inc. jumped 4.1 percent, and Showa Shell advanced 2.4 percent. Cosmo Oil rose 1.7 percent. Nippon Oil Corp., Japan's top refiner, edged up 0.6 percent.
Consumer electronics companies and automakers also were strong gainers. Sony Corp. rose 1.2 percent, and Hitachi Ltd. was 2.5 percent higher.
Japan's top auto maker, Toyota Motor Corp., added 1.8 percent; its rival Honda Motor Co. added 2.2 percent.
In mainland China, buying in insurance companies helped offset losses for large-capitalized shares. China Life Insurance rose 4.5 percent, and Ping An Insurance climbed 2.2 percent.
But buying sentiment remained weak amid worries over possible monetary tightening by regulators to help rein in inflation.
Market heavyweight PetroChina fell 0.6 percent, and Baoshan Iron & Steel, China's biggest steelmaker by capacity, fell 1.5 percent.
Telecommunication equipment shares fell as investors sold after recent gains following the announcement of a reshuffle of the state-dominated industry. Wuhan Yangtze Communication Industry Group slipped 3.4 percent and Fiberhome Telecommunication Technologies lost 1.5 percent.
In currencies, the dollar was quoted at 103.56 yen midafternoon in Tokyo, compared with 103.43 yen in late European trading. In China, the dollar bought 6.9439 yuan around 0730 GMT on the over-the-counter market, up from Monday's close of 6.9366.
The euro stood at US$1.5795, compared with US$1.5774.
The U.S. financial markets were closed Monday for Memorial Day. (****)
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