Asian stock markets mostly advanced on a data-light Monday as the rally on Wall Street boosted risk appetite, but Japan's benchmark index erased earlier gains and turned negative on news of a possible Ebola case in Tokyo. With the absence of data releases, attention fell on Malaysia's budget carrier AirAsia (Kuala Lumpur Stock Exchange: AIRA-MY), whose shares tumbled over 7 percent to a four-week low of 2.690 ringgit (Exchange:MYR=), after briefly opening down 12 percent to its lowest level since November 28. The stock's dismal performance follows the vanishing of flight QZ8501 bound to Singapore from Indonesia early Sunday. Malaysia's benchmark FTSE Bursa Malaysia KLCI index, where AirAsia is listed, was flat on Monday.
Nikkei falls 0.5% Japanese shares surrendered early gains following an announcement by the health ministry that a man in Tokyo is being tested for possible Ebola infection. The Japanese man had returned to Japan from Sierra Leone earlier this month, where he stayed for eight days. In the morning session, the benchmark Nikkei 225 index clinched a three-week high of 17,914 as traders digested news from Saturday that Japan's government approved stimulus spending worth $29 billion . Also boosting sentiment was a Reuters survey which showed that top Japanese firms are planning to use their cash reserves to boost shareholder returns in 2015. Index heavyweights turned south in the afternoon session; Fast Retailing, owner of clothes brand Uniqlo, and mobile carrier Softbank (Tokyo Stock Exchange: 9984.T-JP) receded 1 and 0.6 percent each.Fujifilm Holdings (Tokyo Stock Exchange: 4901.T-JP) was one of the exceptions which benefited from the Ebola news. The firm which said in November that it expected its Ebola-related drug to be approved as soon as the end of 2014, added 0.4 percent. The yen, which was nearly flat after trading in a tight range all day, curbed gains in exporters. Toyota Motor (Tokyo Stock Exchange: 7203.T-JP) reversed gains to settle down 0.4 percent, while Suzuki Motor (Tokyo Stock Exchange: 7269.T-JP) and Nintendo (Tokyo Stock Exchange: 7974.T-JP) extended losses to lose nearly 2 percent each.
Read More Taste for imports drives up Japan's grocery bill Mainland indices up China's Shanghai Composite index trimmed gains to 0.4 percent late Monday, after hitting its highest level since December 2010 earlier on the back of a report which said that the People's Bank of China (PBOC) will change rules governing how loan-to-deposit ratios are calculated at banks starting from next year. The move, seen as a boost for liquidity conditions, lifted the financials and insurers. China Life Insurance (Shanghai Stock Exchange: 1628-SZ) rose the maximum allowable of 10 percent while China Pacific Insurance rallied 6.8 percent. Hong Kong reopened for trade after closing for the Christmas holiday last week. The Hang Seng (Hong Kong Stock Exchange: .HSI) index added 1.8 percent to reach a three-week high. CITIC Securities (Shanghai Stock Exchange: 30-SZ), which announced that it is planing a new public issue of up to 1.5 billion Hong Kong-listed H-shares to supplement capital for its expansion, jumped 3.8 percent.