Most Asia Pacific shares rose for a second day on news that two of the world’s biggest bond insurers, MBIA and Ambac, had retained their top credit ratings from Standard & Poor’s, but nagging worries about the state of the global financial system limited gains.

Hong Kong led with a rise of nearly 2 per cent. Japan and South Korea hit six-week highs but then changed direction as the positive mood started to evaporate. The MSCI Asia Pacific Index was up 0.2 per cent at 145.86 by late afternoon in Tokyo, after earlier gaining 1 per cent.