BANGKOK ? Asian stock markets rose Monday after Greece's parliament approved a new set of austerity measures that were required by international lenders in exchange for an emergency bailout.
Benchmark crude rose above $99 per barrel while the dollar fell against the euro and the yen.
Japan's Nikkei 225 index rose 0.6 percent to 8,997.97. Hong Kong's Hang Seng gained 0.7 percent to 20,928.56. South Korea's Kospi added 0.5 percent to 2,004.42.
Drastic cuts in civil service jobs, minimum wages and pensions were among the measures approved by lawmakers in Greece in order to collect a second, urgently needed rescue loan for the country.
Without the $170 billion (euro130 billion) financial lifeline, Greece will default on a mountain of national debt next month and likely be pressed into a disruptive exit from the euro common currency.
Investors in Asia greeted the Greek vote with relief. But Greeks, who have been struggling to cope with a 20 percent unemployment rate and five years of recession, took to the streets to protest the measures. Riots and fires continued all weekend.
Attention now shifts to a meeting Wednesday of European finance ministers, who will discuss additional bailout funds for Greece.
Analysts at Credit Agricole CIB in Hong Kong said in an email that the parliament vote "did not come without major cost in the form of escalating protests and violence within Greece."
"At least for today the market tone will be a positive one as attention shifts to a meeting of EU finance ministers on Wednesday."
Elsewhere, Chinese property shares plummeted after the city of Wuhu, in eastern China, announced it was suspending plans it announced last week to subsidize some home purchases and give tax breaks to help support the local market.
That news, suggesting an easing of curbs on the real estate market, pushed property and related shares higher late last week.
An announcement on the Wuhu city government's website said the plan required more study. But the central government has insisted that it will keep curbs on the real estate market to prevent a resurgence of the property speculation that helped drive prices to levels unaffordable for most Chinese families.
Hong Kong-listed Evergrande Real Estate Group Ltd. dropped 6.4 percent, while China Resources Land Ltd. lost 5.5 percent. China Overseas Land & Investment Ltd. dropped 3.9 percent.
"I think that shows you the central government is keen to make sure restrictions on property remain in place, and there won't be any easing," said Andrew Sullivan, principal sales trader at Piper Jaffray in Hong Kong.
Financial shares were boosted by hopes that Greece would avoid a default on its debt, an event that could spark havoc among banks in Europe and beyond.
National Australia Bank rose 1.6 percent, while Mitsubishi UFJ Financial Group rose 1.3 percent. Bank of China gained 1.2 percent.
Australia & New Zealand Banking Group rose 1.7 percent after announcing it would cut a total of 1,000 jobs in Australia by September.
Benchmark crude for March delivery was up 91 cents at $99.58 in electronic trading on the New York Mercantile Exchange. The contract fell $1.17 to settle at $98.67 on the Nymex on Friday.
In currency trading, the euro jumped to $1.3252 from $1.3170 late Friday in New York. The dollar slipped marginally to 77.59 yen from 77.60 yen.
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AP Business Writer Elaine Kurtenbach contributed from Shanghai.
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