POLL HIGHLIGHTS-Asia Q1 business sentiment by country

People walk past in the Pudong business district in Shanghai, in this picture taken March 15, 2011. Business sentiment at Asia's top companies rose in the first quarter to its highest level in eight quarters, with global economic uncertainty seen as the biggest risk to the positive outlook, a Reuters survey showed.

MUMBAI/HONG KONG (Reuters)- Business sentiment at top Asian companies rose in the first quarter to its highest level in eight quarters, with global economic uncertainty seen as the biggest risk to a positive outlook, a Reuters poll showed.

Friday's devastating earthquake and tsunami in Japan has further raised concerns about the global economy.

The Reuters Asia Corporate Sentiment Index rose to 80 in the first quarter, up from 77 in the fourth quarter of 2010 and its highest level since Reuters began collecting data in June 2009. An index above 50 indicates a positive outlook.

The index was compiled from a poll of 100 executives at Asia's top companies between March 4 and 14.

The bulk of the 64 responses came in before the Japan earthquake and tsunami. Eight companies, of which three were Japanese, replied after the initial disaster but before the extent of the damage to nuclear facilities and the risks of radioactive leaks emerged.

For a PDF of the survey: r.reuters.com/mer58r

Following are key country highlights from the poll:

INDIA: OPTIMISM HIGH

- India is faced with the same inflation problems as its Asian neighbours, but optimism on the economy remains high.

- Of the seven Indian companies polled, five viewed the six-month outlook as positive, while two were very positive. In the previous quarter, two firms were very positive and six were positive.

- Asia's third-largest economy continues to put in a robust performance even as rising inflation and a widening trade gap remain serious concerns. Corporations polled for the quarter cited rising costs as the biggest risk to their outlook.

- India's No. 2 software exporter Infosys (INFY.BO), property developer DLF (DLF.BO) and Coal India (COAL.BO), the world's largest coal miner, participated in the poll.

CHINA: LARGELY POSITIVE

- Eight of the 10 companies polled were positive about the outlook, while one from the resources sector was very positive.

- There was one neutral view, which came from the property sector where Beijing is keen to slow growth.

- Government policies and regulation were among the main reasons cited by Chinese firms as big risks to the outlook.

- China's economy grew around 10.1 percent last year, marking the fastest pace of annual growth in three years as growth in investment, imports and factory production remain solid.

- Chinese firms Gome Electrical Appliance Holding (0493.HK) and China Resources Enterprises (0291.HK) took part in the poll.

TAIWAN: POSITIVE

- The one Taiwan company in the poll was positive about the outlook, shifting from a neutral view in the Q4 poll.

- Solid demand for Taiwan's signature consumer electronics from China, Europe and the United States are expected to boost activity for the export-dependent country.

SOUTHEAST ASIA: OPTIMISTIC

- Companies from Malaysia and the Philippines were positive on the outlook, although one company, from the food sector, shifted from a very positive stance in December.

- Seven of the eight companies polled in Singapore were positive on the outlook, with one adopting a neutral stance after holding a positive view in December.

- Analysts expect Singapore's economic growth to slow this year after a robust performance in 2010.

- Rising costs was the main concern among companies in Thailand, with two Thai firms positive about the outlook, while one was neutral.

- Respondents included DBS Group Holdings (DBSM.SI) and Singapore Airlines (SIAL.SI)

JAPAN: LESS BEARISH

- More than two-thirds of the 18 Japanese companies in the poll, which included Panasonic (6752.T) and Daiwa Securities (8601.T), were neutral about the outlook, with five positive.

- This compares with the fourth-quarter survey, where 15 of the 23 respondents were neutral, five were positive and three were negative.

- Three of the companies in the Q1 poll responded after the initial earthquake but before the extent of the damage to nuclear facilities and the risks of radioactive leaks emerged.

- The Bank of Japan has said it would pump 5 trillion yen into the banking system and ease monetary policy through asset acquisition to help calm market jitters amid escalating damage from the earthquake.

AUSTRALIA: TAD MORE CAUTIOUS

- Five of the seven companies were neutral, while one held a positive view and one was very positive about the six-month outlook. That is a shift from the December poll, when more than half of the 11 respondents were positive about the outlook.

- Rising costs and global economic uncertainty were viewed as main risks to the outlook.

- Australians appear to be saving more and spending and borrowing less due to higher energy bills and rising interest rates.

- Global miner Rio Tinto (RIO.AX) and builder James Hardie (JHX.AX) were among the Australian companies in the poll.

SOUTH KOREA: BEARISH TILT

- Five companies were polled, of which three were positive, one was negative and one was neutral, little changed from the December poll.

- South Korea was the only country in the poll with a company holding a negative stance on the outlook.

- Brisk domestic demand and exports have been shoring up the South Korean economy, but stronger raw material prices are raising inflationary pressure and keeping corporations cautious. (Reporting by Reuters reporters in Asia; Compiled by Leonora Walet; Editing by Dhara Ranasinghe and Vinu Pilakkot)