HONG KONG, Feb 14: Asian shares surged on Thursday as surprisingly good economic figures from Japan and the US sparked hopes that stock market prospects were less gloomy than feared.
TOKYO: Tokyo share prices soared 4.27 per cent as unexpected good news on the Japanese and US economies helped to lift some of the recent gloom on global markets, dealers said.
But they said there was a risk that the euphoria might prove short-lived given the ongoing fallout from the US housing slump and credit crunch.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index closed up 558.15 points at 13,626.45. The broader Topix index of all first-section shares climbed 47.09 points or 3.66 per cent to 1,332.44.
Gainers outnumbered decliners 1,586 to 105, with 37 issues unchanged.
Turnover rose to 2.19 billion shares, up from 2.08 billion shares Wednesday.
Investors welcomed news that Japan’s economy grew at a much faster than expected 3.7 per cent annualised pace in the fourth quarter of 2007.
The strong GDP numbers
were the first good domestic news after a long time, said Yumi Nishimura, manager for equity marketing at Daiwa Securities SMBC.
HONG KONG: Hong Kong share prices closed up 3.7 per cent, dealers said.
The benchmark Hang Seng index closed up 852.13 points at 24,021.68.
Turnover was 94.30 billion Hong Kong dollars (12.1 billion US).
The rally followed an unexpected rise in US retail sales in January.
China Cosco Holdings rallied 2.10 dollars to close at 23.00 dollars.
Fashion retailer Esprit, which sells to Europe and the US, advanced 4.8 per cent to 98.35 dollars on favorable US data.
SYDNEY: Australian share prices closed up 2.6 per cent, dealers said.
The benchmark S&P/ASX 200 closed up 142.7 points at 5,684.8, while the broader All Ordinaries jumped 132.9 points to 5,748.2. Market volume was 1.5 billion shares worth 7.4 billion dollars (6.7 billion US).
We are seeing a really good rebound from the banking sector. People are seeing that banks have been too heavily oversold, Commsev equities analyst Juliette Saly said.
Westpac soared 3.9 per cent to 24.16 dollars and ANZ was up 2.7 per cent to 24.44.
SINGAPORE: Singapore share prices closed 3.26 per cent
higher, dealers said.
The blue chip Straits Times index closed 96.05 points higher at 3,045.59 on volume of 1.61 billion shares worth 2.21 billion Singapore dollars (1.56 billion US).
All Street did well last night. The risk to the US economy continues to be on the downside but January retail sales suggest there may be a bit more life there,” said Song Seng Wun, regional economist at CIMB-GK Research.
Singapore’s economy shrank 4.8 per cent in the December quarter on an annualised quarter-on-quarter basis, the government said.
DBS Group rose 50 cents to 17.30 Singapore dollars. CapitaLand gained 34 cents to 6.20. Singapore Airlines gained 48 cents at 16.00.
KUALA LUMPUR: Malaysian share prices closed up 0.9 per cent, dealers said.
The Kuala Lumpur Composite index finished up 12.95 points at a high of 1,436.10.
We remain convinced that there will be an election rally, with the key index testing the 1,526-point mark, said Phua Kwee Hock, an analyst at SJ Securities.
JAKARTA: Indonesian share prices closed 2.5 per cent higher, dealers said.
The Jakarta Composite Index closed up 64.86 points to 2,675.65.
The main driver of the market’s sharp rise today was news of US retail sales data, which came in better than the market’s expectation.
Telkom was up 50 rupiah to 9,950. Astra International surged 1,550 to 27,000. Nickel and gold miner Antam soared 425 to 4,225. Bank Mandiri was up 50 to 3,300.
WELLINGTON: New Zealand share prices closed 0.13 per cent higher, dealers said.
The benchmark NZX-50 index gained 4.64 points to 3,550.41.
We’ve mainly seen some bargain hunting come into the market for some of the stocks that have already reported their results, said Hamilton Hindin Greene partner Grant Williamson.
Fletcher Building closed 16 cents ahead at 9.03. Telecom rose eight cents to 4.05 and Contact Energy was up six cents at 7.61.
MUMBAI: Indian share prices rose 4.82 per cent, dealers said.
The 30-share benchmark Sensex index rose 817.49 points to 17,766.63.
A short relief rally has been seen since Wednesday,” said Advait Date, a dealer with BHH Securities.
Reliance Power shares rose 5.31 per cent to 370.05 but were still sharply off their initial share price of 450 rupees.—AFP
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