Asian stocks close up on hopes for US economy
HONG KONG, Nov 26: Asian stocks closed mostly up Monday buoyed by a Wall Street rally triggered by hopes that US shoppers could help the world’s biggest economy avoid recession.
The day’s biggest riser was Seoul, which surged 4.7 per cent and snapped a long losing streak. Hong Kong also fared well, closing up 4.09 percent.
A rally across Asia after the rise in US shares last week also lifted Tokyo by 1.66 per cent.
Sydney ended up 2.2 per cent, in part due to a surge by Rio Tinto and following a weekend landslide general election win by the opposition Labor Party.
Rio rose 7.5 per cent on a report, later denied, that a Chinese consortium was lining up a 200-billion-US-dollar counterbid to a merger proposal from rival BHP Billiton.
TOKYO: Japanese share prices closed up 1.66 per cent, lifted by a Wall Street rally, a weaker yen and a report that the Chinese authorities may invest in Tokyo stocks, dealers said.
They said the key Nikkei index ended above the key 15,000 points level for the first time in three trading days, rebounding from last week’s 16-month low as investors cheered signs of a brisk start to the US holiday shopping season.
The Nikkei-225 index gained 246.44 points to close at 15,135.21 on the Tokyo Stock Exchange. The broader Topix index of all first-section shares advanced 29.65 points or 2.06 percent to 1,467.03.
HONG KONG: Hong Kong share prices closed 4.09 per cent up as a rally on Wall Street and news of robust post-Thanksgiving sales at US retailers sparked buying interest across the board, dealers said.
But they noted that turnover remained subdued.
The Hang Seng index closed up 1,085.53 points at 27,626.62. Turnover was 110.14 billion Hong Kong dollars (14.12 billion US).
SYDNEY: Australian share prices closed up 2.2 per cent after a decisive Labor Party election victory helped to cut investor uncertainty, dealers said.
The benchmark S&P/ASX 200 closed up 141.2 points at 6,471.4, while the broader All Ordinaries closed 140.8 points or 2.2 percent higher at 6,533.2.
Volume traded was 2.83 billion shares worth about 5.66 billion dollars (5.0 billion US). Gainers outstripped decliners 781 to 509, while 341 stocks were unchanged.
SINGAPORE: Singapore share prices closed 2.8 per cent higher after gains on Wall Street last week, dealers said.The Straits Times Index (STI) surged 92.69 points to 3,418.58 on volume of 1.68 billion shares worth 2.03 billion Singapore dollars (1.41 billion US).
DBS Vickers retail strategist Yeo Kee Yan said the market was ripe for bargain-hunting after weeks of consolidation.
KUALA LUMPUR: Malaysian share prices closed up 0.8 per cent boosted by a rally in regional markets after Wall Street rebounded Friday, dealers said.
The Kuala Lumpur Composite Index (KLCI) gained 10.82 points to 1,364.37.
Volume was 860.208 million shares worth 1.121 billion ringgit (334 million dollars).
JAKARTA: Indonesian shares closed 2.5 per cent higher on a technical rebound after last week’s sell-off, with sentiment bolstered by Wall Street’s rally Friday, dealers said.
They said that commodity stocks led the gains on expectations of high crude oil prices.
The Jakarta Stock Exchange composite index closed up 63.70 points at 2,648.04 on volume of 3.08 billion shares worth 5.81 trillion rupiah (619.07 million dollars).
WELLINGTON: New Zealand share prices rose 0.15 per cent despite strong Wall Street gains last week, dealers said.The benchmark NZX-50 index rose 6.12 points to close at 4,077.11 on light turnover of 78.6 million dollars (59.8 million US).
Market leader Telecom fell one cent to 4.26 dollars. Fletcher Building gained six cents to 11.85.
Casino operator Sky City was unchanged at 5.18 dollars and Auckland Airport edged down a cent to 2.95.
MUMBAI: Indian share prices closed up 2.09 per cent on firm Asian trends, helped by Wall Street’s rebound and strong consumer spending at the start of the US holiday season, dealers said.
The benchmark 30-share Sensex index rose 394.67 points to 19,247.54, after gaining 326.55 points last Friday.—AFP