HONG KONG, Aug 6: Asian stocks rose sharply on Wednesday after sliding oil prices ignited a Wall Street rally and lifted some of the gloom shrouding the global economy.

Australia and Taiwan led the gainers among major bourses, jumping more than three per cent. Japan, Asia’s biggest market, and South Korea both rose more than 2.5 per cent.

The strong regional performance followed a rally in US shares Tuesday in the wake of sliding oil prices, which were trading at around 118 dollars per barrel compared with record highs above $147 hit in July.

Investors were also cheered by the US Federal Reserve’s decision to leave interest rates at two per cent and signal that it was in no hurry to raise borrowing costs.

The European and British central banks are due to decide on borrowing costs Thursday.

Elsewhere in Asia, a typhoon shut the Hong Kong bourse for the day, while mainland Chinese shares ended Wednesday more than one per cent up, but analysts were sceptical the gains would last.

Chinese stocks have plunged since last year and sentiment remains weak despite hopes of a lift from a “feel good” factor in the run up to the start of Olympic Games in Beijing on Friday.

Smaller Asian markets also enjoyed healthy gains, led by a rally of more than 3.5 per cent in the Philippines.Asia has been battling the twin challenges of high inflation and slowing economic growth, but the fall in crude oil costs has curbed some of the concern about rising prices.

TOKYO: Japanese share prices staged a powerful rally, snapping a three-day downturn as investors cheered a drop in crude oil prices, gains on Wall Street and a weaker yen, dealers said.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index rose 340.23 points or 2.63 per cent to end at 13,254.89. The broader Topix index of all first-section shares added 29.56 points or 2.37 per cent to 1,277.27.

SYDNEY: The Australian stock market surged to close up 3.1 per cent, dealers said.

The benchmark S&P/ASX 200 index bounced back from Tuesday’s losses to close up 148.7 points at 4,969.1, while the broader All Ordinaries gained 136.1 points to 5,018.1.

Some 1.41 billion shares worth 6.3 billion dollars (5.8 billion US) changed hands.

SINGAPORE: Singapore shares closed 0.92 per cent higher, dealers said.

The blue-chip Straits Times Index rose 26.27 points to 2,886.78.

Volume traded totalled 1.02 billion shares worth 1.68 billion Singapore dollars (1.22 billion US).

KUALA LUMPUR: Malaysian share prices closed 0.4 per cent higher, dealers said.

The Kuala Lumpur Composite Index added 4.73 points to 1,133.59.

The fall in crude oil prices has helped to partially ease inflation fears but the pullback in plantation stocks capped the market’s rise, a dealer told Dow Jones Newswires.

JAKARTA: Indonesian shares closed flat, dealers said.

The Jakarta Composite Index rose 1.59 points or 0.1 per cent to 2,187.20.

Gas distributor Gas Negara rose 11 per cent to 2,475 rupiah and cigarette maker Gudang Garam rose 4.0 per cent to 6,500 on bargain buying.

MANILA: Philippine share prices closed 3.6 per cent higher, dealers said.

The Philippine Stock Exchange composite index gained 94.83 points to 2,697.21 points in its biggest single-day gain in a year.

The all-share index gained 3.36 per cent to 1,695.58 points.

WELLINGTON: New Zealand shares closed 1.7 per cent up, dealers said.

The benchmark NZX-50 index rose 56.66 points to 3,352.

The New Zealand market is better, encouraged by developments offshore,said Grant Taylor of Goldman Sachs JBWere.

Second-ranked Fletcher Building rose 26 cents, or 4.09 per cent, to 6.61 dollars. Market leader Telecom finished up one cent at $3.68.

MUMBAI: Indian shares closed 0.75 per cent higher, dealers said.

The benchmark 30-share Sensex index rose 112.47 points to 15,073.54.

Oil prices have come off sharply as have some commodity prices, said Ajay Bodke, senior fund manager with IDFC.—AFP