HONG KONG, Oct 20: Asian stocks were mostly up on Monday as bargain hunters stepped in following plunges in the previous session and on optimism after world leaders announced summits to reform global finance.

The US and European Union at the weekend decided on a series of summits to boost the international financial system, with the first meeting expected next month.

The move helped Hong Kong’s Hang Seng Index leap 5.3 per cent, ending three days of heavy losses during which the market shed almost a tenth of its value.

Tokyo finished 3.59 per cent better off. There was also a big gain for Sydney, which added 4.3 per cent, helped by mining stocks as commodity prices -- which have been falling for the past few months -- stabilised.

News of the summits also helped Shanghai into the black, rising 2.25 per cent, despite data showing the Chinese economy was slowing down -- gross domestic product increased just 9.0 per cent in the third quarter, its lowest in five years.

Despite the rises, volume was mostly thin, suggesting dealers are still wary about the future of the global financial system.

The proposed summits have “contributed to creating a climate in which investors can have positive expectations,” said Kazuhiro Takahashi, general manager at Daiwa Securities SMBC.

TOKYO: Japanese share prices jumped 3.59 per cent, dealers said.

They added that there were also hopes some Japanese companies may be faring better than expected amid the global economic slowdown.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index climbed 311.77 points to end at 9,005.59. The Topix index of all first-section shares gained 33.08 points, or 3.70 per cent, to 927.37.

Dealers said that while stocks were much cheaper than just a few weeks ago, investors remained worried about the impact of the financial crisis on economic growth and corporate earnings.

HONG KONG: Share prices closed 5.3 per cent higher, dealers said.

The benchmark Hang Seng Index closed up 768.80 points at 15,323.01, after trading between 14,691.79 and 15,472.68.

Turnover was light at 53.75 billion Hong Kong dollars (6.89 billion US), highlighting that investors remained cautious about the state of the global economy.

The market was boosted by a strong performance by Chinese financial companies.

Telecoms heavyweight China Mobile also helped the bourse’s performance on expectations of strong third-quarter earnings.

But dealers said they did not expect the market to hold onto the gains in the near term as the global financial crisis was far from over.

The Hang Seng Index slid 36 per cent between the start of August and Friday.

SYDNEY: Australian shares closed up 4.3 per cent, dealers said.

The benchmark S&P/ASX200 jumped 171.5 points to 4,142.3, while the broader All Ordinaries was 153.9 points, or 3.9 per cent, higher at 4,098.7.

Turnover was a relatively light 1.31 billion shares worth 4.29 billion dollars (3.00 billion US).

Traders said the market brushed off a weaker Wall Street to close higher on the back of stronger resource and banking stocks, on growing optimism that the gains could mark the beginning of a recovery.

BHP Billiton gained 7.7 per cent to 26.49 dollars and rival Rio Tinto rose 5.9 per cent to 66.29 dollars.

SINGAPORE: Share prices closed 3.23 per cent higher, dealers said.

The blue-chip Straits Times Index gained 60.71 points to $1,939.22. Volume traded totalled 1.1 billion shares worth 1.14 billion Singapore (775 million US).

Most blue chips closed higher but long-term worries about the likely backlash from the global financial crisis on the local economy are expected to cap investors’ sentiments, dealers said.

KUALA LUMPUR: Malaysian stocks rose 0.5 per cent, dealers said.

They said a financial plan by the government to inject 1.4 billion dollars into the stock market provided positive news for investors.

The Kuala Lumpur Composite Index gained 4.28 points to close at 909.51.

Genting lost 0.88 per cent at 4.48 ringgit, while power giant Tenaga added 0.78 per cent at 6.50. Maybank gained 3.92 per cent at 5.30.

WELLINGTON: New Zealand shares rose 2.89 per cent, dealers said. The benchmark NZX-50 index rose 81.16 points to close at 2,889.92. Market leader Telecom rose 16 cents to $2.50.

Pike River Coal rose seven cents to $1.43 after reporting on Friday it had struck coal at its West Coast mine after two years of tunnelling.

MUMBAI: Indian shares rose 2.48 per cent as investors welcomed the central bank’s move to cut rates, dealers said.

The 30-share Sensex rose 247.74 points to 10,223.09, snapping three straight days of losses.

The Sensex closed last Friday at 9,975.25, below the psychological 10,000 points level at a 28-month low.—AFP