Asian Markets Extend Gains on Signs of Economic Recovery

The markets across the Asia-Pacific region closed stronger for a second day in a row after an upbeat report from the U.S. central bank and a sharp rise in Japanese industrial output hinted that the global economic slowdown might be bottoming out. Data released Wednesday also showed that business inventories in U.S. fell by a record amount in the first three months of the year.


In Asian trading on Thursday, crude oil price rebounded to above $51 a barrel, boosted by firm equity markets and a sense of optimism that the recession in the U.S. may be abating. A U.S. Energy Information Administration report showing a surprise 4.7-million-barrel decline in nationwide gasoline inventories, also offered some support.

The Japanese market rebounded sharply after remaining closed on Wednesday for a national holiday. The Nikkei 225 index closed at 8,828, up 334 points or 3.94% and the broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 26 points or 26 points or 838.

Investors picked up stocks across all 33 industrial sectors on the TSE amid stronger-than-expected Japanese industrial output data and an encouraging economic assessment by the U.S. Federal Reserve.

The Australian market closed sharply higher, helped by strong global cues and a rally in U.S. stock futures. The benchmark S&P/ASX200 index closed at 3,780, up 85 points or 2.31% and the broader All Ordinaries index rose 83 points or 2.26% to 3,745.

The South Korean market surged on fund buying after industrial output data for March surprised marketmen on the upside, showing a rise of 4.8 percent compared to the previous month. The benchmark KOSPI rose 31 points or 2.31% to the year's high of 1,369. Volume was significant at 794.67 million shares worth 8.42 trillion won (US$6.51 billion) and advancers outnumbered decliners by 660 to 192.

The New Zealand market rose to more than a two-month high amid strong global cues and a 50 basis points rate cut by the Reserve Bank of New Zealand. The central bank said that it is committed to keeping rates low until late 2010. The benchmark NZX-50 closed at 2,741, up 41 points or 1.51%, the highest closing since Feb 13.

The Indian market was closed for trading due to elections in Mumbai. Friday will be a holiday for Labor Day.

Among the other markets in the region, China's Shanghai Composite index closed up 0.38%, Hong Kong's Hang Seng index rallied 3.77%, Singapore's STI Straits Times index advanced 3.82% and Taiwan's TWII Weighed index surged up 6.74%.

Dikutip dari ADVFN Newsdesk for Saham Indonesia.

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