Asian Markets End Higher On Optimism About Recovery

The major Asian markets open for trading continued its northward march and ended higher on increasing optimism that the world economy is on the recovery path. Higher commodity prices amid weaker dollar and increasing optimism about better corporate results acted as positive catalysts.

In Japan, the benchmark Nikkei 225 Index gained 107.80 points, or 1.11% to 9,800, while the broader Topix index of all first section stocks was up 14.06 points, or 1.61%, to 886.

In Australia, the benchmark S&P/ASX200 Index surged up 104.10 points, or 2.27% to close at 4,696, while the All-Ordinaries Index ended at 4,696, representing a gain of 98.60 points, or 2.14%.

In Hong Kong, the Hang Seng Index continued its northward march and ended at 21,242, representing a gain of 430.06 points, or 2.07%, taking cues from Wall Street where the major indices ended higher for the second successive day on increasing confidence that the world's largest economy is on course for a recovery. Higher commodity prices spurred by weaker dollar and optimism about better corporate earnings helped lift market sentiment. All the forty-two components, except two, in the index ended in positive territory.

In South Korea, the KOSPI Index ended flat with a marginal drop of 0.44 points, or 0.03% at 1,598 as the gains in commodity related stocks was more than offset by drop in technology and automotive stocks. Traders preferred to lock in gains in the technology and automotive stocks following dollar weakness, while optimism about recovery prospects lifted the commodity related stocks. Volume was relatively moderate amid volatile trading. While the major gainers were Posco Steel and Korea Zinc, the top losers were the automotive stocks and technology stocks.

Among the other major markets in the region, Indonesia's Jakarta Composite Index slipped 14.74 points, or 0.58% and ended lower at 2,513. However, Taiwan's Weighted Index gained 72.61 points, or 0.96% to close at 7,609, and Singapore's Strait Times Index added 22.74 points, or 0.87%, to close at 2,635. The market in Shanghai is closed for national holidays.

source: www.advfn.com

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