August 2, 2003	Saturday	Jumadi-us-Sani 3, 1424

TOKYO, Aug 1: Asian stock markets rose on Friday supported by expectations the United States is recovering fast after GDP data showed surprisingly rapid growth for the world’s biggest economy.

The Tokyo Stock Exchange’s Nikkei-225 average gained 48.46 points or 0.51 per cent to end the day at 9,611.67. The Topix index of all first-section stocks was up 3.01 points or 0.32 per cent at 942.41.

On Thursday, Washington announced US economic growth shot up to an unexpectedly rapid annual pace of 2.4 per cent in the second quarter, powered by war spending and business investment.

It was the clearest sign yet that the economy is shaking off an Iraq-inspired shock and gathering speed for the rest of the year.

Opening gains were limited because many investors were absent amid the summer vacation period.

Share prices in Hong Kong closed 1.12 per cent higher at a new 11-month high led strong buying in property stocks and further boosted by gains on Wall Street after strong second quarter US growth figures.

The key Hang Seng index rose 113.77 points to close at 10,248.60.

The Straits Times Index fell 1.79 points or 0.11 per cent to close at 1,557.08 and the broader All-Singapore Equities index was up 1.57 points at 422.24.

DBS Group and United Overseas Bank released their first half results after market close, and while DBS Group’s earnings were below expectations, UOB’s results were in line with expectations.

South Korean share prices rose 1.93 per cent to a high for the year, supported by strong foreign investor interest as Samsung Electronics and other tech stocks moved ahead following Wall Street’s gains.

The composite index closed up 13.74 points at 727.26, off an intraday high of 728.38.

Malaysian share prices closed 0.34 per cent higher on retail interest after gains on Wall Street but trade was rangebound.

The Kuala Lumpur Stock Exchange composite rose 2.47 points to finish at 723.03.

Philippine share prices closed 0.41 per cent lower, with investors still unsettled amid fears of another possible coup attempt against President Gloria Arroyo.

Indian shares closed 0.60 per cent higher on keen buying in software blue chip Infosys after the company’s pricing of its American depository shares at a premium and other old economy stocks.

The Bombay Stock Exchange’s 30-share index rose 22.70 points to close at 3,815.31.—AFP