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HONG KONG, Nov 30: Asian stocks rallied on Thursday after US economic data reinforced opinions that the world's largest economy is heading for a soft landing.
The region got off to a positive start after solid buying on Wall Street was triggered by the release of the stronger than expected US growth figures which eased investor nerves over the outlook for Asia's biggest importer.
As a result Tokyo surged 1.23 per cent and the momentum gathered steam across Asia with Hong Kong up 0.96 per cent, Seoul gained 0.68 per cent, Taipei rose 1.25 per cent, Sydney by 0.54 per cent and Kuala Lumpur surged 1.51 per cent.
TOKYO: Share prices gained 1.23 per cent, rallying for the second day after stronger-than-expected economic data both at home and in the United States.
The Nikkei-225 gained 198.13 points to close at 16,274.33. Volume rose to 1.81 billion shares from 1.76 billion shares Wednesday.
On Wednesday, Japan said industrial production ramped up 1.6 percent month-on-month in September as car and semiconductor manufacturers stepped up output, far exceeding market predictions of a 0.4 percent fall.
HONG KONG: Share prices closed 0.96 per cent higher on follow-through buying, with Wall Street's overnight rally on the back of stronger-than-expected US economy giving the local market a further push after Wednesday's gains.
The Hang Seng index closed up 179.55 points at 18,960.48, off a high of 19,033.40 and a low of 18,923.63. Turnover was 46.67 billion Hong Kong dollars (5.98 billion US).
SYDNEY: Share prices closed 0.54 per cent higher after stronger-than-expected US growth figures gave Wall Street a boost.
Dealers said demand for resource stocks fuelled the gains while the banks were mixed in relatively muted trade, largely because of a lack of fresh local leads.
The SP/ASX200 added 29.5 points to 5,482.1. Turnover was 2.32 billion shares worth 5.81 billion dollars (4.53 billion US).
SINGAPORE: Share prices closed 0.43 per cent higher after touching a fresh intraday high boosted by gains on Wall Street.
The Straits Times Index closed up 12.17 points at 2,838.53. Volume was 1.44 billion shares worth 1.83 billion Singapore dollars (1.18 billion US).
KUALA LUMPUR: Share prices closed 1.51 per cent higher with mining and construction stocks contributing the bulk of the gains.
The composite index surged 16.06 points to 1,080.66. Volume traded was 1.59 billion shares worth 2.77 billion ringgit (765 million dollars).
JAKARTA: Share prices closed up 0.32 per cent, aided by gains in selected large cap stocks which helped offset profit-taking that dragged the main index off its intraday high.
The composite index closed up 5.564 points at 1,718.961. Volume was 3.07 billion shares worth 2.59 trillion rupiah (282.54 million dollars).
WELLINGTON: Share prices rose 0.58 per cent to a record high, buoyed by fresh interest in top stock Telecom.
The NZX-50 index gained 22.52 points to 3,863.71 on turnover worth 116.5 million dollars (US $77m)
Telecom closed seven cents up at 4.59 dollars despite some negative comments that the government will split the company into three to avoid monopoly behaviour.
MUMBAI: Share prices closed up 0.58 per cent on improved investor sentiment after data showed India's economy expanded a faster-than-expected 9.2 percent in the second quarter.—AFP
