HONG KONG, May 31: Asian stocks closed higher on Thursday with a record close on Wall Street overnight easing fears surrounding China and the latest sell-off on regional markets.
An upbeat economic assessment by the Federal Reserve pushed the Dow Jones to its 25th record finish this year and Tokyo followed suit with 1.63 per cent gain which lent support to benchmarks elsewhere.
Shanghai also partly recovered from Wednesday's 6.5 per cent fall, after the government tripled taxes on stock transactions, with a rise of 1.40 per cent and this also helped to steady investor nerves.Elsewhere, Seoul surged 2.3 per cent to a record close while Hong Kong advanced 1.68 per cent, Sydney rose 1.12 per cent, Jakarta surged 1.41 per cent and Manila leapt 2.24 per cent after the release of GDP figures.
Mumbai was up 0.92 per cent, also on the back of improved GDP numbers, while Wellington was up 0.53 per cent but Taipei was flat amid end of month position squaring. Singapore and Bangkok were closed for public holidays.
TOKYO: Share prices jumped to a three-month high as worries about the fallout from the latest slump in Chinese stocks eased after Wall Street hit another record high overnight.
The Nikkei-225 index shares rose 287.49 points to 17,875.75. Volume was 2.16 billion shares, down from 2.02 billion on Wednesday.
The market welcomed the US stock market's gains overnight which eased worries that sharp losses in the Chinese markets might lead to a global sell-off, said Mitsushige Akino, chief fund manager at Ichiyoshi Management.
The Dow Jones Industrial Average also notched up a new record Thursday, the 25th of the year, rising 0.82 per cent.
HONG KONG: Share prices closed sharply higher up 1.68 per cent as China-related stocks rebounded after the Shanghai bourse recovered from early falls following Wednesday's sell-off.
Dealers said Wall Street's record close overnight and strong gains in Tokyo also encouraged investors to step back in to the market.
The Hang Seng Index closed up 340.71 points at 20,634.47. Turnover was 76.53bn Hong Kong dollars (9.8bn US dollars).
KUALA LUMPUR: Share prices closed 0.58 per cent higher, recovering from earlier sluggishness to close stronger in line with gains in regional markets.
Dealers said the market on Thursday recovered from Wednesday's weakness on the back of Wall Street's rebound overnight.
The composite index was up 7.71 points at 1,346.89 on volume of 762.988 million shares valued at 1.993 billion ringgit (586.2 million dollars).
MUMBAI: Share prices bounced back 0.92 per cent after the government said India's economy grew a faster than expected 9.4pc pace in the year to March.
Dealers said infrastructure, consumer goods, telecom and airline stocks were the main gainers on optimism of sustained economic growth in the months ahead. The 30-share Sensex rose 133.08 points to 14,544.46. Buying sentiment also improved as the monthly derivatives contract rolled over smoothly.—AFP
