HONG KONG, Nov 3: Asian stocks were mainly higher on Monday amid hopes that weeks of market volatility were coming to an end despite fears that a global recession still loomed large.

After an October that saw massive losses across the region, November’s first session saw most indexes making gains as bargain hunters moved in following a roller coaster week.

Hong Kong picked up 2.7 per cent as Chinese bank and property stocks reacted to new measures in Beijing to boost is slowing economy. Traders felt that the Chinese central bank’s move to remove loan quotas would reap rewards.

The Hang Seng is now 34 percent higher than the 10,676 point level it hit on October 27 -- its lowest intraday mark in more than four years.

Sydney soared five percent on the back of an expected interest rate cut at Tuesday’s meeting of the central bank. Tokyo was closed for a public holiday.

Singapore also surged five per cent, while Seoul’s KOSPI added 1.5 per cent after the government promised an extra 11 trillion won (8.5 billion dollars) in spending next year as well as tax cuts of three trillion won to boost sagging domestic demand.

The global financial turmoil and the economic downturn are getting worse,Wen wrote in a signed article in Qiushi, a journal published by the Communist Party.

HONG KONG: Hong Kong shares closed 2.7pc higher.

The benchmark Hang Seng Index was up 375.70 points to 14,344.37 on turnover worth 52.11 billion Hong Kong dollars (6.72 billion US dollars).

Ben Kwong, associate director of KGI Asia, told Dow Jones Newswires he expects the index to be volatile this week, and to trade between 13,500 and 15,200 points.

Peter Lai, a director at DBS Vickers, advised caution. “I wouldn’t suggest investors chase stocks right now. It’s risky,” he said.

Heavyweight HSBC ended 0.5 percent higher, after rising as much as 3.3 per cent early on, as investors awaited its third-quarter trading update.

SYDNEY: Australian share prices closed five per cent stronger.

The benchmark S&P/ASX200 rose 203.5 points to 4,221.5, while the broader All Ordinaries gained 190.3 points or 4.8 per cent to 4,173.0 after a rally on Wall Street on Friday.

Preliminary turnover hit 1.29 billion shares worth 3.49 billion dollars (2.37 billion US).

Retailer Woolworths jumped 6.58 per cent to $29.63, while Wesfarmers leapt 13.41 per cent to 24.35.

National Australia Bank rose 4.63 per cent to 25.10 and ANZ Banking Group added 6.57 per cent to 18.50.

BHP Billiton jumped 6.82 per cent to 29.90 and rival Rio Tinto added 5.67 per cent to 82.00.

SINGAPORE: Share prices closed 5.0 per cent higher.

The main Straits Times Index put on 89.55 points to finish at 1,883.75.

Volume totalled 1.64 billion shares worth 1.14 billion Singapore dollars (US$780m).

Investors snapped up blue chip stocks on hopes the election of a new US president Tuesday will mean a clearer direction in economic policy from Washington.

KUALA LUMPUR: Malaysian share prices closed 4.1 per cent higher.

The Kuala Lumpur Composite Index was up 35.74 points to end the day at 899.35.

Deputy Prime Minister Najib Razak is expected to make the announcement during the winding up of debate on the 2009 Budget in Parliament.

Sime Darby rose 15 sen to 6.35 ringgit while logistics company MISC was flat at 8.50 and Malaysia’s largest bank, Maybank, gained 50 sen to 5.85 ringgit.

JAKARTA: Indonesian shares ended 7.6 per cent higher.

The Jakarta Composite Index gained 96.01 points to 1,352.71.

Most blue chips rose more than 15 percent.

Bank Mandiri added 20 percent to 1,870 rupiah and car distributor Astra International jumped 20 percent to 11,200 rupiah.

WELLINGTON: New Zealand share prices closed 1.27 per cent higher.

The benchmark NZX-50 index rose 35.80 points to 2,856.66.

Market leader Telecom rose nine cents to $2.44 , Contact Energy added 30 cents to 7.55 and Fisher & Paykel Appliances was up 10 cents at 1.45.

Air New Zealand rose three cents to 94 cents and pay television operator Sky TV added 11 cents to 4.00.

MUMBAI: Indian shares rose 5.62 per cent.

The benchmark 30-share Sensex index rose 549.62 points to 10,337.68.—AFP