0
HONG KONG, Dec 2: Asian stocks roared ahead on Friday after fears of inflation induced interest rate hikes abated in the United States in response to the release of softer than expected consumer spending figures.
This resulted in a galloping performance by Wall Street and markets in the Asia Pacific region followed suit with Tokyo — already buoyed by its own economic outlook — led the surge and closed at a fresh five year high.
TOKYO: Share prices jumped 1.92 per cent to above 15,400 points for the first time in over five years as investors remained enthusiastic about prospects for the economy.
Dealers said a weaker yen, which helps exporters, and a solid performance on Wall Street, where worries about US inflation eased, had added further cheer for investors here.
The Nikkei-225 index rose 291.10 points to 15,421.60, the highest closing level since October 16, 2000 when it hit 15,512.
The overall market mood was lifted as both export-oriented electronics shares and domestic demand-oriented banks were bought actively, said Hideo Mizutani, a chief strategist at Sieg Securities.
This means that investors are expecting a further rise.
HONG KONG: Share prices closed 0.88 per cent higher as the latest economic data from the US, which showed an easing in inflationary pressures, renewed hopes that the interest rate-rise cycle there will be brought to an end soon.
SYDNEY: Share prices closed 0.95 per cent higher as rising commodity prices and a positive lead from Wall Street helped end a three-day losing streak.
Among the resources stocks, BHP Billiton added 0.45 to 21.95 dollars and Rio Tinto added 1.52, or 2.52 per cent, to close at 61.92.
Newcrest closed 0.89 higher at 21.15 and Lihir gold gained 0.04 to 2.12.
SINGAPORE: Share prices closed 0.93 per cent higher on gains in technology stocks following an upbeat outlook for the sector due to rising global demand.
KUALA LUMPUR: Share prices closed 0.30 per cent lower with most investors reluctant to take fresh positions ahead of the weekend.
The central bank announced earlier this week a 30-basis point increase in its overnight policy rate to 3.0 per cent.
Among blue chips, Tenaga Nasional was down 0.15 ringgit at 9.60, Telekom Malaysia down 0.10 at 9.30 while Maybank was flat at 11.10.
JAKARTA: Share prices closed 2.10 per cent higher, with news of an impending reshuffle of economic ministers giving the market’s Wall Street-led gains a further boost.
Among the gainers, Telkom was up 100 rupiah at 5,550 and Indosat was up 100 at 5,600. Cigarette maker Gudang Garam added 150 to finish at 11,000 and Astra International rose 300 to 9,550.
WELLINGTON: Share prices closed 0.15 per cent higher in a muted end to the week’s trading with market leader Telecom up four cents at $5.79.—AFP
