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HONG KONG, Feb 15,: Asian stocks extended recent gains on Thursday by following Wall Street's lead and closing sharply higher amid improving prospects for the United States and perhaps a move to cut interest rates.
The outlook for US rates was brightened, dealers said, after Federal Reserve chief Ben Bernanke told Congress he foresees “sustainable” economic growth ahead with inflation likely to ease.
This helped Sydney, Shanghai and Singapore to close at record highs with many other markets also nearing historic levels.
Tokyo rose 0.81 per cent to its highest levels in more than six years while Manila jumped 2.38 per cent and is nearing its best levels ever. Mumbai surged 2.47 per cent, Jakarta 2.25 per cent and Kuala Lumpur climbed 1.04 per cent.
TOKYO: Share prices closed up 0.81 per cent at a more than six-year high as investors cheered unexpectedly strong fourth-quarter economic growth figures.
The Nikkei-225 index added 144.59 points to 17,897.23. Volume was 2.39 billion shares, compared with 2.40 billion on Wednesday.
Kazuhiro Takahashi, general equity manager at Daiwa Securities SMBC, said the market had been buoyed by stronger-than-expected Japanese gross domestic product (GDP) data.
HONG KONG: Share prices closed sharply higher, up 1.63 per cent, led by blue chips after comments by US Federal Reserve chairman Ben Bernanke gave rise to hopes for an interest rate cut later this year.
The Hang Seng Index closed up 328.51 points at 20,538.42. Turnover was 49.43 billion Hong Kong dollars (6.3 billion dollars).
SYDNEY: Share prices rose 0.52 per cent to a third consecutive record close as strong company profit results lifted the market.
The SP/ASX 200 closed up 32.3 points at 5,992.8. A total of 1.63 billion shares worth 5.8 billion dollars (4.6 billion US) were traded.
Bell Potter Securities private client advisor Stuart Smith said strong earnings reports drove the market higher.
SINGAPORE: Share prices closed at a new record high, boosted by a corporate tax cut and other pro-market measures in the government's budget.
The Straits Times Index closed up 70.28 points at 3,252.49. Volume traded was 2.05 billion shares valued at 2.02 billion dollars (1.32 billion US).
KUALA LUMPUR: Share prices closed 1.04 per cent higher in line with regional markets after Wall Street's overnight rally.
Dealers said gains were also underpinned by a string of strong corporate results.
The composite index was up 12.99 points at 1,258.63 on volume of 3.54 billion shares worth 4.08 billion ringgit (1.17 billion dollars).
JAKARTA: Share prices closed 2.25 percent higher for a third straight day of gains with sentiment supported by overnight gains on Wall Street that spilled over into regional markets.
The composite index closed up 39.419 points at 1,790.405 on volume of 3.08 billion shares worth 3.46 trillion rupiah (382.45 million dollars). Telkom rose 250 rupiah to 9,500.
WELLINGTON: Share prices closed 0.27 percent higher, with the lead in offshore markets outweighing a fall in Fletcher Building's price.
The NZX-50 index gained 11.36 points to 4,192.67 on turnover worth 13.43 million dollars (92.38 million US).
“A positive day on the market today, not surprising considering the strong offshore performances we saw last night and today in Asia,” said Grant Williamson of Hamilton Hindin Greene.
Fletcher Building fell 15 cents to 10.95, following a 25 cent fall the previous day after announcing a 2.0 percent rise in first half net profit to 193 million dollars.
MUMBAI: Share prices surged 2.47 per cent to snap four straight days of losses despite inflation at a two-year peak.
On Thursday, the government said wholesale prices rose to 6.73 per cent for the year to February 3.
The 30-share BSE Sensex index rose 345.65 points to 14,355.55.—AFP
