HONG KONG, July 23: Asian shares rose sharply on Wednesday following an oil price tumble, with India surging nearly six per cent after the country's ruling coalition survived a parliamentary no-confidence vote.

The Mumbai bourse jumped 5.94 per cent after the government's win in the vote held Tuesday put paid to fears of early elections, raising hopes of progress for a controversial nuclear deal with the US and other economic reforms.

Japan, Asia's biggest bourse, ended up nearly one per cent, but China bucked the trend to end down.

Sydney shrugged off data showing annual inflation hit 4.5 per cent in June.

The increase from 4.2 per cent over the year to March had taken inflation to its highest level since late 1995, excluding a spike due to a tax change in July 2000, the Australian Bureau of Statistics said.

Investors took their cue from New York where stocks staged a late rally Tuesday as crude oil prices plunged more than three dollars, helping to ease concerns about inflation.

The market was also relieved that results from some top US banks were not as bad as feared despite the global credit crunch following the subprime loan crisis.

TOKYO: Japanese share prices rose almost one per cent to a two-week high, lifted by a rally on Wall Street, a drop in crude oil prices and easing financial worries, dealers said.

They said a weaker yen eased concerns about the outlook for export earnings, giving an additional boost to the market.

The Tokyo Stock Exchange's benchmark Nikkei-225 index closed up 127.97 points or 0.97 per cent at 13,312.93. The broader Topix index of all first-section shares added 15.61 points or 1.21 per cent to 1,303.35.

HONG KONG: Hong Kong share prices closed up 2.69 per cent, dealers said.

The benchmark Hang Seng Index jumped 607.07 points to 23,134.55. Turnover was 75.79 billion Hong Kong dollars (9.72 billion US).

SYDNEY: Australian shares closed 2.0 per cent higher, dealers said.

The benchmark S&P/ASX 200 index rose 99.7 points to 5,105.3, while the broader All Ordinaries gained 5.7 points or 1.69 per cent to 5161.6.

It was clearly a financial services-driven market today, Austock Securities senior client adviser Michael Heffernan said.

Among the major banks, NAB gained 7.05 per cent to $29.60.

SINGAPORE: Singapore share prices closed 3.06 per cent firmer, dealers said.

The blue-chip Straits Times Index finished 88.32 points higher at 2,978.98.

Volume traded totalled 1.37 billion shares worth 1.75 billion Singapore dollars (1.29 billion US).

KUALA LUMPUR: Malaysian share prices closed 2.7 per cent higher, dealers said.

The Kuala Lumpur Composite Index gained 29.84 points to 1,139.41.

JAKARTA: Indonesian shares closed up 0.6 per cent, dealers said.

The Jakarta Composite index rose 13.09 points to 2,225.84.

WELLINGTON: New Zealand share prices closed 1.84 per cent higher, dealers said.

The benchmark NZX-50 index closed 57.74 points higher at 3,201.65.

I think we've come to a period in the market place where it did get, last Tuesday, pretty aggressively oversold, said Nigel Scott of ABN Amro Craigs.

MUMBAI: Indian shares closed up 5.94 per cent Wednesday after the government won a parliamentary confidence vote, boosting its economic reform agenda, dealers said.

The benchmark Mumbai 30-share Sensex index rose 838.08 points or 5.94 per cent to 14,942.28, its fifth straight day of gains.—AFP