TOKYO, Nov 26: Share prices in Asia rallied on Monday after a solid performance on Wall Street at the end of last week on mounting hopes the United States economy will recover next year.
Key stock indexes in Tokyo and Seoul led the way, rising by 3.4 and 4.5 per cent respectively due to the improved sentiment also boosted by upcoming changes to the Morgan Stanley Capital International Index (MSCI).
Brokers said Tokyo stocks climbed 3.4 per cent to a three-month high as investors welcomed the stronger US market, a weakening yen and apparent progress in Japan’s economic reforms.
The Nikkei average of 225 leading issues on the Tokyo Stock Exchange closed up 367.48 points at 11,064.30, its highest finish since August 28 when it ended at 11,189.40.
Expensive hi-tech and telecoms issues gained along with major banks, which issued their interim earnings reports late in the day, mostly after the closing bell.
HONG KONG: Hong Kong share prices rose 0.6 per cent after the rises in the US markets late last week.
The Hang Seng index gained 69.60 points to close at 11,391.96 with dealers saying many property stocks outperformed the broader market after strong sales over the weekend.
Eugene Law, an analyst with Shenyin Wanguo Securities, said there was no clear direction for the Hang Seng as sentiment turned cautious after recent gains.
SYDNEY: Australian share prices closed 0.4 per cent higher as investors continued to buy blue-chip equities due to improving sentiment.
The All Ordinaries index closed 14.1 points higher at 3,284.70 while the SP/ASX 200 rose 15.6 points to 3,348.50.
The market mood continued to improve ahead of the change of the Morgan Stanley Capital International (MSCI) index on November 30, dealers said.
SINGAPORE: Singapore share prices closed 1.2 per cent higher, buoyed by Wall Street’s gains and upcoming changes to the Morgan Stanley Capital International index.
The Straits Times Index rose 17.35 points to 1,475.55.
“The talk of MSCI changes plus the fact that the Afghanistan war is coming to its tail-end are boosting the market today. It’s anticipatory buying ahead of the MSCI changes,” a dealer at a local brokerage said.
He said stocks bought included those that are likely to be included in the MSCI’s Singapore index for the first time.
KUALA LUMPUR: Malaysian share prices closed up 0.1 per cent following speculative buying of smaller stocks.
The Kuala Lumpur Stock Exchange composite index rose 0.95 points to finish at 640.48.
An institutional dealer with a local brokerage said volume was heavy with second and third liners “churning a lot of the volume” on speculative trading.
MUMBAI: Indian share prices closed 2.2 per cent higher on the Bombay Stock Exchange (BSE) as technology stocks were keenly bought led by Infosys Technologies after a solid Wall Street performance last week.
The benchmark 30 share BSE-sensitive index rose 70.39 points to close at 3,322.59.
WELLINGTON: New Zealand sharemarket was up 0.3 per cent, with star performer Fisher and Paykel Appliances counteracting a fall in Telecom.
The NZSE40 capital index ended the day up 5.99 points at 2,009.35.
One local dealer said it was largely Australian interest that pushed Fisher and Paykel Healthcare up 70 cents to a fresh record of $17.50.—AFP