Asian stocks close mostly up
Tuesday, 26 August 2008
HONG KONG, Aug 25 (AFP): Asian shares closed mostly up Monday, led by a 3.5-per cent jump in the Hong Kong stock market, as a rally on Wall Street at the end of last week lifted spirits.
Reports that China is mulling an economic stimulus package worth around US$54 billion also boosted the Hong Kong bourse. The Chinese economy has slowed, with poor growth in the developed world threatening its export engine.
Speculation that struggling US investment bank Lehman Brothers could be taken over or win a cash infusion boosted Wall Street late last week and improved the mood in Asia Monday.
Meanwhile, world oil prices continued to decline in Asian trade on the back of gains in the dollar, which has been rising against the euro and sterling on growing concern about the slowing European economies.
Japan, Australia and Taiwan each rallied around 1.7 per cent Monday. Mainland China, South Korea, Singapore and India registered more modest gains.
The falling oil price, which stands at around $114 per barrel, hit some commodity-heavy smaller bourses, with Thailand and Malaysia both falling back. The Philippine market was shut for a holiday.
Investors are waiting for a spate of economic data from the US, which has been growing slowly after a financial crisis.
TOKYO: Japanese share prices closed up 1.68 per cent, bouncing off a near five-month low on a positive lead from Wall Street, a drop in oil prices and a weaker yen, dealers said.
HONG KONG: Hong Kong shares closed up 3.5 per cent, dealers said.
The benchmark Hang Seng Index surged 712.73 points to 21,104.79. But turnover was light at 55.62 billion Hong Kong dollars ($7.13 billion).
SYDNEY: Australian shares closed up 1.7 per cent, dealers said.
SHANGHAI: Chinese share prices closed up 0.34 per cent, dealers said.
TAIPEI: Taiwan share prices closed up 1.72 per cent, dealers said.
The weighted index rose 119.08 points at 7,030.72 on turnover of 65.73 billion Taiwan dollars ($2.09 billion).
Reports that China is mulling an economic stimulus package worth around US$54 billion also boosted the Hong Kong bourse. The Chinese economy has slowed, with poor growth in the developed world threatening its export engine.
Speculation that struggling US investment bank Lehman Brothers could be taken over or win a cash infusion boosted Wall Street late last week and improved the mood in Asia Monday.
Meanwhile, world oil prices continued to decline in Asian trade on the back of gains in the dollar, which has been rising against the euro and sterling on growing concern about the slowing European economies.
Japan, Australia and Taiwan each rallied around 1.7 per cent Monday. Mainland China, South Korea, Singapore and India registered more modest gains.
The falling oil price, which stands at around $114 per barrel, hit some commodity-heavy smaller bourses, with Thailand and Malaysia both falling back. The Philippine market was shut for a holiday.
Investors are waiting for a spate of economic data from the US, which has been growing slowly after a financial crisis.
TOKYO: Japanese share prices closed up 1.68 per cent, bouncing off a near five-month low on a positive lead from Wall Street, a drop in oil prices and a weaker yen, dealers said.
HONG KONG: Hong Kong shares closed up 3.5 per cent, dealers said.
The benchmark Hang Seng Index surged 712.73 points to 21,104.79. But turnover was light at 55.62 billion Hong Kong dollars ($7.13 billion).
SYDNEY: Australian shares closed up 1.7 per cent, dealers said.
SHANGHAI: Chinese share prices closed up 0.34 per cent, dealers said.
TAIPEI: Taiwan share prices closed up 1.72 per cent, dealers said.
The weighted index rose 119.08 points at 7,030.72 on turnover of 65.73 billion Taiwan dollars ($2.09 billion).