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Asian markets soar on renewed hopes for recovery
Asian markets surged higher Monday, powered by fresh hopes for a global economic recovery after gains in Europe and Wall Street as well as stronger commodity prices brightened sentiment.Tokyo drove 3.35 percent higher and Sydney gained 3.16 percent, as firmer copper prices lifted mining companies. Hong Kong added 1.67 percent while Manila roared 5.11 percent higher. Investors also saw further evidence of a stabilising Chinese market as Shanghai added 1.10 percent after recent sharp falls on overheating fears.The upbeat start to the week came after US stocks closed at fresh 2009 highs on Friday in response to bright housing data and Federal Reserve chief Ben Bernanke's comments that global recovery prospects "appear good."However, analysts said the buoyant mood would be tested by new US data this week, including a second preliminary estimate of US gross domestic product (GDP) for the second quarter on Thursday.
TOKYO: Up 3.35 percent. The Nikkei-225 climbed 342.85 points to 10,581.05. The market is approaching a 10-month closing high of 10,597.33 seen on August 14."The investor mood brightened over the weekend," Yukio Takahashi, market analyst at Mizuho Securities, told Dow Jones Newswires. Mining stocks and trading houses rose on hopes that demand for raw materials will get a boost from a global economic recovery.Inpex climbed 5.4 percent to 758,000 yen and Mitsubishi Corp. advanced 3.9 percent to 1,914 yen. Electronics and auto makers also gained as the dollar rebounded against the yen.Toyota Motor rose 2.3 percent to 4,070 yen and Honda Motor added 3.2 percent to 3,050 yen.HONG KONG: Up 1.67 percent. The Hang Seng Index finished the session 336.92 points higher at 20,535.94."Bernanke practically put up a sign on Friday saying "It's official, the recovery is happening, you should buy stocks now," which is going to get some lemmings off the fence," said a Hong Kong-based fund manager.Aluminium and alumina producer Chalco gained 3.4 percent to 9.21. China Construction Bank rose 2.6 percent to 5.99 dollars after posting Friday an above forecast net profit of 55.81 billion yuan (8.15 billion dollars) in the first-half.SYDNEY: Up 3.16 percent.
The S&P/ASX200 rose 135.5 points to 4,426.1. The index, which is at its highest since July 14, was also helped by strong commodities prices.CMC Markets' senior dealer Matt Lewis said as well as Bernanke's comments, a five percent rally in the copper price helped BHP Billiton close up 1.57 dollars at 38.18 dollars. Rival Rio Tinto added 2.67 dollars to 58.98. Fairfax Media rose five cents to 1.46 after posting a 380 million dollar net annual loss but indicated declines in advertising revenue may have bottomed.Qantas, which last week posted an 88 percent drop in annual net profit, rose 12 cents to 2.64. SHANGHAI: Up 1.10 percent. The Shanghai Composite Index, which covers A and B shares, was up 32.66 points at 2,993.43."The bubble in the market valuation has been corrected to a degree, and given the US shares' gains on Friday the market would be relatively well supported," Great Wall Securities analyst Zhang Yong said.
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