Asian marts close sharply higher
Asian marts close sharply higher
HONG KONG (AP): Most Asian stock markets closed sharply higher Monday following last week's dramatic gains on Wall Street.
In Jakarta, Indonesian shares closed higher on foreign bargain-hunting after President Abdurahman Wahid said it would be illogical to adopt capital controls to shore up the local currency.
The Composite Index rose 2.1 percent, or 9.497 points, to 453.945.
The Japanese benchmark 225-issue Nikkei Stock Average rose for a fourth straight session, climbing 401.73 points, or 2.39 percent, to 17,201.79. On Friday, the Nikkei gained 105.76 points, or 0.63 percent.
Technology stocks led the Nikkei to its first close above 17,000 since May 18.
Asian bourses took their cue from Wall Street, where shares soared Friday after the U.S. government said that businesses cut more jobs in May than any month in the last nine years.
The report eased concerns that the world's largest economy is overheating, raising confidence the Federal Reserve won't be forced to lead up interest rates to control inflation.
The tech-heavy Nasdaq composite index surged 230.88 points, or 6.4 percent, to 3,813.38 on Friday. The Dow Jones industrial average rose 142.56 points to 10,794.76.
In currency trading, the U.S. dollar was quoted at 107.84 yen, down 0.94 yen from Friday in Tokyo and also below its level of 108.14 in New York trading later that day.
South Korean shares posted the sharpest gains, with the key index rising 4.4 percent on heavy foreign buying. The Korea Composite Stock Price Index rose 33.52 points to 794.21.
In Hong Kong, the blue-chip Hang Seng Index surged 577.58 points, or 3.8 percent, closing at 15,861.68. On Friday, the index had gained 342.91 points, or 2.3 percent.
Hong Kong brokers said fears of escalating U.S. interest rate hikes have subsided.
"The urgency for rate hikes isn't as big as before and the pace of increases will slow down," said Kenny Tang, research manager at Tung Tai Securities.
Singapore shares also ended sharply higher on the easing of concerns about rising interest rates. The Straits Times Index gained 72.03 points, or 3.77 percent, to close at 1982.43.
Bucking the trend was the Kuala Lumpur Stock Exchange, where the main Composite Index fell 9.86 points, or 1.1 percent, to 881.39.
The market was closed in New Zealand for a holiday.
In Bangkok, Thai shares also soared on the back of gains in U.S. markets. The Composite Index rose 13.32 points, or 3.9 percent, to 352.60.
In Manila, Philippine shares surged on bargain-hunting as gains late last week on Wall Street and favorable May inflation data cheered investors. The 30-company Philippine Stock Exchange Index rose 39.90 points, or 2.6 percent, to 1552.65.
In Taipei, the main Weighted Stock Price Index rose 22.57 points, or 0.25 percent, to 8,958.21.
In Sydney, the Australian share market closed higher, but lost some of its steam in afternoon trading as investors' minds turned to Wall Street's next move. The All Ordinaries Index rose 8.8 points, or 0.3 percent, to 3,105.1.