Asian stocks continue upward trend, helped by Wall Street rally
Asian stocks continue upward trend, helped by Wall Street rally
Agence France-Presse, Tokyo
Asian bourses continued their recent upward momentum Friday,
helped by a strong rally on Wall Street.
Seoul rose for a sixth successive day, while Tokyo, Hong Kong
and Taipei were up for a fifth day in a row as investors drew
confidence from stability on US markets.
Japanese share prices surged 1.4 percent, with the Nikkei-225
average closing above the symbolic 9,000-point level for the
first time in two weeks, dealers said.
The headline index on the Tokyo Stock Exchange rose 126.25
points to end the day at 9,086.13 while the broader Topix index
of all issues on the market's first section finished 9.49 points
higher at 893.95.
"Retail investors, in particular, seem to have turned more
active recently thanks to a steadier performance in the US equity
market," said Akihiro Shiroeda, general manager of the investment
information department at Nozomi Securities.
"They now seem to think that the US market... will maintain a
stable performance in the near-term," he said.
In New York on Thursday, the Dow Jones industrial gained 3.0
percent, while the tech-heavy Nasdaq composite jumped 3.2
percent.
Share prices in Hong Kong rose 0.4 percent, extending recent
gains after rises on Wall Street.
The key Hang Seng index gained 36.92 points to close at
9,613.07.
Share prices in Singapore closed 0.3 percent lower as profit
taking set in after five consecutive sessions of gains.
The Straits Times Index ended 4.63 points down at 1,461.39,
while the broader All-Singapore Equities Index closed 0.62 points
lower at 382.33.
Malaysian share prices rose 2.1 percent on bargain hunting and
foreign interest after gains on Wall Street.
The Kuala Lumpur Stock Exchange composite index rose 13.32
points to finish at 652.25.
Taiwanese stocks rose 4.1 percent in a technical rebound with
sentiment further boosted by strong gains on Wall Street.
The weighted price index closed up 177.36 points at 4,458.17,
off an early high of 4,465.99.
Philippine share prices fell 1.2 percent due to the twin bomb
blasts in the southern city of Zamboanga that killed seven
people.
The Philippine Stock Exchange composite index fell 11.91
points to 1,027.67.
"The market was down because of the Zamboanga bombings and the
bomb scares that followed," said Joseph Roxas of Eagle Equities
Inc.
"The bombing incident is making the market weaker. That was
the factor that prevented the market from following the lead of
the major bourses like the US," said Jose Vistan of AB Capital
Securities Inc.
Thai stocks rose 2.8 percent in active trade due to impressive
earnings posted by the banking and finance sectors and positive
sentiment after gains in US markets.
The Stock Exchange of Thailand composite index gained 9.28
points to close at 342.46, while the blue-chip SET 50 index was
up 0.69 points at 21.81.
Meanwhile, Indonesian share prices rose 1.6 percent, due to a
technical rebound led by Astra International coupled with firmer
regional bourses after Wall Street's overnight gains.
The Jakarta Stock Exchange composite index closed up 5.8
points at 360.905.
"The market's volatility prompted investors to take quick
gains," BNI Securities dealer Martiana Budiarti said, adding that
overall sentiment remains jittery since the weekend Bali bomb
attacks.
"The government is doing very little to reassure investors of
concerns about the security situation which is expected to cap
the rebound in stocks," Budiarti said.