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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Asian shares rise on outlook for global economy AFP - Wednesday, January 5 Send IM Story Print HONG KONG (AFP) - – Asian markets extended their New Year gains on Tuesday as dealers welcomed further data pointing to a recovery in the United States as well as manufacturing strength around the world. With all major Asian markets open for the first time in 2011, Tokyo added 1.65 percent, or 169.18 points, to close at 10,398.10, a seven-and-a-half-month high and Hong Kong added 0.99 percent, or 232.43 points, to end at 23,668.48. Seoul, which jumped to a record high on Monday, extended its gains 0.73 percent, or 15.06 points, to finish at 2,085.14. Shanghai was 1.59 percent, or 44.57 points, higher at 2,852.65. However, Sydney edged down 2.7 points to 4,742.5 as insurance firms weakened due to deadly floods that have battered Australia. The markets were given a strong lead by Wall Street on Monday, where the Dow jumped 0.81 percent to a two-year high following figures showing US manufacturing had picked up for the 17th straight month in December. The Institute for Supply Management index rose to 57.0 from 56.6 in November, slightly below most analysts' expectations. A figure above 50 percent denotes growth and a figure below indicates contraction. Also on Monday the eurozone's Markit indicator of industrial and services activity showed a rebound to 57.1 in December against 55.3 in November and 54.6 in October. That followed similar advances in Taiwan and South Korea, while two purchasing managers' indexes in China said last week that growth had continued last month, albeit more slowly. The US figures boosted the dollar, which climbed to 82.10 yen in Tokyo morning trade from 81.70 yen in New York late Monday. With the improved sentiment, risk appetite increased, sending the euro up to 109.65 yen from 109.07 yen. The single currency was flat at 1.3356. "An overnight rise in New York stocks and strong US economic data supported the dollar," said Nobuaki Tani, a dealer at Resona Bank. "Dollar-positive sentiment on expectations of US economic recovery is likely to persist as the market awaits upcoming data such as a US employment report later this week," he told AFP. Dealers on Sydney's ASX sold off insurers amid concerns over the impact of the floods that have hit parts of Queensland and are expected to continue, with more rain forecast. The extent of the floods' damage, described by Queensland Treasurer Andrew Fraser as "of biblical proportions", and the cost to insurers is unlikely to be known until the floodwaters start to recede. Insurance Australia Group was down 1.55 percent and QBE Insurance Group fell 2.09 percent. Oil prices were mixed in Asian afternoon trade thanks to the strong US economic data. New York's main contract, light sweet crude for February delivery, dipped eight cents to 91.47 dollars per barrel. Brent North Sea crude for February was up three cents at 94.87 dollars. Gold closed at 1,414.00-1,415.00 US dollars an ounce in Hong Kong, down from Monday's close of 1,418.50-1,419.50. In other markets: -- Singapore closed up 0.45 percent, or 14.52 points, to 3,250.29. United Overseas Bank gained 1.08 percent to 18.76 Singapore dollars and Singapore Airlines dipped 1.30 percent to 15.20. -- Taipei fell 0.31 percent, or 28.11 points, to 8,997.19. Nan Ya Plastics edged down 0.28 percent at 72.4 Taiwan dollars while Taiwan Cement closed 0.75 percent lower at 33.5. -- Manila edged down 3.52 points to 4,218.73. Manila Electric gained 0.8 percent to 247 pesos, Semirara Mining added 3.1 percent to 189.50 and First Philippine Holdings ended 1.5 percent higher at 68. But Metropolitan Bank slipped 0.1 percent to 72.95. -- Jakarta gained 0.87 percent, or 32.5 points, to 3,760.06. Coal producer Bumi jumped 4.0 percent to 3,250 rupiah, rival Bukit Asam was also 4.0 percent higher at 24,900, and car maker Astra slipped 3.5 percent to 52,500. -- Kuala Lumpur closed up 1.20 percent, or 18.47 points at 1,551.89. The market closed at a new high on the back of positive regional sentiment and fresh foreign funds. Palm oil giant Sime Darby rose 5.70 percent to 9.46 ringgit, top lender Maybank added 2.60 percent to 8.77 while Malaysia Airports shed 3.40 percent to 5.99. -- Bangkok rose 0.93 percent or 9.65 points to 1,042.41. Banpu gained 50.00 baht to 842.00, while PTT added 10.00 baht to 330.00. -- Mumbai fell 0.30 percent, or 62.33 points, to 20,498.72 on profit-taking after four days of gains. Banking, auto and software stocks softened in particular. India's largest commercial bank State Bank of India fell 3.09 percent, or 87.25 rupees, to 2,733.6, while the largest private bank, ICICI Bank, fell 3.45 percent, or 39.5 rupees, to 1,104.1. India's largest software exporter TCS fell 1.36 percent, or 15.8 rupees, to 1,143. -- Wellington was closed for a public holiday. -- Dow Jones Newswires contributed to this story -- Recommend Send IM Story Print Related Articles MIDEAST STOCKS-Qatar rises for fifth session, Egypt advances Reuters - 32 minutes ago Saudi confirms F-15 part of arms deal, talks on track Reuters - 33 minutes ago China economy 'grew 10% in 2010': central bank AFP - 33 minutes ago US-BUSINESS Summary Reuters - 40 minutes ago Factory orders rebound, brighten growth view Reuters - 40 minutes ago News Search Top Stories German jobless total tops 3 mln for December Grey skies mar views of solar eclipse European stocks rise, FTSE starts with a 'bang' Spain's ACS snaps up stake in German builder Ivory Coast rivals agree to meet More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Falling blackbirds baffle Arkansas officials Hasta la Vista: Arnie quits as California governor Spain lotto winner nearly loses millions by tossing tickets Goldman deal 'values Facebook at $50 billion' Online travel firm Expedia drops American Airlines More Most Viewed » More Most Recommended » Elsewhere on Yahoo! 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