InfoAnda - Asian stocks jump on Wall Street gains, China optimism

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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 stocks jump on Wall Street gains, China optimism AFP - Tuesday, December 14 Send IM Story Print Asian stocks jump on Wall Street gains, China optimism HONG KONG (AFP) - – Asian markets rose on Monday, lifted by Wall Street and bullishness about China, while Australian banking shares took newly unveiled reforms of the sector in their stride. Shanghai's Composite index surged 2.88 percent, or 81.91 points, to 2,922.92, its best one-day percentage gain since October 15, while Hong Kong's Hang Seng rose 0.67 percent, or 154.70 points, to close at 23,317.61 . Tokyo ended the session up 0.80 percent, or 81.94 points, at 10,293.89, while Sydney's S&P/ASX 200 rose 0.23 percent, or 11.2 points, to 4,757.1. Investors in China took a positive view following a top-level economic policy meeting that wrapped up Sunday, even as data showing unrelenting inflation raised pressure for an interest rate hike. At the close of the Central Economic Work Conference, China's leaders pledged to ensure "stable and healthy" economic development and to manage inflation expectations in an "active and stable way" in 2011. On the fraught issue of China's currency, which foreign critics say is held artificially low, the meeting said Beijing would continue to maintain the yuan at a "reasonable and stable" level, while also continuing with plans to free up its exchange rate. On Saturday, China's statistics bureau revealed that the consumer price index rose a faster-than-expected 5.1 percent year-on-year in November as food costs continued to soar. A day earlier the central bank said it would increase the bank reserve requirement ratio by 50 basis points, marking the sixth such move this year and highlighting growing anxiety among top leaders over inflationary pressures. However investors were heartened by data last week that showed both imports and exports rose by more than expected in November. Australian stocks enjoyed a relief rally led by shares in the major lenders after banking reforms unveiled on Sunday and touted as increasing competition proved less draconian than some observers had expected. "There's definitely been some buying interest in major banks post the reforms, which were always likely to be more of a slap on the wrist," Justin Gallagher, head of sales at RBS, told Dow Jones Newswires. "They were never going to compromise the health of the sector... We've now got some comfort that the government isn't going to do anything silly." On Friday, US stocks closed at two-year highs as investors welcomed a surprise narrowing of the trade deficit that raised hopes of a boost to economic growth. The Dow Jones Industrial Average rose 0.35 percent, the broader S&P 500 index climbed 0.60 percent and the tech-rich Nasdaq added 0.80 percent. The dollar edged up against other major currencies in Asia as investors awaited a raft of economic data and a meeting of the US central bank later this week, analysts said. The dollar changed hands at 84.33 yen in early European trade, up from 83.94 in New York late Friday. The euro fell to 1.3205 dollars from 1.3226 but rose to 111.34 yen from 111.02 yen. New York oil prices rose above 88 dollars in quiet Asian trade owing to a narrower US trade deficit and a blizzard sweeping across the American midwest. New York's main contract, light sweet crude for January delivery, climbed 28 cents to 88.07 dollars per barrel in the afternoon. Brent North Sea crude for January was also up, gaining 41 cents to 90.89 dollars. Gold closed at 1,390.50-1,391.50 US dollars an ounce in Hong Kong, unchanged from Friday. In other markets: -- Seoul closed up 0.53 percent, or 10.45 points, at 1,996.59. -- Manila fell 0.49 percent, or 20.37 points, to 4,115.38. Aboitiz Power fell 3.4 percent to 31.25 pesos, Metropolitan Bank & Trust was down 3.5 percent at 68.05 and Energy Development shed 1.3 percent to 6 pesos. -- Wellington rose 0.56 percent, or 18.37 points, to 3,291.29. Telecom gained 1.0 percent to 2.10 New Zealand dollars and infrastructure company Vector Ltd. shed 2.5 percent to 2.35. -- Taipei rose 0.20 percent, or 17.76 points, to 8,736.59. Flat-screen maker AU Optronics Corp rose 2.99 percent to 31.0 Taiwan dollars after Premier Wu Den-yih confirmed that its proposed investment in building a factory in China was progressing through a government screening procedure. Taiwan Semiconductor Manufacturing Co was 0.43 percent lower at 69.4. -- Jakarta fell 1.48 percent, or 55.48 points, to 3,692.23. Bank CIMB Niaga lost 14 percent to 2,075 rupiah, Bank Rakyat fell 1.4 percent to 10.850 and carmaker Astra ended down 1.7 percent at 53,000. -- Singapore's Straits Times Index fell 0.10 percent, or 3.10 points, to 3,182.32. Singapore Airlines rose 1.15 percent to 15.88 Singapore dollars and agricultural goods trader Olam International gained 1.29 percent to 3.14. -- Kuala Lumpur rose 0.17 percent, or 2.51 points, to 1,509.79. Olympia Industries rose 8.60 percent to 0.315 ringgit after expressing interest in buying Tanjong's gaming arm Pan Malaysia Pools, while food and beverage firm F&N was down 0.90 percent at 15.12. -- Bangkok slipped 0.24 percent, or 2.53 points, to 1,033.32. Banpu lost 10.00 baht to 794.00 baht and PTT gained 2.00 baht to 326.00. -- Mumbai ended 0.94 percent, or 182.89 points, higher at 19,691.78. Aluminium producer Hindalco rose 3.14 percent to 221.5 rupees while property firm DLF rose 3.49 percent to 293.2. Private bank HDFC Bank rose 0.88 percent to 2,240. 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