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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 Singapore Asia Pacific World Shares rise on optimism over global economy AFP - Thursday, April 8 Send IM Story Print HONG KONG (AFP) - – The dollar rose further against the yen Wednesday while Asian stocks were also higher on growing optimism the global economy is gaining strength. The Bank of Japan (BoJ) announced that it will keep its super-low interest rates as it tries to kickstart its economy. The central bank's move followed the release of minutes by the US Federal Reserve, which hinted that an immediate rate hike in the world's biggest economy was unlikely. The dollar rose to 94.16 yen in Tokyo afternoon trade from 93.78 yen late Tuesday in New York. The yen's weakness boosted Japanese exporters, although profit-taking pared earlier stock market gains, with Tokyo's Nikkei index ending 10.51 points stronger at 11,292.83. Oil was also pushed to its highest level in 18 months on hopes that a strengthening economy will lead to increased demand for the black gold. The BoJ Wednesday held rates at 0.1 percent, adding more selling pressure on the Japanese unit, which has also been hit by traders moving into more risky currencies due to the prevailing upbeat outlook. "Players still do not want to hold low-interest rate currencies like the yen," Yosuke Hosokawa, head of the forex group of Chuo Mitsui Trust Bank, said. "The market now tends to shift to currencies with higher interest rates. That trend is likely to continue for now." The euro declined to 1.3382 dollars from 1.3397 but rose to 126.01 yen from 125.65. The European unit was hit by fresh concern over Greece following reports that Athens wanted to ditch or amend last month's European Union-International Monetary Fund plan to help it out of its debt crisis. Hong Kong ended 1.82 percent, or 391.77 points, higher to close at 21,928.77, with the market playing catch-up with the rest of the region after a five-day holiday weekend. Sydney rose 0.15 percent, or 7.2 points, to close at 4,960.9. And Mumbai added 0.37 percent, breaking the psychological 18,000 barrier for the first time since February 2008 due the continuing strong sentiment. It later fell back to end 0.16 percent, or 28.65 points, higher at 17,970.02. Confidence in the global economy was boosted on Friday when the US announced that 162,000 jobs were created in the United States in March, the most in three years. The Fed minutes revealed that the central bank was still considering an exit strategy from stimulus measures announced during the global crisis, with policymakers seeing the recovery as "likely to proceed at a moderate pace." However, Shanghai fell 0.33 percent, or 10.46 points, to close at 3,148.22 as property developers and banks were hit by concerns over possible monetary tightening measures by Beijing. "There are growing concerns over further tightening measures targeting the property market as the asset bubble is escalating," Capital Securities analyst Jacky Zhang told Dow Jones Newswires. Meanwhile the World Bank said China's massive economy had helped developing East Asian economies recover from the downturn thanks to its voracious appetite for imports. "Largely thanks to China, the region's output, exports and employment have mostly returned to the levels before the crisis," the Washington-based lender said in its twice-yearly update on East Asian and Pacific countries. Developing East Asia will lead the global economy this year, the bank said, upgrading its 2010 growth forecast for the region to 8.7 percent from its previous estimate in November for 7.8 percent growth. Oil was mixed in Asian trade, with New York's main contract, light sweet crude for delivery in May, shedding 13 cents to 86.71 dollars. The benchmark futures contract briefly topped 87.09 dollars on Tuesday, the highest level since October 9, 2008. Brent North Sea crude for May added eight cents to 86.23 dollars. Gold closed at 1,135.50-1,136.50 US dollars an ounce in Hong Kong, up from Thursday's close of 1,115.50-1,116.50 dollars. The market has been closed for public holidays. In other markets: -- Singapore closed 0.42 percent, or 12.59 points, higher at 2,988.10. Singapore Airlines rose 0.26 percent to 15.62 Singapore dollars, DBS Group Holdings was 0.27 percent higher at 14.72 and CapitaLand added 0.25 percent to 4.06. -- Seoul ended flat for a third straight day, with the KOSPI adding 0.51 points to 1,726.60. -- Taipei closed up 0.40 percent, or 32.13 points, at 8,121,78. Taiwan Semiconductor Manufacturing Co gained 0.16 percent to 63.5 Taiwan dollars and United Microelectronics Corp rose 0.88 percent to 17.2. -- Jakarta advanced 0.61 percent, or 17.61 points, to end at 2,898.58. Bank Central Asia gained 2.6 percent to 5,850 rupiah, cigarette maker Gudang Garam rose 5.5 percent to 27,000 and construction company Adhi Karya jumped 15 percent to 550. -- Kuala Lumpur closed flat, adding 0.72 points to 1,345.09. Dealers said late buying of blue-chips helped push the index into positive territory as most sectors had succumbed to profit-taking earlier, after the index recorded 11 straight gains. Glove-maker Supermax gained 4.20 percent to 7.45 ringgit and builder IJM was down 1.60 percent to 4.80. -- Manila rose 0.52 percent, or 16.89 points, to close at 3,270.37, its highest finish since February 2008. Metropolitan Bank and Trust Co gained 1.0 percent to 50.50 pesos while Ayala Corp. rose 2.2 percent to 355 pesos. -- Wellington added 0.49 percent, or 16.17 points, to close at 3,325. Air New Zealand rose 0.7 percent to 1.39 New Zealand dollars, a two-year high, while Infratil ended 0.6 percent higher at 1.75. -- Bangkok closed 0.55 percent, or 4.48 points, higher at 812.63. The gains came despite major demonstrations taking place on the streets of the capital in which protesters briefly stormed the parliament. Among the major shares, Banpu jumped 16.00 baht to 650.00 and PTT Plc gained 6.00 baht to close at 279.00 baht. 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