Posted on 05/03/2009 10:16:30 PM PDT by Steelfish
Asian Stock Markets Rally on Optimism Over China
By BETTINA WASSENER Published: May 4, 2009
HONG KONG — Asian stock markets on Monday rallied to some of their highest levels since mid-October as investors focused on the latest signs of economic stabilization in China and shrugged off concerns about a global swine flu pandemic and the fallout of Chrysler’s bankruptcy filing last week.
The Hang Seng index in Hong Kong rose 3.9 percent to its highest since mid-October, and the Shanghai composite index in mainland China rose 2.3 percent.
The Taiex index in Taiwan jumped more than 6 percent, buoyed also by Goldman Sachs’ decision to raise its recommendation on the island’s equities to “overweight.” Warming trade ties with China have helped the market to rise in recent weeks on hopes that some of the island’s companies will see extra business.
The Straits Times index in Singapore was up 3 percent by midday, and South Korean markets rose 1.4 percent. Japanese markets are closed the first three days of the week for a public holiday.
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