Market Updates
Asian Markets Rally
Elena
19 Apr, 2006
New York City
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Asian markets posted solid gains at close, reflecting strength on Wall Street and speculations the Fed Reserve will stop increasing interest rates. The Nikkei rose 0.7% on tech and property stocks. South Korean Kospi advanced 1.3%, supported by Samsung Electronics and LG Electronics. Taiwan Weighted index gained 1.1%, Singapore Straits Times rose 0.9%, and Australia
[R]7:45AM Asian markets closed sharply higher.[/R]
Asian-Pacific benchmarks sharply advanced across the region, reflecting a strong U.S. markets rally overnight and speculations that the Fed’s cycle of rate increases was coming to an end. As a result regional technology and property stocks gained strength. Retreating oil prices also provided a boost to the market sentiment. The Nikkei rose 0.7% to 17,350.12, lifted by financial, tech and consumer shares. Among leading gainers, Fujitsu climbed 1.3%, Sony rose 2.1%, and Kyocera surged to 3.1%. South Korea’s Kospi soared 1.3%, boosted by a 2.3% advance for Samsung Electronics and 2% rise in LG Electronics. Hong Kong’s Hang Seng climbed 1.2% on support from property and energy stocks. Taiwan Weighted index gained 1.1%, Singapore Straits Times rose 0.9%, and Australia’s All Ordinaries was up 0.6%.
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