Asian Markets Surge on Economic Outlook

123jump.com Staff
17 Feb, 2010
New York City

Asian markets soared following the gains in New York and Europe. The benchmark index in India increased ahead of the government budget on Feb 26. Australian index gained on better economic outlook.

[R]9:00 PM Mumbai, 10:30 AM New York – Asian markets soared following the gains in New York and Europe. The benchmark index in India increased ahead of the government budget on Feb 26. Australian index gained on better economic outlook.[/R]

Asian markets surged following gains in New York and Europe. Commodities advanced on the expectations of speedier economic recovery in the U.S.

The benchmark index in Japan soared 2.7% following the gains in New York and Europe. Automakers, steel mills and shipping companies led the advance. Toyota may recall Corolla is power steering is found defective.

In a pre-budget rally, stocks in Mumbai continue to advance. Finance Minister Mukherjee is scheduled to release budget on Feb 26. Tata Steel gained after it reported consolidated profit. Banks surged.

Australian stocks and dollar closed higher. Better economic outlook and expectations of higher rates in the year drove the market sentiment. Westfield annual loss shrank on a stake sale. CSL Ltd surged 5% on 23% increase in first half net. Coca-Cola Amatil Ltd net increased 16%, lower than expected.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 272.58 or 2.72% to 10,306.83, Hang Seng index in Hong Kong increased 265.32 or 1.31% to 20,534.01. ASX 200 index in Australia increased 100.10 or 2.19% to 4,667.90. The FTSE Bursa KL Composite index in Malaysia closed higher 5.68 or 0.45% to 1,259.07. The Market of China was closed today.

The Kospi Index in South Korea increased 26.38 or 1.65% to close at 1,627.43. SET index in Thailand closed higher 4.76 or 0.69% to 697.49 and JSE Index in Indonesia increased 22.84 or 0.89% to 2,581.34. The Sensex index in India increased 202.23 or 1.25% to 16,428.91.