Asian stocks rise

 

ASIAN stocks rose on optimism steps by governments worldwide will help pull the global economy out of recession.

Investors mostly managed to look beyond the gloomy news, hoping that interest rate cuts and stimulus spending would eventually turn things around.

Tokyo ended up 1.7 per cent in light trade after yesterday’s Thanksgiving holiday in the United States, while Seoul rose 1.2 per cent and Sydney jumped 4.3 per cent.

Hong Kong share prices closed 2.5 per cent higher today, supported by gains in properties and heavyweight HSBC, dealers said.

But Shanghai finished with a loss of 2.4 per cent as investors took profits after the previous day’s strong gains.

The main Bombay Stock Exchange opened 1.4 per cent lower today, a day after being forced to shut down due to a coordinated attack by gunmen across the city, which left at least 130 people dead.

While some analysts believe stocks are now looking cheap, others see little prospect of a recovery in the current climate of fear and gloom over the global economy.

European markets got off to a lacklustre start. The London FTSE 100 rose 0.15 per cent at the open while the Paris CAC 40 slipped 0.29 per cent and the Frankfurt DAX was flat. - Agencies