Asian share markets were bolstered on hopes for China's further stimulus measures, which are speculated to include market-supportive moves. Shanghai Composite Index surged 6.1% while Hong Kong's Hang Seng Index rose 2.5%. South Korea's Kospi was up 3.3%. Japanese and Singaporean markets also shrugged off the bad lead from Wall Street, gaining 0.9% and 1% respectively.
The Australian stocks closed Friday with little change after falls from early highs. The benchmark S&P/ASX200 index declined one point, or 0.03 per cent, to 3344.5, while the broader All Ordinaries fell half a point, or 0.02 per cent, to 3296.9. With the reporting seasons over, the market focus will return to the economic data and RBA's rate cut decision this week.
Yesterday the Australian shares posted a modest gain as the market saw the rising oil prices and increased optimism about the outlook for commercial banks. The benchmark S&P/ASX200 index rose 18 points, or 0.54 per cent, at 3345.5, while the broader All Ordinaries index was 15.9 points higher, or 0.48 per cent, to 3297.4.
Asian shares fell broadly yesterday following the sharp losses in Wall Street. Japan's Nikkei index extended its falling streak for the third trading session to a 26-year low. In Seoul, Kospi slumped 3.2%. China market, which is said as one of the world's best performers, saw a most massive drop of 4.6% in Shanghai Composite Index. Hong Kong's Hang Seng Index dropped 2.9% with China-related stocks tracking movements in Shanghai.
The Australian shares ended higher yesterday on the back of some better-than-expected earnings reports. The benchmark S&P/ASX200 index rose 35.7 points, or 1.1%, to 3448.9, while the broader All Ordinaries index gained 31.1 points or 0.9% to 3398.
Yesterday Australian shares plunged sharply, dragged by financial stocks as investors feared the UK banks might need to raise more funds. The unfavorable corporate earnings results also weighed down the market. The benchmark S&P/ASX200 was down 1.5%, or 52.6 points, to 3464.3, while the broader All Ordinaries index lost 1.4%, or 49.1 points, to 3412.2.
Asian major indexes were higher Friday after a late-day recovery in the U.S. market. Japan's Nikkei 225 closed up 0.96%, while Korea's Kospi ended 0.5% higher. Shanghai Composite surged 3% to over 2300 points, Hong Kong's Hang Seng Index added 2.47% and Taiwan's main index up 2.1%.
