Asian stocks surged on Christmas Eve, lifted by gains in oil, metals and computer memory chips, on speculation that demand for the commodities will strengthen in China and the U.S.
In Tokyo, traders returned from a holiday on Thursday to send the Nikkei 225 index higher by 158.59 points, or 1.5%, to go into Christmas at 10,536.92.
Mitsubishi Corp., Japan’s biggest commodities trading house which generates more than half its profit from raw materials, climbed 5% in Tokyo. BHP Billiton Ltd., the world’s largest mining company, rose 1.3% in Sydney.
Hong Kong’s Hang Seng Index managed to hold onto Wednesday’s momentum, vaulting 188.26 points, or 0.9%, to 21,517.00.
In South Korea, Posco, the nation’s biggest steelmaker, added 1.3%, while Korea Zinc Co., which gets a quarter of its sales from gold and silver, rose 3.6%, the most in two weeks.
Advantest Corp., the world’s number-one maker of memory-chip testers, climbed 5.1%. Tokyo Electron Ltd., the world’s second-biggest maker of equipment to manufacture semiconductors, advanced 4.4%. Elpida Memory Inc. climbed 6.8%.
Canon gained 6.1%. The world’s largest camera maker said it plans to leave its annual dividend at 110 yen a share, and obtained European Union regulatory clearance for its acquisition of the Dutch office equipment maker OCE NV.
Shin-Etsu Chemical Co., the world’s largest maker of silicon wafers, added 3.5% in Tokyo and Inotera Memories Inc. climbed 7%, to a 19-month high in Taipei.
CHINA
The Shanghai 300 Composite Index grew by 102.34 points, or 3.1%, to 3,438.82
China’s economic growth in the fourth quarter will exceed the 8.9% of the preceding three months, Xu Xianchun, deputy head of the National Bureau of Statistics, said yesterday. The world’s third-biggest economy is targeting 8% growth in 2010 amid a "fragile" global recovery, industry minister Li Yizhong said this week.
Jiangxi Copper Co. and Zijin Mining Group Co., China’s biggest producers of copper and gold, climbed at least 3.4%.
Elsewhere;
Taiwan’s Taiex index tacked on 62.04, or 0.8%, to 7,963.54
Singapore’s Straits Times index actually slid 3.86 points to 2,837.70
Korea’s Kospi index picked up 20.99 points, or 1.3%, to 1,682.34
New Zealand’s NZX Index finished 4.36 points, or 0.1%, lower at 3,205.20
Australia’s S&P/ASX 200 improved 51.60 points, or 1.1%, to 4,790.90
