Share markets across Asia were back in record-setting mode Thursday, as investors turned their attention to DBS Group Holdings and China Mobile after positive U.S. economic data and a stronger finish on Wall Street helped restore confidence that the global equities bull market remains intact.
In Tokyo, markets were closed Thursday and Friday for Japan's Golden Week public holidays. Markets reopen on Monday, May 7. In Hong Kong, the blue chip Hang Seng Index rose 293.09 points, or 1.44 percent, to 20,681.58.
Shares in Hong Kong and elsewhere in Asia were buoyed by strength on Wall Street, where the Dow Jones industrial average rose 0.6 percent overnight on strong corporate earnings results.
Analysts said the Hong Kong market would move in a tight range in the short term, as there are few catalysts to maintain the upward momentum.
Henderson Land Development Co., the best-performing blue chip, rose 7.0 percent to HK$50.60 after investment bank Merrill Lynch raised its target price for the developer by 28 percent to HK$66.50 from HK$52.0.
Other blue-chip developers also rose on anticipated good results at Tuesday's land auction by the Hong Kong government. Sun Hung Kai Properties Ltd. climbed 2.4 percent to HK$94.55, while Cheung Kong Holdings Ltd. rose 3.2 percent to HK$106.40.
HSBC, the largest constituent of the benchmark index and the most heavily traded stock on the exchange, extended its gains for a second consecutive day.
Its shares ended 1.2 percent higher at HK$147.10, with HK$6.9 billion worth of shares changing hands.
Elsewere:
BANGKOK: Thai shares rose 0.6 percent to 719.91, their highest close since December, in active trading as hopes for strong earnings prompted rallies in energy and telecom issues.
JAKARTA: Indonesia shares rose 0.9 percent to a record closing high of 2,025.64, led by gains in bank and automotive blue chips amid hopes that the central bank will cut key interest rates next week following benign inflation data in April.
KUALA LUMPUR: Malaysian shares rose 1.6 percent to a new record closing high, buoyed by Wall Street's overnight close, strong buying of telecommunications stocks and pent-up demand for shares in a holiday-shortened week. The weighted Composite Index of 100 blue chip stocks gained 20.54 points to close at 1,342.79 points, beating its previous high of 1,334.44 points set April 17.
MANILA: Philippine share prices changed little as investors exercised caution ahead of May 14 congressional and local elections. The benchmark 30-company Philippine Stock Exchange Index dropped 0.46 points, or 0.01 percent, to 3,271.53.
SEOUL: South Korean shares rose to a new record high on strong earnings performances by companies including Korean Air. The Korea Composite Stock Price Index rose 6.56 points, or 0.4 percent, to 1,559.86. The Kospi's previous high close was 1,556.71 on April 24.
SHANGHAI: Financial markets in China were closed for the May Day "Golden Week" holidays.
SINGAPORE: Singaporean shares closed at a record high, driven by banking stocks which rallied in anticipation of strong quarterly earnings. The Straits Times Index closed up 32.83 points, or 1.0 percent, at 3,450.64.
TAIPEI: Taiwan's shares rose slightly on tech and financial gains. The Weighted Price Index of the Taiwan Stock Exchange rose 23.62, or 0.3 percent, to close at 7,926.66.
WELLINGTON: New Zealand's stocks rose despite a subdued showing from bellwether Telecom after its third-quarter result, as investors followed a positive lead from offshore. The benchmark NZX-50 index was up 15.7 points, or 0.4 percent, at 4,202.67.
SYDNEY: Australian stocks reached a record high, buoyed by a strong lead from Wall Street and solid gains from big miners. The benchmark S&P/ASX200 index rose 7.9 points to a record 6,245.6 close, while the All Ordinaries index gained 12.4 points to 6,236.9, also a record close. The previous records were set Wednesday, a six-day high.
With files from wire services
