Asian markets posted a strong rebound Tuesday after a string of recent losses as data showed an improvement in Chinese manufacturing activity and optimism the Federal Reserve may take steps to boost the U.S. economy.
In Japan, the Nikkei 225 average recovered 104.88 points, or 1.2%, to 8,733.01
Hong Kong’s Hang Seng Index leaped 388.66 points, or 2%, to 19,875.50
Optimism over Federal Reserve Chairman Ben Bernanke’s speech at Jackson Hole, Wyoming, on Friday also served to prop up markets.
Resource stocks rose with crude-oil and copper prices. In Sydney, BHP Billiton Ltd. added 1.8% and Rio Tinto Ltd. rose 2.2%; Aluminum Corp. of China Ltd. climbed 5.5% in Hong Kong, Jiangxi Copper Co. added 2.2% in Shanghai and Korea Zinc Co. climbed 4.7% in Seoul.
Among energy shares, Santos Ltd. ose 4.5% in Sydney and Cnooc Ltd. added 2.7% in Hong Kong.
Shipping and shipbuilding stocks soared to retrace some heavy recent losses, with Korea Line Corp. surging 10.8%, and Hyundai Heavy Industries Co. climbing 6% in Seoul, Mitsui O.S.K. Lines Ltd. rising 2.2% in Tokyo and China Cosco Holdings Co. soaring 6.8% in Hong Kong and 2.1% in Shanghai.
Origin Energy Ltd. jumped 5% in Sydney after it reported a 15% rise in underlying profit as higher commodity prices helped lift revenue.
Battered technology stocks also rebounded, with Toshiba Corp. rising 3.2% in Tokyo, while Samsung Electronics Co. rose 4.6% in Seoul.
In Hong Kong, Lenovo Group Ltd. jumped 4.9% after Goldman Sachs upgraded the stock to a buy rating.
South Korean auto makers posted thumping gains as investors looked to buy those shares at lower levels after recent losses, sending Hyundai Motor Co. Ltd. soaring by 10.2% and Kia Motors Corp. by 9.3% in Seoul tradinG.
CHINA
Gains for most markets accelerated after preliminary data released by HSBC showed China’s manufacturing Purchasing Managers’ Index for August came in at 49.8 from a final reading of 49.3 in July.
Shanghai’s CSI 300 Index added 43.22 points, or 1.6%, to 2,821
The data implied factory activity in China contracted, but turned out to be much better than the markets had feared, laying the ground for a stronger relief rally.
In other markets;
Korea’s Kospi Index restored 65.98 points, or 3.9%, to 1,776.68
Taiwan’s Taiex Index rocketed 237.64 points, or 3.3%, to 7,550.23
Singapore’s Straits Times Index tacked on 33.34 points, or 1.2%, to 2,765.15
New Zealand’s NZX 50 Index sliced off 4.85 points, or 0.2%, to 3,269.59
Australia’s S&P/ASX 200 Index hiked 91.10 points, or 2.2%, to 4,173.40
