Asian stocks rallied Thursday after U.S. Federal Reserve Chairman Ben Bernanke said U.S. interest rates will remain low to aid economic recovery, with gold miners posting hefty gains on an increase in commodity prices.
In Japan, the Nikkei 225 regained 55.98 points, or 0.4%, to 14,472.58, after the Bank of Japan cut its growth and inflation forecasts, and refrained from adding fresh stimulus, saying the domestic economy was starting to "recover moderately." The higher finish came after a volatile trading session that saw the benchmark change direction multiple times during the session.
Hong Kong’s Hang Seng Index was lifted 532.92 points, or 2.6%, to 21,437.49
Shares of gold miners were particularly upbeat after the precious metal’s futures rose for a third straight day.
Newcrest Mining Ltd. soared 11.6%, and Perseus Mining Ltd. surged 23.7% in Sydney, while Zijin Mining Group Co. stock rose 5.3% in Hong Kong and 0.6% in Shanghai.
Among the region’s oil producers, Inpex Corp. climbed 2% in Tokyo and Woodside Petroleum Ltd. rose 1.6% in Sydney. Cnooc Ltd. jumped 4.1% in Hong Kong
Property developers and financials also rallied in Hong Kong. Sino Land Co. climbed 3.2% and China Resources Land Ltd. soared 6.6%, while China Life Insurance Co. gained 6.4%.
Hong Kong property developers tend to benefit from increased demand amid low interest rates in the U.S., given that rates in the territory — which pegs its currency to the U.S. dollar — move in lock-step with the federal funds rate.
Technology and steel shares jumped in Seoul, with heavyweight Samsung Electronics Co. rising 5.1%, and Hyundai Steel Co. climbing 5.4%.
In Tokyo, several exporters weakened on the yen’s strength, as the dollar lost hold of the ¥100 level and dropped as low as ¥98.23 after the Bank of Japan meeting outcome.
Toshiba Corp. dropped 1.9%, Nikon Corp. lost 3.7%, and Canon Inc. shed 1.5%.
CHINA
The Shanghai Shenzhen CSI 300 hiked 102.63 points, or 4.6%, to 2,326.69, on speculation Beijing may act to stabilize economic growth
One economist wrote in a note to clients that the tone in a speech made by Premier Li Keqiang on Tuesday — in which he mentioned the need to stabilize growth — suggested Beijing’s policy stance may soften in the second half of 2013.
Heavyweight PetroChina Co. climbed 2.7% in Shanghai.
The Shanghai Composite is among the worst performing major benchmarks in Asia so far in 2013, having dropped 8.6% from last year’s close, amid worries that Beijing’s reluctance to provide additional fiscal or monetary stimulus would deepen an economic slowdown.
Financials were among the biggest gainers on mainland bourses, with Industrial Bank Co. and Sinolink Securities Co. soaring by the day’s limit of around 10% in Shanghai, while Hong Yuan Securities Co. and Ping An Bank Co. also rose 10% in Shenzhen.
In other markets;
Taiwan’s Taiex Index zoomed 167.85 points, or 2.1%, to 8,179.54
Singapore’s Straits Times Index triumphed 60.88 points, or 1.9%, to 3,248.92
Korea’s Kospi Index recovered 53.44 points, or 2.9%, to 1,877.60
In New Zealand, the Exchange 50 Gross Index inched higher 3.29 points, or 0.1%, to 4,560.06
In Australia, the S&P/ASX 200 moved higher 64.34 points, or 1.3%, to 4,965.70
