Asian stocks rallied anew Monday as investors bid up resources equities across the region, including Cnooc Ltd. in Hong Kong, BHP Billiton in Sydney and Hindalco Industries in Mumbai, on renewed enthusiasm over the recent U.S. interest-rate cut -- and prospects for more.
In Tokyo, markets were closed for celebration of the autumnal equinox while the blue chip Hang Seng Index crossed the 26,000 mark for the first time to hit an intraday record of 26,635.27. It closed 708.16 points, or 2.7 percent, higher at a record finish of 26,551.94.
Hong Kong Exchanges & Clearing was the biggest blue chip gainer, soaring 8.8 percent to a record close of HK$238.40.
PetroChina rose 10.3 percent on news China's securities regulator will hold a hearing Monday on the company's A-share listing application. China Mobile, Hong Kong's biggest blue chip by market capitalization, rose 5.8 percent to a record HK$118.1.
On the Chinese mainland, the Shanghai Composite Index rose to a record high, surging past 5,500 during the trading session on buying of oil and nonferrous metal shares. The key index rose 0.6 percent to close at a record 5,485.01, off an intraday all-time high of 5,506.06.
ELSEWHERE:
JAKARTA: Indonesia's main stock index rose 0.8 percent to 2,353.63 in moderate volume.
KUALA LUMPUR: Malaysian shares rose as hefty gains in heavyweights and blue chips outweighed early market jitters. The Kuala Lumpur composite index ended 0.9 percent higher at 1,317.24 in heavy volume.
MANILA: Philippine shares inched up Monday, led by Philex Mining Corp., as the market eked out another gain on last week's generous U.S. rate cut. The 30-company Philippine Stock Exchange Index gained 0.3 percent at 3,434.35.
SINGAPORE: Singapore Straits Times Index jumped 2.7 percent to 3,639.02, but traders and analysts said most of the buying was focused on the component blue chips making up the benchmark measure. They said uncertainty among investors will linger in the near term.
WELLINGTON: New Zealand stocks ended flat Monday, failing to tap into the positive sentiment that sent the stock market of near neighbor Australia soaring. The benchmark index NZX 50 index rose a marginal 1.5 points to 4,232.67.
SYDNEY: Surging resource stocks led the Australian S&P/ASX 200 benchmark to a record intraday high of 6,457.8 before it closed 1.5 percent higher from Friday at 6,451.5. Investors bet last week's lowering of interest rates in the U.S. will shield the global economy from the subprime mortgage crisis and the associated credit crunch and keep demand for commodities strong.
with files from other wire services
