Asian stocks climbed, as commodity prices rose and China pledged to maintain policies that helped pull the world economy out of recession.
Hong Kong’s Hang Seng Index ended the year with a blast, gaining 375.88 points, or 1.8%, to 21,872.50. Its 52% climb this year is the steepest since 1999.
Tokyo markets had the day off, having finished 2009 yesterday at 10,546.44.
BHP Billiton Ltd., the world’s largest mining company, gained 1% as copper extended yesterday’s rally in New York, while crude rose for a seventh day. Fortescue Metals Group Ltd., Australia’s number-three iron-ore producer, rallied 2.1%.
Bank of China Ltd. rose 3.2% in Hong Kong as Chinese central bank Governor Zhou Xiaochuan said the People’s Bank of China will encourage lending to some industries.
Lonking Holdings Ltd., which makes construction equipment in China, jumped 5.7% in Hong Kong after BNP Paribas SA recommended the stock. Qantas Airways Ltd. advanced 2.1% in Sydney on signs global air travel is picking up.
The People’s Bank of China’s Zhou reiterated that the central bank will continue its "moderately loose" monetary policy, according to his New Year message posted on the central bank’s Web site today.
The International Monetary Fund in October forecast 8.5% growth this year for China’s economy, compared with contractions of 2.7% in the U.S. and 4.2% for countries in the Euro region. The IMF projected the global economy to shrink 1.1% in 2009.
Qantas, Australia’s largest airline, rose 2.1%. International air travel rose 2.1% last month from a year earlier, the International Air Transport Association said yesterday. Virgin Blue Holdings Ltd. jumped 4.4%.
Elsewhere;
The Shanghai 300 Composite Index and Korea’s Kospi also had the day off.
Taiwan’s Taiex index moved ahead 75.83 points, or 0.9%, to 8,188.11
Singapore’s Straits Times index gained 17.86 points to head into 2010 at 2,897.62
New Zealand’s NZX Index finished 9.23 points, or 0.3%, higher at 3,230.14
Australia’s S&P/ASX 200 moved up 37.30 points, or 0.8%, to 4,870.60, taking its 2009 gain to 31%.
