HONG KONG (AFP) - Asia stocks surged Wednesday as positive US corporate earnings and greater optimism about Europe steadied nerves in China and Japan, but optimism wilted in Mumbai on fears of an interest rate hike.
Japanese shares closed up 2.71 percent as Wall Street’s sixth consecutive gain lifted spirits. The Nikkei index of the Tokyo Stock Exchange jumped 258.01 points to 9,795.24, while the Topix index of first-section shares rose 1.91 percent.
The market was bullish as the US second-quarter earnings season gained momentum, with aluminium giant Alcoa swinging to profit and chip giant Intel reporting its best ever quarterly profits.
Greece’s successful bond issue boosted confidence in Europe, offsetting worries that had been exacerbated by Moody’s downgrade of Portugal’s sovereign debt rating.
“There have been some upgrades on US technology stocks after Intel’s result that have helped broader market sentiment today,” Macquarie Private Wealth client adviser Marcus Droga told Dow Jones Newswires. “It all looks pretty positive at this stage.”
After a poor start to the week for the exchange, Japanese hi-tech shares gained in particular, helped by a weaker yen: Kyocera jumped 4.42 percent, TDK 5.13 percent and Elpida Memory 3.55 percent.
Ratings agency Standard & Poor’s urged Japan this week to get a grip on its public debt amid fears of a lengthy stalemate after the government’s rout at weekend polls.
Singapore’s Straits Times Index closed up 0.82 percent at 2,952.81 as the city state upgraded its 2010 growth forecast to a blistering 13-15 percent, potentially making it the world’s fastest growing economy.
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