HONG KONG: Growing optimism about China lifted stocks in much of the Asia-Pacific region on Tuesday, although global economic worries spooked Tokyo and Mumbai. Hong Kong and Shanghai both surged on hopes that Beijing will ease back on tightening measures aimed at slowing the country’s breakneck growth, traders said, with Hong Kong up 0.86 percent and Shanghai up 2.15 percent. Hong Kong was led by mainland blue chips such as China Overseas Land (up 2.36 percent), coal major China Shenhua (up 2.66 percent) and aluminium giant Chalco (up 3.65 percent), after three sessions of losses for the bourse. Sydney closed up 1.04 percent, with miners such as BHP Billiton and Rio Tinto buoying the market due to optimism about China, traders said. Singapore’s Straits Times Index closed up 0.11 percent, or 3.19 points, at 2,948.61. Beverage maker Fraser and Neave rose six cents to 5.58 and real estate firm CapitaLand gained five cents to 3.83. However, Tokyo closed down 1.15 percent as it resumed trading after a long weekend that followed a plunge on Wall Street, mixed US corporate earnings and a drop in US house-building sentiment.
In other markets
n Manila closed down 0.54 percent, or 18.60 points, at 3,405.69 amid concerns about a growing fiscal shortfall this year.
n Taipei rose 0.81 percent, or 62.2 points, to 7,712.03.
n Wellington closed up 1.03 percent, or 30.77 points, at 2,995.37.
*Seoul closed up 0.28 percent, or 4.82 points, at 1,736.77.
*Kuala Lumpur closed up 0.32 percent, or 4.32 points, at 1,337.67.
*Jakarta rose 0.67 percent, or 19.87 points, to 2,995.44 as foreign funds snapped up shares of consumer, financial and commodity-related companies hoping for strong first-quarter earnings.
*Bangkok fell 0.72 percent, or 5.99 points, to 824.41. afp
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