Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 1039 Sat. May 05, 2007  
   
Business


Asian stocks rally back into the record books


Asian stocks rallied sharply higher Friday with investors following Wall Street's lead and pushing many regional benchmarks further into record territory.

Hong Kong, Sydney, Seoul, Singapore, Kuala Lumpur and Jakarta all closed at their highest levels ever after Wall Street surged to fresh highs on generally upbeat economic news and a bout of merger and takeover deals.

Regional sentiment was also bolstered by solid corporate results alongside domestic issues, with easing inflation helping Jakarta to a 0.38 percent gain, Sydney to a 0.95 percent rise and Manila was up 0.20 percent.

Firmer oil prices lifted Bangkok by 0.92 percent while Singapore was up 1.01 percent, Seoul rose 0.51 percent, Hong Kong gained 0.77 percent, and Kuala Lumpur advanced 1.53 percent.

Improved profit outlooks pushed Taipei up 1.76 percent, however, a stronger currency resulted in Mumbai falling 1.02 percent while Wellington closed little changed. Tokyo and Shanghai were closed for public holidays.