All the Asian markets are trading in green in early deals on Friday led by rally in Chinese stocks which extended their gains for the second day running, also the revised data showed the US economy grew faster than initially thought in the second quarter, a reassuring sign of support for the global economy as China slows down. Japanese Nikkei too edged higher by around 3% led by buying in commodity-related stocks after oil prices rocketed overnight and other commodity prices soared, with trading houses Mitsubishi Corp soaring 7.2 per cent and Mitsui & Co jumping 6.2 per cent. Also supporting sentiment is the prospect that a September US rate hike is unlikely, which fuelled optimism that the worse of recent market turmoil may be over.
FTSE Bursa Malaysia KLCI increased 11.24 points or 0.7% to 1,612.94, KOSPI Index gained 25.54 points or 1.34% to 1,933.54, Jakarta Composite jumped 38 points or 0.86% to 4,468.63, Straits Times surged 44.37 points or 1.51% to 2,989.80, Shanghai Composite soared 59.43 points or 1.93% to 3,143.02, Hang Seng strengthened 110.07 points or 0.5% to 21,948.61, Taiwan Weighted added 192.51 points or 2.46% to 8,017.06 and Nikkei 225 was up by 511.3 points or 2.75% to 19,085.74.