Asian markets have moved higher for the second consecutive day after a report that US services industries unexpectedly increased. Also, the Group of Seven nations yesterday agreed to coordinate their response to Europe’s turmoil. Meanwhile, the Chinese market was slightly in green as the country seeks to restore investors confidence in the stock markets and have announced plans to cut transaction costs for stock purchases and sales, and tightened accounting scrutiny on companies that are facing delisting. The Japanese market was up, as the yen dropped sharply after Group of Seven finance ministers and central bank governors’ conference call.
Australian economy grew at twice the rate economists estimated, its gross domestic product advanced 1.3 percent in the quarter from the previous three months.
Shanghai Composite rose 1.10 points or 0.03% to 2,310.82, Hang Seng Index surged by 209.85 points or 1.15% to 18,468.88, Jakarta Composite soared 76.67 points or 2.06% to 3,794.55, KLSE Composite gained 6.84 points or 0.44% to 1,567.20, Nikkei 225 climbed by 110.18 points or 1.31% to 8,492.18, Straits Times was up by 24.08 points or 0.89% to 2,736.39, and Taiwan Weighted added 62.09 points or 0.89% to 7,062.54.
South Korea’s KOSPI Composite Index remained closed for a holiday.