The Asian markets have made an all green start on better data of US recovery in housing sector boosting the outlook of companies engaged in US. The Hong Kong market has taken the lead, surging by over a percent amid speculation China will take more action to bolster growth. The Chinese market too has gained over a percent amid speculation country will take more action to revive economic growth. It is expected that Premier Wen Jiabao will probably decide to cut banks’ reserve requirements and encourage corporate lending as the cabinet meets to discuss efforts to revive economic growth. Though, the Japanese market too was trading with good gain but the yen rose against all its major counterparts on concern that European leaders will be slow to implement measures to stem the region’s debt crisis.
Shanghai Composite surged by 28.40 points or 1.31% to 2,197.50, Hang Seng index zoomed by 313.10 points or 1.63% to 19,552.98, Jakarta Composite gained 6.04 points or 0.15% to 4,088.26, KLSE Composite was up by 0.80 points or 0.05% to 1,645.82 and Nikkei 225 gained 65.66 points or 0.75% to 8,792.40, Straits Times added 18.10 points or 0.60% to 3,035.75, Kospi Composite was up by 33.78 points or 1.86% to 1,828.60 and Taiwan Weighted surged by 106.14 points or 1.50% to 7,154.49.