Asian equity benchmarks got off to an optimistic start in Monday morning trades and all indices in the region barring the Chinese benchmark, traded with notable gains of around a percent. Sentiments got a lift after European policymakers settled on a plan to introduce tougher fiscal rules for the 17-member euro zone countries in their endeavor to avert the onerous debt crisis looming over the European region. Marketmen in the region also remained enthusiastic on the back of encouraging US economic reports including the US consumer confidence data that came in above estimates at a six-month high while the nation’s trade deficit also narrowed in October to the lowest level of the year, reflecting a drop in imports that boosted the investors' morale.
The benchmark in Japan surged about one and half a percent after the landmark EU summit where a deal was reached to implement tighter fiscal union and budget discipline. However, the shares in China bucked the positive Asian trend and traded with losses of over half a percent as doubts over the EU's thin safety net prevailed.
Hang Seng surged 254.25 points or 1.37% to 18,840.48, Jakarta Composite soared 37.60 points or 1.00% to 3,797.21, Nikkei 225 jumped 114.58 points or 1.34% to 8,651.04, Straits Times climbed 22.23 points or 0.82% to 2,716.83, Seoul Composite ascended 21.70 points or 1.16% to 1,896.45 and Taiwan Weighted amassed 57.73 points or 0.84% to 6,951.03.
On the other hand only, Shanghai Composite declined 15.92 points or 0.69% to 2,299.35.
Stock markets in Malaysia remained closed on Monday.
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