Asian equities show signs of recovery post upbeat Japanese GDP data

Stock markets across the Asian region are showing signs of recovery in Thursday’s trading session with all the benchmark indices trading in green territory. Investors at large have gone on to shrug the disappointing overnight close on Wall Street and even the lingering concerns over political instability in Greece and are hunting for fundamentally strong but undervalued bargains. Market sentiments got buttressed on the back of reports that the world’s third largest Japanese economy expanded at a faster than expected rate of 1% in the first quarter of 2012 as against the revised 0.1% growth in the final three months of 2011. The encouraging reports came after US data showed overnight that Industrial production in the world’s largest economy climbed more than forecast in April, propelled by gains in auto manufacturing and utility use. However, the upside in most markets was limited as fresh worries surfaced after European Central Bank’s abstained from providing liquidity to some undercapitalized Greek banks until they sufficiently boost their capital. 

The benchmark in Taiwan surged over a percent and remained the top gainer in the space. The equity indices in China, Hong Kong, Malaysia and Singapore traded with gains of over half a percent each.

Shanghai Composite amassed 15.83 points or 0.67% to 2,362.03, Hang Seng Index ascended 107.93 points or 0.56% to 19,367.76, KLSE Composite climbed 12.91 points or 0.84% to 1,548.95, Nikkei 225 rose 1.68 points or 0.02% to 8,802.85, Straits Times Index gained 15.97 points or 0.56% to 2,847.12, KOSPI Composite Index advanced 8.03 points or 0.44% to 1,848.56 and Taiwan Weighted surged 86.69 points or 1.20% to 7,321.26.

Stock markets in Indonesia remained closed on Thursday owing to a public holiday on account of Ascension Day of Jesus Christ.