Asian markets rally on Tuesday ahead of EU summit

Sentiments remained bullish in the Asian region and all the Asian equity indices rallied on Tuesday ahead of European Union summit to be held on May 23, 2012. The market-men are hoping that leaders, at an upcoming summit, will take some important measures to promote growth and find ways to keep Greece in the euro zone. While, strong performance on Wall Street too aided the sentiments in the region. Meanwhile, Hong Kong and China shares rose 0.62% and 1.06% respectively, supported by Chinese growth proxies on report that Beijing will fast-track investment approvals in infrastructure space to battle lethargic conditions in the world’s second-largest economy. Moreover, Japanese Nikkei and South Korean KOSPI Composite surged 1.10% and 1.64% respectively to extend Monday's rebound, as investors kept themselves busy in picking up blue-chip stocks after last week's flurry of aggressive selling, triggered by concern over a deepening euro crisis.