Asian markets get bolstered post Spanish bank bailout

Stock markets across the Asian region displayed renewed conviction on the week’s first trading session with most markets vivaciously rallying over a percent. Sentiments got bolstered by encouraging over the weekend cues from both sides of Atlantic. On one hand, the US markets surged to make their best week of gains in the year as apart from the encouraging US trade data, US President Barack Obama’s statement that European leaders need to act to resolve the region's financial crisis that threatens a renewed recession and can adversely impact an anemic US recovery, supported market sentiments. On the other hand, investors also cheered European Union’s decision to provide a loan of up to 100 billion euros ($125 billion) for distressed Spanish banks.

Cues from the regional front too remained buttressing as Asia’s largest Chinese economy reported that the nation’s exports jumped at a rate more than double than consensus forecasts, easing concerns over the global growth engine’s hard landing. The benchmark in China, which got pummeled last week, traded on a positive note with moderate gains after the trade data announcement. The equity indices in Hong Kong, Japan and South Korea remained among prominent gainers in the session as they traded with hefty gains of close to two percent.

Shanghai Composite advanced 5.05 points or 0.22% to 2,286.49, Hang Seng Index jumped 353.12 points or 1.91% to 18,855.46, Jakarta Composite climbed 28.11 points or 0.73% to 3,853.44, KLSE Composite advanced 8.78 points or 0.56% to 1,579.40, Nikkei 225 surged 157.53 points or 1.86% to 8,616.79, Straits Times Index soared 41.10 points or 1.50% to 2,778.99, KOSPI Composite Index garnered 29.81 points or 1.62% to 1,865.45 and Taiwan Weighted ascended 90.04 points or 1.29% to 7,089.69.