Nikkei: 9,038.74 (+94.26) Hang Seng: 19,783.67 (+452.97) Shanghai Comp: 2,549.18 (+23.11)ASIAN STOCKS rebounded from a six-session slump yesterday, driving the region to its best performance in five months as Chinese banks were lifted by hopes that Beijing will keep interest rates on hold.
The Shanghai Composite rose from a one-year low to gain 0.9 per cent as investors reacted to the Chinese premier’s call for action to calm markets.
Industrial Commercial Bank of China added 1.2 per cent to Rmb4.15 while Bank of China advanced 0.3 per cent to Rmb2.95.
Property groups also outperformed with China Vanke, the nation’s biggest developer by market value, climbing 1.7 per cent to Rmb8.44.
BHP Billiton, the world’s largest miner by market value, rose 3.6 per cent to A$38.40 while Woodside Petroleum jumped 4.4 per cent to A$36.33.
The SP/ASX 200 index in Sydney rose 2.6 per cent.
In Tokyo, the Nikkei gained 1.1 per cent but Sony was under pressure, shedding 2.2 per cent to ¥1,701. Tokyo Electric Power rose 15 per cent to ¥449. – (Copyright The Financial Times Limited 2011)
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