Nikkei: 10,589.50 (+64.31) Hang Seng: 23,810.11 (+98.41) Shanghai Comp: 3,003.17 (+3.23):TOKYO STOCKS led Asia higher yesterday, while China's Shanghai Composite breached the 3,000 level for the first time in four months as optimism over growth replaced oil price fears as the key driver of investor sentiment.
Airline stocks, recently beaten down on worries over rising fuel costs, staged a bounce-back as global oil prices dipped, while industrial stocks also benefited from a refocus on economic fundamentals.
Hong Kong stocks hit five-week peaks as shares in Cathay Pacific surged 4.5 per cent to HK$18.94 after the territory’s leading airline beat estimates by tripling its profit. Air China was lifted 1.1 per cent to HK$7.46 while Virgin Blue, Australia’s second-largest airline, rose 1.4 per cent to A$0.36 in Sydney. Korean Air gained 1 per cent to Won62,700 in Seoul.
Elsewhere, the Nikkei 225 Average in Tokyo rose 0.6 per cent. Bridgestone tyremakers rose to its highest level in 19 months, up 3.1 per cent to ¥1,773.
Chinese industrials found support with China CSSC Holdings, a unit of the country’s biggest shipbuilder, jumping 6 per cent to Rmb84.39. – (Copyright The Financial Times Limited 2011)
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