All the markets across the Asia/Pacific region ended the trading session on Monday in positive territory with moderate gains, led by easing geopolitical concerns in Egypt, return or normalcy to trade across the Suez Canal and increasing optimism about global economic recovery. Positive closing on Wall Street on Friday and higher commodity prices in the international market also lifted market sentiment,
In Australia, the benchmark S&P/ASX200 Index surged up 54.90 points, or 1.12 percent and closed at 4,935.80 points, while the All-Ordinaries Index ended at 5,023.40 points, representing a moderate gain of 52.80 points, or 1.06 percent.
On the economic front, a report released by the Australian Bureau of Statistics revealed that the number of owner-occupied home loans in the country was up 2.1 percent in December compared to the previous month, standing at A$51.706 billion. That topped forecasts for an increase of 1.0 percent following the 2.5 percent increase in November, The value of home loans added 2.3 percent on month to A$14.768 billion. The report further noted that investment lending jumped 3.0 percent on month to A$6.818 billion. That follows the 2.9 percent increase in November.
Light sweet crude oil futures for March delivery was trading at $85.64 a barrel in electronic trading, up $0.06 per barrel from previous close at $85.58 a barrel in New York on Friday.
Resource related stocks ended in positive territory on higher commodity prices. BHP Billiton gained 1.94 percent, Rio Tinto advanced 1.40 percent, Fortescue Metals Group climbed 2.24 percent, Iluka Resources surged up 3.14 percent, Macarthur Coal gained 1.86 percent and Murchison Metals was higher by 1.34 percent.
Banking stocks also advanced on optimism about economic growth. ANZ Bank added 0.74 percent, National Australia Bank gained 0.61 percent and Westpac Banking Corp was higher by 0.36 percent.
In Japan, the benchmark Nikkei 225 Index advanced 119.89 points, or 1.13 percent, to 10,725.54, while the broader Topix index of first section issues gained 12.56 points, or 1.33 percent, to 959.19
On the economic front, preliminary data released by the Cabinet Office revealed that the gross domestic product in the country was down 0.3 percent in the fourth quarter of 2010 compared to the previous three months, contracting for the first time in five quarters. That was still better than expectations for a 0.5 percent quarterly fall following the downwardly revised 0.8 percent increase in the third quarter. On an annualized basis, GDP was down 1.1 percent - again topping forecasts for a 2.0 percent contraction following the downwardly revised 3.3 percent increase in the third quarter.
Light sweet crude oil futures for March delivery was trading at $85.64 a barrel in electronic trading, up $0.06 per barrel from previous close at $85.58 a barrel in New York on Friday.
Real estate stocks ended in positive territory. Sumitomo Realty & Development surged up 5.22 percent, Mitsubishi Estate Co, climbed 4.35 percent, Mitsui Fudosan Co. gained 3.33 percent and Tokyu Land Corp. was higher by 3.70 percent.
Automotive stocks also advanced on weaker local currency and optimism about US economic recovery. Honda Motor Co. advanced 2.82 percent, Toyota Motor Corp. climbed 2.52 percent, Suzuki Motor Corp. gained 1.66 percent, Hino Motors surged higher by 4.31 percent and Nissan Motor Co. ended in the green with a gain of 1.38 percent.
In China, the benchmark Shanghai Composite Index surged higher by 2.53 percent or 71.64 points, and closed at 2,898.97.
In Hong Kong, the benchmark HangSeng Index ended at 23,121.06, registering a moderate gain of 292.14 points, or 1.23 percent.
In Indonesia, the benchmark Jakarta Composite Index ended at 3,416.77, up 25.00 points, or 0.74 percent from previous close.
In Singapore, the Strait Times Index ended in the green with a modest gain of 27.15 points, or 0.88 percent at 3,104.42.
In South Korea, the benchmark KOSPI Index ended at 2,014.59, registering a modest gain of 37.40 points, or 1.89 percent.
In Taiwan, the Taiwan Weighted Index ended at 8,685.47, up 75.61 points, or 0.88 percent from previous close
In India, the benchmark BSE Sensex ended in the green with a gain of 488.86 points, at 18,217.47, while the broader Nifty Index ended at 5,456, up sharply by 146.00 points from previous close.
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