(MENAFN– ecpulse)
Asian stocks saw a relief rally on Thursday after upbeat economic data from China helped boost sentiment, while disappointing growth data from the U.S. eased concerns the Federal Reserve will soon reduce its monetary stimulus.
- MSCI Asia Pacific Index rose 1.9% to 128.61 as of 15:37 in Tokyo.
The US government slashed its estimates for the first-quarter economic growth to a 1.8% annual rate, down from a previous estimate of 2.4% as personal consumer fell to 2.6% from 3.4%, while in China industrial profits increased 15.5% in May.
- Hong Kong’s Hang Seng closed 0.50% higher at 20440.08 .
- China’s CSI 300 Index closed 0.35% lower at 2160.74 .
In Japan, Nikkei jumped above the 13,000-mark tracking the positive momentum in Chinese markets. Gains were also supported by the weaker yen, pushing exporters higher. Investors are looking now for Friday`s data which includes retail sales and industrial output.
- Nikkei 225 closed 2.96% higher at 13213.55 .
- Topix closed 2.76% higher at 1098.83 .
In Australia stocks jumped on Thursday as domestic politics was in focus. Australian Prime Minister Julia Gillard lost the leadership of Australia’s Labor party on Wednesday to Kevin Rudd, improving the party’s chances to win the national elections in September.
- S&P/ASX 200 closed 1.68% higher at 4811.28 .
- New Zealand’s NZX 50 closed 0.53% higher at 4416.96 .
In South Korea stocks rebounded in a correctional move following the sharp sell-offs in recent sessions. Samsung surged 6%, LG Electronics rose over 2% while Hyundai added nearly 5% and Kia rose 4%.
- Kospi closed 2.87% higher at 1834.70 .
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