(MENAFN- Saudi Press Agency) Asian stocks were mostly higher today (Wednesday) as a rebound in U.S. home construction and a surprise announcement by the European Central Bank to frontload bond buying sent the greenback higher, giving a boost to Asian exporters, AP reported.
Japan's Nikkei 225 rose 0.9 percent to 20,203.70 and Republic of Korea's Kospi gained 0.9 percent to 2,139.61. China's Shanghai Composite Index advanced 2 percent to 4,507.35. Stocks in Australia and in most Southeast Asian countries also were higher. But Hong Kong's Hang Seng was little changed at 27,686.45. Markets in Singapore and Taiwan were lower.
The U.S. Commerce Department said housing starts last month increased 20.2 percent to a seasonally adjusted annual rate of 1.14 million homes. That pace ranked as the fastest clip since November 2007. The report that the U.S. homebuilders ramped up construction in April to the fastest pace in nearly seven-and-a-half years gave newfound momentum for an economy that has struggled in recent months.
Benchmark U.S. crude gained 45 cents to $58.44 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $2.25 on Tuesday to close at $57.99. Brent crude, used to price international oils, rose 25 cents to $64.27 per barrel.
The dollar strengthened to 120.95 yen from 120.67 yen. The euro declined to $1.1098 from $1.1147.
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