Asian markets advance on earnings, CIT developments (AP) (20-07-2009)

HONG KONG (AP) -- Asian stock markets continued to advance Monday, as investors took heart from U.S. lender CIT Group's eleventh-hour deal to stave off bankruptcy and optimism about corporate earnings.

Hong Kong and South Korean stocks led the region with gains of nearly 3 percent or more, while oil prices traded above $64 a barrel. Japanese financial markets were closed for a holiday.

Hong Kong's Hang Seng jumped 597.40 points, or 3.2 percent, to 19,403.06 and South Korea's Kospi added 38.41, or 2.7 percent, to 1,478.51.

Most other major markets were also in the green, with India's Sensex climbing 2.3 percent and Shanghai's benchmark rising 2.4 percent. Australian, Taiwan and Singapore shares were up 1 percent or more.

Indonesian's market suffered Asia's only decline, falling 0.6 percent and adding to losses after Friday's deadly bomb blasts at two luxury hotels in the capital Jakarta.

Crude prices bounced in Asian trade, the benchmark contract rising 75 cents to $64.31 a barrel. The contract advanced $1.54 in Friday trade.

The dollar was higher at 94.62 yen from 94.32 yen. The euro strengthened to $1.4186 from $1.4115.

Source: AP