Asian markets advance on optimism for recovery (AP) (23-07-2009)

HONG KONG – Asian stock markets climbed Thursday amid sustained hopes for a recovery in major economies from Japan to the U.S.

Tokyo shares were higher by over 1 percent after news that exports from the world's second-largest economy fell last month by their smallest margin in six months, adding to evidence that global demand is bouncing back.

Also making the case for an economic turnaround was an Asian Development Bank report saying East Asia's emerging economies could rebound sharply next year.

Japan's Nikkei 225 stock average gained 114.14, or 1.2 percent, to 9,837.30. In Hong Kong, the Hang Seng jumped 448.80, or 2.3 percent, to 19,696.97.

South Korea's Kospi was up 0.4 percent, India's Sensex advanced 1.9 percent and mainland China's Shanghai index added 0.7 percent.

Oil prices recovered in Asia trade, with benchmark crude for September delivery up 22 cents at $65.62. The contract lost 21 cents overnight.

The dollar rose to 94.21 yen from 93.58 yen. The euro was higher at $1.4245 from $1.4202.

Source: AP