Asian markets gain on hopes of reinvigoration of U.S. economy (MarketWatch) (05-11-2008)

HONG KONG (MarketWatch) -- Asian markets rose sharply on Wednesday, with energy and exporter shares holding on to their sharp gains as investors hoped the U.S. President-elect Barack Obama's administration will reinvigorate the world's largest economy. 

Hong Kong's Hang Seng Index surged 5.7% to end the morning trading session at 15,196.87, after advancing in five of the previous six sessions. The Hang Seng China Enterprises Index spiked 9.3% to 7,499.59.  

Japan's Nikkei 225 Average also rose, gaining 2.5% to 9,342.90 in the afternoon, while the broader Topix index soared 4.3% to 950.30.  

China's Shanghai Composite climbed 4.2% to 1,778.65, Australia's S&P/ASX rose 2.6% to 4,326.20 and South Korea's Kospi added 3.8% to 1,197.24, while New Zealand's NZX 50 index advanced 1.5% to 2,886.11. Singapore's Straits Times Index gained 4.4% to 1,909.88 and Taiwan's Taiex rose 0.7% to 5,025.68. India's Sensitive Index, or Sensex, climbed 0.8% to 10,715.49 in early trading.  

Leading the market gains in Tokyo, shares of Canon Inc. surged 11.1% and Toyota Motor Corp. jumped 7.8%. Fujitsu advanced 12.7% after the company said it will acquire Siemens' 50% stake in their IT infrastructure joint venture for 450 million euros ($570 million).  

In Hong Kong, shares of fixed-line operator PCCW flared 29.3% as trading resumed for the first time since Oct. 14. The surge came a day after the company's two large shareholders, Pacific Century Regional Developments and China Network Communications Group Corp., said they plan to take PCCW private by buying out the remaining shareholders for HK$15.49 billion ($2 billion).  

Chinese banking stocks raced ahead in Hong Kong, spurred by the gains in Shanghai trading. Industrial & Commercial Bank of China stock jumped 7.6% and China Construction Bank soared 11.3%. In Shanghai, ICBC shares rose 4.6%, while Bank of Communications advanced 6.9%

Source: MarketWatch