Asian markets gain on stronger US data (AP) (02-09-2010)

SEOUL, South Korea (AP) -- Asian stock markets gained on good news from U.S. manufacturing figures as a sign the world economy isn't slowing as much as feared.

The second day of gains in Asia comes after a month of heavy selling as concern resurfaced with regard to the global recovery on reported worldwide economic figures; however some of that uncertainty was lifted after the Institute for Supply Management said manufacturing in the U.S. rose in August, in contrast to regional reports from recent weeks that pointed to waning activity.

The report came on the heels of figures from China showing that manufacturing growth improved and auto sales rebounded in August, suggesting the world's second-biggest economy may not be cooling as quickly as first thought.

Japan's Nikkei 225 stock average gained 1.5 percent to 9,062.84. Tech issues rose, with Sony Corp. up 2.2 percent and Canon Inc. 1.2 percent higher.

Japanese automakers also gained, despite data showing that U.S. auto sales tumbled last month, making it the worst August since 1983. Shares of Nissan Motor Co., whose U.S. sales retreated by 7 percent from July, added 2.9 percent.

Hong Kong's Hang Seng index rose 1.2 percent to 20,868.92 and Seoul's Kospi advanced 0.6 percent to 1,775.73. Australia's S&P/ASX 200 added 0.8 percent to 4,532.70 after gaining 2.1 percent the day before on the country's strongest economic growth figures in three years.

Elsewhere in Asia, India's Sensex was up 0.4 percent to 18,279.66. Indonesian shares, however, bucked the trend in the region, with the benchmark index in Jakarta falling 0.3 percent.

Energy shares were among the day's gainers, lifted by a big jump in the oil price on Wednesday. Benchmark crude for October delivery rose $1.99, or 2.8 percent, to close at $73.91 a barrel on the New York Mercantile Exchange. Japan's Inpex Corp. rose 3 percent, while Australia's Woodside Petroleum Ltd. gained 0.8 percent.

Source: AP