Financial sector gains help boost Asian indices

Nikkei:9,086.41 (+122.69) Hang Seng:20,260.10 (+640.09) Shanghai Comp:2,626.77 (+33.60)

STRONG GAINS for resource stocks and financials gave a sharp lift to indices in Hong Kong and Sydney yesterday, as Asia’s equity markets reacted to the calmer conditions that settled over Europe and the US at the end of last week.

Hong Kong’s Hang Seng index climbed 3.3 per cent, led by financials.

Ping An, an insurer, gained 8.9 per cent to HK$67.65.

China Life Insurance climbed 6.1 per cent to HK$23.55 while Bank of China Hong Kong rose 5.1 per cent to HK$19.30.

Resource stocks rebounded after being depressed by fears of easing demand in the face of a global economic slowdown.

Oil group Cnooc added 5.1 per cent to HK$14.94 while PetroChina gained 4.2 per cent to HK$9.75 and Sinopec rose 4 per cent to HK$6.79.

Sydney’s SP/ASX 200 climbed 2.6 per cent.

Alumina, a metal producer, rose 8.2 per cent to A$1.97 after its rating was raised.

Car makers lifted Tokyo’s Nikkei 225. Mazda climbed 3.5 per cent to ¥178 and Honda gained 3.4 per cent to ¥2,624. – (Copyright The Financial Times Limited 2011)