Asian equities gain on weak oil prices

| May 19, 2005 | 0 Comments
Asian equities gain on weak oil prices

Asian equities markets were up across the board on Thursday on Wall Street gains, weak oil prices, and news that US inflation is in check.

Tokyo markets had their best day since the beginning of the year as the Nikkei 225 rose 2.2 percent to 11,077.16 and the Topix index was up 2 percent to 1,131.42. Export-oriented stocks did especially well.

Hong Kong’s Hang Seng index rose 0.5 percent, to 13,698.93 as the mood was subdued by rises in domestic interest rates.

HSBC, Hong Kong’s largest bank, raised its prime interest rate 50 basis points and other banks soon followed suit. The S&P/ASX 200 index in Sydney hit a five-week high, going up 1.4 percent to 4,044.5.

Gains by importers took the composite index in Seoul up 2.3 percent to 952.09. In Taipei, technology stocks helped volume improve and took the weighted index up 1.4 percent to 5,970.71.

Technology stocks also were a factor in Singapore, where the Straits Times index had its first positive result in five days as it rose 0.6 percent to 2,167.27.

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