Shanghai index up 8 percent to lead Asian stock rally

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AM Shanghai index up percent to lead Asian stock rally By ELAINE KURTENBACH Associated Press TOOLS Email Get section feed Print Subscribe NOW Comments SHANGHAI China Asian markets rallied today as investors were heartened by Wall Street s advance last week and by reports downplaying the impact of disastrous winter storms on China s broader economy. Investors also snapped up shares of major miners Rio Tinto and Aluminum Corp. of China on Friday s news that the Chinese company and Alcoa Inc. had bought a big stake Rio Tinto listed in both Sydney and London. China s benchmark Shanghai Composite Index surged . points or . percent to . . Hong Kong s Hang Seng index jum! ped . percent to . and Japan s Nikkei index rose . percent to close at . points. Markets in South Korea and India also rose strongly. Last week s rally on Wall Street which put in its best five day gain since March boosted sentiment in Asia where markets have tumbled since the start of the year on worries about a U.S. recession. While those concerns lingered investors focused on Microsoft Corp. s bid for Internet company Yahoo Inc. and a possible rescue plan for the troubled bond insurance sector. In Tokyo Yahoo Japan shares shot up . percent while Softbank Corp. which owns part of Yahoo Japan surged percent. Japanese bank brokerage and real estate issues also advanced. Investors in mainland China and Hong Kong bid up stocks after China s state run newspapers carried front page statements by top economic officials downplaying the likely impact of the winter storms that have gripped southern China with its worst snowfalls in years. There s no need to worry. The losses will be recovered and investors should not worry the China News Service quote! d Li Rongrong chairman of the agency in charge of big state corporations as saying. So far official estimates put the damage from the storms at . billion. Last week the government ordered banks in regions affected by the storms to relax limits on lending also reassuring investors worried over inflation fighting credit tightening policies. Zhu Hongren deputy director of the National Development and Reform Commission the country s top economic planning body emphasized that damages and losses were confined to only some parts of southern and central China. The fairly severe disaster did not affect the whole country the state run newspaper China Business News cited Zhu as saying. Even though the impact on industry is evident the impact on the entire economy is limited Zhu said. Aluminum Corp. of China or Chinalco surged by the daily percent limit to . yuan after announcing late Friday that is has acquired along with U.S. partner Alcoa Inc. a percent stake in Rio Tinto PLC. The n! ews comes just days ahead of a Wednesday deadline set by British regulators for BHP Billiton to either formalize its billion proposal to merge with Rio Tinto a deal that would create a monolithic mining company and that Chinese officials have previously expressed concerns about. In Sydney Rio Tinto Ltd. closed less than percent higher at . Australian dollars while BHP Billiton ended percent higher at A . . The mainland Chinese market was further boosted by news that the China Securities Regulatory Commission had approved two new stock funds raising the likelihood of fresh flows of cash into the markets. CCB Principal Asset Management Co. and China Southern Fund Management Co. are due to raise a total of about . billion later this month the official Xinhua News Agency reported. In New York Friday the Dow Jones industrial average gained . percent. Both the Dow and the Standard Poor s index rose more than percent for the week. U.S. stock index futures were down slightly. Dow futures were down points or . percent at while S P futures were down . p! oints or . percent at . . Read all comments MORE STORIES IN Business Shanghai index up percent to lead Asian stock rally What to do when you want to run from risk Where to park your cash Cutbacks by the rich hurt the less affluent Wind farms are surging but the labor supply isn t Burns Blame the terrorists for the foreclosure crisis Tips can help your odds of getting hired by a top firm SEARCH RESULTS Asian Markets Rise on Wall Street s Gain Alcoa Chalco Buy Rio Tinto Stake Business Highlights Around the world After Surge PetroChina Stumbles in NY Asian Markets Fall Ahead of Fed Decision ADRs in Focus Miners Up With Rio Tinto Sector Glance Precious Metals Producers ADRs in Focus Emerging Markets China Storms Cause

Source: http://www.chron.com/disp/story.mpl/headline/biz/5510547.html


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