Commodities push Asian stocks

Asian markets gained for a second consecutive day Wednesday, helped
by strong commodities stocks as a fresh rally on Wall Street
bolstered investor confidence. Bourses around the region were helped
by a surge in gold prices to record highs, as investors poured money
into commodities in the hope that demand is returning. Gold was at an
all-time high of 1 , 047.80 US dollars an ounce in early London
trading Wednesday, while light, sweet crude for November had risen
above 71 dollars a barrel in Asia. Tokyo gained 1.11 percent while
gold and mining stocks pushed Sydney 2.23 percent higher. Hong Kong
added 2.07 percent. However, Seoul ended flat after commodity-
related gains were offset by a mixed dollar and the impact of a
strong local currency on exporters. Wall Street shares lifted 1.37
percent to extend their rally for a second day Tuesday as risk
appetites were whetted by Australia' s earlier decision to raise
interest rates. Investors were eyeing the US third quarter earnings
season which was to kick off later in the day with the release of
mining giant Alcoa's results. Shanghai was closed for a public
holiday. TOKYO: Up 1.11 percent. The Nikkei-225 added 107.80
points to 9 , 799.60. HONG KONG: Up 2.07 percent. The Hang Seng
Index finished 430.06 points higher at 21 ,241. 59. Resources and
oil firms led the rise, with PetroChina gaining 3.6 percent to 9.23
Hong Kong dollars and CNOOC up 1.5 percent at 10. 96 dollars.
SYDNEY: Up 2.23 percent. The SP/ASX200 rose 104.1 points to 4
,695.7. SEOUL: Flat. The KOSPI ended down 0.44 points at 1 , 598.00.
Hyundai Motor slipped 5.3 percent to 96 ,600 won. Kia Motors fell
4.8 percent. TAIPEI: Up 0.96 percent. The weighted index rose 72.61
points to 7 , 608.66. SINGAPORE: Up 0.87 percent. The blue-chip
Straits Times Index rose 22.74 points to 2 ,634. 63. Singapore
Airlines was 12 cents higher at 13. 36 dollars while Keppel Corp
advanced 24 cents to 8.05. BANGKOK: Up 1.44 percent. The Stock
Exchange of Thailand gained 10.53 points to close at 741.92. KUALA
LUMPUR: Up 0.48 percent. The Kuala Lumpur Composite Index gained
5.88 points to 1 , 218.61. Tobacco giant BAT slid 0.4 percent to
44.80 ringgit while telecoms company Axiata slipped 1.0 percent to
3.04 ringgit. JAKARTA: Down 0.58 percent. The Jakarta Composite
Index lost 14.74 points to 2 , 513.40. MANILA: Up 2.86 percent. The
composite index gained 82.60 points to 2 , 967.06. MUMBAI: Down 0.9
percent. The 30- share Sensex fell 151.88 points to 16 , 806.66.