Asian Markets Surge on Wall Street Rally (AP)  (02-04-2008)

BANGKOK, Thailand (AP) -- Stocks in Asian markets soared on Wednesday after the overnight rally on Wall Street as investors interpreted the advance as proof that the worst of the credit crisis is over.

The Nikkei 225 surged by 3.3 percent in morning trade to 13,077.5, while Hong Kong's Hang Seng Index rose sharply by as much as 4.6 percent to 24,195.3. Throughout the rest of the region, markets rose by between 2 and 3 percent.

Gains were led by financial stocks starting from the U.S. following the issue of new shares by Lehman Brothers Holdings Inc. and Switzerland's UBS AG, which was viewed as upbeat despite UBS’s new $19 billion write-down.

Top Japanese bank Mitsubishi UFJ Financial Group shot up 7.6 percent. Exporters also benefited from a stronger dollar, which rose to nearly 102 yen. Toyota Motor Corp. gained 4.2 percent and Sony Corp. rose 4.7 percent.

In Hong Kong, Chinese banks advanced. By midday, Bank of China advanced 5.3 percent, Industrial & Construction Bank of China rose 6.5 percent and insurer China Life rose 6.1 percent.

Oil companies also climbed higher, with Sinopec rising 8.2 percent and PetroChina adding 3.9 percent.

.

 Source: AP