Asian markets higher amid recovery optimism
HONG KONG — Asian stock markets were narrowly higher Tuesday amid optimism the region’s economies can help lead a global recovery.
Most markets gained in lackluster trade, with Japan and a couple other countries’ bourses closed for holidays. Crude oil prices rose following a big fall overnight as the dollar weakened against the yen and euro.
Investors have been piling into Asian equities this year as easy money made available by monetary loosening around the world flows toward regions with stronger growth prospects.
The Asian Development Bank said Tuesday that Asia has held up better than expected amid the global downturn and raised its growth forecasts for China and India.
“The Asian region has proven more resilient than earlier thought,” said ADB chief economist Jong-Wha Lee as the Manila-based bank issued a report on developing Asian economies.
Hong Kong’s Hang Seng added 109.20 points, or 0.5 percent, to 21,582.05, and South Korea’s Kospi gained 24.19 points, or 1.4 percent, to 1,719.69. India’s Sensex was up 0.7 percent.
Markets in Japan, Indonesia and Malaysia were closed for public holidays.
Elsewhere, China’s Shanghai market fell 1.3 percent, while Thailand and Singapore stocks rose. Markets in Taiwan and Australia traded lower.
Overnight in the U.S., Wall Street closed down as a stronger dollar pushed down commodity prices and investors grew jittery about the market’s six-month rally.
The Dow fell 41.34, or 0.4 percent, to 9,778.86. It has fallen in two of the last three days.
The S&P 500 index fell 3.64, or 0.3 percent, to 1,064.66, while the tech-heavy Nasdaq composite index rose 5.18, or 0.2 percent, to 2,138.04.
Oil prices were higher, with benchmark crude for October delivery up 45 cents at $70.16 a barrel. The contract fell $2.56 overnight.
The dollar slipped to 91.69 yen from 91.98 yen. The euro climbed to $1.4710 from $1.4675.
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