After the rescue on Tuesday, shares in Wall Street's rose for Asia Pacific market in the relief on $300 billion bailout. Oil’s nine per cent surge in New York trading and firmer commodity prices also boosted energy and mining stocks, and eased worries that the recent fall in the price of oil to three-year lows suggested declining economic activity.
The Nikkei in Japan jumped as much as 5 per cent in early gains and South Korean shares rose as much as 6.1 per cent. The FTSE Asia Pacific index rallied by nearly 3.5 per cent before narrowing gains to 2.5 per cent at 147.2 by lunchtime in Hong Kong.
Nymex light sweet crude in Asian trading was slightly off its highs at $53.85 a barrel.
Banks and oil companies led the gains. HSBC rose by 2.8 per cent to HK$76.85, the mainland oil explorer Cnooc rose by 8.7 per cent to HK$5.61 and Standard Chartered Bank, which fell on Monday after announcing a big rights issue, gained 3.2 per cent to HK$90.80.
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