Wednesday, November 26, 2008

ASIA MARKETS: Resource, Technology Shares Spur Rally

By V. Phani Kumar

Asian stock markets advanced early Thursday, with technology shares such as Kyocera Corp. and Hynix Semiconductor among gainers after Wall Street stretched a rally into a fourth straight session, while resource stocks jumped on a sharp rise in crude-oil prices.

The Nikkei 225 Average jumped 2.1% to 8,388.01 and the broader Topix index added 1.7% to 831.24.

Australia's S&P/ASX 200 rose 2.6% to 3,630.40 and New Zealand's NZX 50 index gained 1% to 2,665.13, while South Korea's Kospi climbed 2.1% to 1,051.37.

Technology shares advanced on hefty gains on Nasdaq overnight, with Kyocera ( KYO) jumping 4.3% and Toshiba Corp. rising 3.6% in Tokyo.

In Seoul, shares of Hynix (HXSCF) surged 7.9% and Samsung Electronics Co. ( SSNLF) added 2.5%.

On Wall Street, the Nasdaq Composite rose 4.6% to 1,532.10 and the Dow Jones Industrial Average finished up 2.9% at 8,726.61, while the S&P 500 index added 3.5% to 887.68.

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