HONG KONG: Asian stocks rose sharply yesterday after the US and other central banks triggered a Wall Street surge by agreeing a huge cash injection into ailing credit markets.

Analysts said the US Federal Reserve’s action could be worth up to US$200 billion and had boosted confidence, but added its long-term impact remained unclear.

TOKYO: Share prices closed up 1.60 per cent following a powerful rally on Wall Street after major central banks pumped cash into stressed financial markets.

The benchmark Nikkei-225 index rose 202.85 points to close at 12,861.13.

SYDNEY: Share prices closed 2.4 per cent up, ending a three-day losing streak as investors responded positively to a US Federal Reserve plan to ease the credit crisis.

The benchmark S&P/ASX 200 closed up 123.7 points at 5,257.9.

SHANGHAI: Share prices closed 2.30 per cent lower led by banks and property developers. The benchmark Shanghai Composite index, which covers both A and B shares, shed 95.76 points to 4,070.12.

TAIPEI: Shares closed up 0.64 per cent as profit-taking undercut gains inspired by Wall Street’s overnight rally. The weighted index closed up 53.70 points at 8,435.30.

SEOUL: Share prices closed up 1.1 per cent after Wall Street surged on the Federal Reserve’s rescue package for the ailing credit market. The Kospi index closed up 17.35 points at 1,658.83.

BANGKOK: Share prices closed 0.87 per cent higher as investors cheered international moves to pump cash into financial markets. The composite index rose 7.17 points to 827.00.

JAKARTA: Share prices closed 1.3 per cent higher, bouncing back from a two-day sell-off. The Jakarta composite index was up 32.71 points at 2,556.24.

MANILA: Share prices closed 1.5 per cent higher after strong gains overnight on Wall Street. The composite index was up 44.39 points at 2,953.39 off a high of 3,004.71.

MUMBAI: Shares closed little changed after an early rally was hit by data showing industrial production slowed sharply in January. The Mumbai stock exchange Sensex index rose 4.83 points to 16,127.98. - AFP

Europe Roundup: Further gains

FRANKFURT: European shares rallied for the second consecutive day yesterday as optimism, sparked by major central banks’ moves to ease credit market problems, lifted financial stocks, while bid talk pushed mining shares higher.

The pan-European FTSEurofirst 300 index unofficially closed 1.1 per cent higher at 1,283.09 points.

Major US stock indices were also higher.

Banks were the major gainers in Europe and the DJStoxx index of European banking shares rose 2.1 per cent.

UBS, Societe Generale and Credit Suisse were the strongest positive weights on the European benchmark index. - Reuters