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Asian stocks gain as oil jumps above US$72

Asian stocks gain as oil jumps above US$72

Most Asian markets advanced yesterday, shrugging off another rise in Japanese unemployment as oil powered above US$72 a barrel to eight-month highs, boosting resource stocks. Overnight gains on Wall Street underpinned sentiment, helping the region's markets to extend a massive rally that began in March on hopes the worst of the global recession has passed.
Investors were unfazed by unemployment in Japan, the world's second-largest economy, rising to a 5 1/2-year high of 5.2 percent in May.
"The surging unemployment doesn't seem to have much impact on investors. The markets are following the overnight rise on Wall Street. In the U.S. it seems that investors are still optimistic," said Castor Pang, an analyst at Sun Hung Kai Financial in Hong Kong.
In Japan, the Nikkei 225 stock average rose 174.97 points, or 1.8 percent, to 9,958.44, while Hong Kong's Hang Seng gained 138.79, or 0.8 percent, to 18,667.30. South Korea's Kospi was up 0.1 percent at 1,390.07. Elsewhere, Australia's benchmark rose 1.8 percent and Singapore's market gained 0.8 percent.


Updated : 2021-05-18 09:42 GMT+08:00