RTTNews - The Asian markets rebounded from yesterday's loss and ended in positive territory following rally in Chinese equitiies.

In Japan, the benchmark Nikkei 225 Index ended at 10,383. representing a gain of 179.41 points, or 1.76%, while the broader Topix index of all first section stocks gained 15.34 points, or 1.63%, to 959.

Most of the stocks ended in positive territory on increasing optimism about recovery prospects in the global economy following positive closing on Wall Street on Wednesday.

All Nippon Airways gained 4.40% after Mitsubishi UFJ Financial raised the rating for the airliner to outperform from market perform stating that the airliner will report earnings growth from 2010 and further. Japan Airlines Corp. advanced 1.20%.

Automotive stocks also ended higher on expectations of recovery. Toyota Motor Corp. gained 1.23%, Honda Motor advanced 1.93%, Hino Motors surged up 5.11% and Isuzu Motors rose 5.35%.

Trading companies advanced on bargain hunting at lower levels. Toyoto Tsusho Corp. rose 2.82%, Mitsui & Co., advanced 1.97%, Mitsubishi Corp added 0.69%, Sumitomo Corp. gained 1.91% and Itochu Corp. increased 2.15%.

In banking space, Sumitomo Mitsui Financial gained 2.80%, Mitsubishi UFJ Financial added 1.03%, Mizuho Financial advanced 1.79% and Resona Holding edged up 0.08%.

Oil companies advanced on higher crude oil prices. Nippon Oil Corp. gained 1.92%, Showa Shell advanced 1.14% and Nippon Mining rose 2.77%.

In Australia, the benchmark S&P/ASX200 Index added 3.70 points, or 0.08%, to close at 4,378, while the All-Ordinaries Index ended at 4,391, representing a gain of 3.80 points, or 0.08%.

On economic news, the Australian Bureau of Statistics revealed that merchandis imports rose 6% during July over the revised figure for the previous month. Total merchandise imports totaled A$16.698 billion, up just over A$1 billion from June. The report further stated that the preliminary balance of payments increased by 4% or a seasonally adjusted A$678 million compared to the month before.

Light sweet crude oil price for September delivery ended at $72.75 a barrel in electronic trading, up $0.33 from its previous close $72.42 a barrel in New York on Wednesday.

Energy stocks advanced following sharp rise in crude oil price in the international market on expectations of rise in oil demand. Woodside Petroleum surged up 7.34%, and Oil Search Ltd rose 2.52%. However, Santos edged down 0.41% after reporting a sharp drop in profit for the first six months of the year. Origin Energy slipped 0.20%.

Metals and mining stocks also posted gains. BHP Billiton added 1.14%, Fortescue Metals added 0.44%, Iluka Resources edged up 0.27%, Mincor Resources advanced 1.96% and Orica Ltd rose 2.60%. However, Rio Tinto edged down 0.29% ahead of the results. After the markets closed, Rio Tinto reported a 65% drop in net profit for the first half, hurt by drop in aluminum, iron ore and copper prices.

Pellet maker Brambles gained 3.62% after the company reported a 30% drop in net income for the full year, higher than the mean expectations.

Property and casualty insurance provider QBE Insurance Group surged up 6.36% after the insurer increased first half profit by 19%. Life/Health insurance provider AMP Ltd gained 2.91% after the company reported a 16% decline in underlying profit for the first half, but came in above analysts' expectations.

Wesfarmers, owned by Coles, reported a 44% rise in net income for the full year ended 30 June 2009, but missed the analysts' estimate. The stock slumped 4.15% following the results. Among other retailers, David Jones edged up 0.21%, and Woolworths advanced 1.54%. Harvey Norman, however, slipped 1.53%.

Mixed trend was witnessed among the banking stocks. Commonwealth Bank of Australia added 0.09% and National Australia Bank edged up 0.19%. However, ANZ Bank lost 0.91% and Westpac Banking fell 0.98%.

In Hong Kong, the Hang Seng Index srebounded sharply and ended in positive territory with a gain of 374.63 points, or 1.88% at 20,329, taking cues from mainland Chinese market where the equities rebounded from yesterday's slump, raising hopes that growth will continue to accelerate in the country. Spurt in oil prices in the international market on report of rising oil demand also lifted market sentiment.

Of the 42 components in the Index, only two stocks managed to end in negative territory with marginal losses, while the balance 40 stocks evinced buying interest and ended in positive territory.

In South Korea, the benchmark KOSPI Index ended in positive territory with a gain of 30.43 points, or 1.97%, at 1,576, following rebound in the Chinese equities and positive trading in other Asian markets. Positive closing in Wall Street in the previous session also lifted market sentiment Institutional investors picked up stocks at lower levels on optimism about recovery prospects.

A rebound in Asia led by a pullback in China and positive cues from Europe and the U.S. helped the Indian market witness a broad-based rally. The BSE Sensex finished at 15,012, up 203 points or 1.37% and the S&P CNX Nifty rose 59 points or 1.35% to 4,453

Among the other major markets in the region, China's Shanghai Composite Index surged up 4.52% or 125.99 points, to 2,912, Singapore's Strait Times Index added 36.79 points, or 1.46% to close at 2,560, and Indonesia's Jakarta Composite Index gained 2.23% or 50.89 points to close at 2,329. Taiwan's Weighted Index, however, bucked the trend and ended in negative territory with a loss of 55.35 points, or 0.82%, at 6,733.

For comments and feedback: contact editorial@rttnews.com