RTTNews - The Asian markets rallied Tuesday and ended sharply higher from previous close taking cues from Wall Street where positive analyst comments about financial sector giant Goldman Sachs and Bank of America help indices rally and end in positive territory.

In the U.S., positive comments on the performance of the financial sector by Meredith Whitney, who raised the rating for Goldman Sachs from Neutral to Buy and also saw value for investors in Bank of America, helped stocks stage a smart rally on Monday, led by financial stocks.

The Dow closed up by 185.16 points or 2.3% at 8,332, the Nasdaq moved up by 37.18 points or 2.1% to 1,793 and the S&P 500 rose by 21.92 points or 2.5% to 901.

The Nikkei 225 Average opened sharply higher at 9,173 compared to its previous close of 9,050 and continued to surge further on positive cues from Wall Street. Modest rise in commodity prices and weaker local currency also lifted market sentiment. The index ended in positive territory with a gain of 211.48 points, or 2.34% at 9,262. The broader Topix Index of all first section issues gained 16.15 points, or 1.89%, to close at 869.

Light sweet crude oil for August delivery ended the Asian trading session at $60.21, up 52 cents, after having ended the previous session in after ending Monday's session in New York at $59.69, down 20 cents amid volatile trading on demand concerns.

Financial stocks advanced on expectations of better earnings. Mitsubishi UFJ Financial gained 3.38%, Mizuho Financial advanced 2.59%, Resona Holdings edged up 0.55% and Sumitomo Mitsui soared 5.41%. Securities firms also ended higher. Nomura Holdings surged 6.39% and Mizuho Securities soared 7.85%.

Metal stocks rebounded on modest rise in commodity prices. Mitsui Mining rose 7.80%, Nippon Light Metal Co gained 6.67% and Sumitomo Metal Mining advanced 4.18%

Komatsu Ltd., a machinery maker that derives almost a quarter of its revenue from the Americas, gained 6.6% following reports that the company might report operating profit for the second quarter.

Automobile stocks also ended higher. Nissan Motor, the third largest automaker in the country, rose 7.3% following reports that the company is planning to increase production to meet the rising demand in China. Isuzu Motors soared 9.6% and Toyota Motor gained 3.55%

Asahi Glass advanced 5.8% , Sony Corp gained 5.5% and Canon Inc. advanced 3.4%, on weaker local currency.

Shipping stocks reversed the declining trend and ended higher Kawasaki Kisen gained 2.70%, Mitsui OSK Lines rose 5.05% and Nippon Yusen advanced 2.39%

Oil stocks also ended in positive territory. Impex gained 2.52%, Nippon Oil rose 3.32% and Showa Shell edged up 0.63%

In Australia, the All Ordinaries Index opened unchanged from its previous close at 3,738 and surged ahead on the positive cues from Wall Street. Mining, banks and retail stocks led the gains. The index stayed in positive territory throughout the session and ended with a gain of 3.23% or 120.80 points at 3,859. The benchmark S&P/ASX 200 Index followed a similar trend and ended at 3,867, representing a gain of 3.5% or 129.6 points,

On the economic front, the latest survey from the National Australia Bank revealed that Business confidence in the country turned positive in June for the first time since December 2007. The business confidence index based on the survey stood at 4 in June compared to minus 2 in the preceding month.

Light sweet crude oil for August delivery ended the Asian trading session at $60.21, up 52 cents, after having ended the previous session in after ending Monday's session in New York at $59.69, down 20 cents amid volatile trading on demand concerns.

Metal stocks rallied after a modest rise in commodity prices in the international market. BHP Billiton gained 4.94%, Rio Tinto surged up 5.30%, Mincor Resources surged 10.91% and Fortescue Metals rose 3.15%.

Gold stocks ended in positive territory. Lihir Gold gained 1.41%, Newcrest Mining added 0.81% and Sino Gold Mining rose 2.75%.

Retailers advanced following the improvement in business confidence index. David Jones gained 3.50%, Harvey Norman advanced 2.27%, Woolworths added 1.64% and owner of Coles, Wesfarmers rose 3.35%.

Banking stocks advanced ended higher, capitalizing on the rally in the financial space in the U.S. overnight. Wall Street cues where financials led the gains. ANZ Bank gained 4.00%, Commonwealth Bank Australia advanced 4.30%, National Australia Bank soared 4.83% and Westpac Banking rose 3.91%.

In Hong Kong, the Hang Seng Index opened sharply higher at 17,632 compared to its previous close at 17,255 and continued to surge ahead on positive cues from Wall Street. The index ended the session in positive territory with a gain of 631.10 points, or 3.66%, at 17,886.

All the 42 components of the index ended in the positive territory with notable gains as traders picked up stocks at lower levels on expectation of better earnings results from the U.S corporates and increasing hopes of recovery prospects.

Property, finance and resource related stocks ended in the green. Among the property stocks, Sino Land gained 5.12%, New World Development soared 6.39%, Henderson Land advanced 3.49% and SHK Property rose 4.48%.

Resource stocks also advanced on modest rise in commodity prices in the international market. Coal-miner China Shenhua gained 4.55%. Aluminum Corp of China, or CHALCO, rose 3.44%, PetroChina advanced 4.18%, and CNOOC surged 6.36%.

In South Korea, the benchmark KOSPI Index ended in positive territory taking cues from Wall Street where major indices ended higher on expectations of better performance from the financial sector. The market opened slightly higher at 1,401 compared to previous close at 1,378, on positive cues from Wall Street. However, caution prevailed among the traders amid thin volumes ahead of earnings. The index managed to end in positive territory with a gain of 7.44 points, or 0.54% at 1,386.

Technology shares led the gains. Samsung Electronics rose 2.26%, and LG Electronics advanced 3.7%. Chipmaking giant Hynix Semiconductor gained 3.87%.

Steelmaking giant POSCO, which reported a 71% drop in second quarter profit Monday, advanced 2.33% on expectations its business will improve down the road after bottoming out in the second quarter.

Financial shares also ended in positive territory. KB Financial Group, the parent for top lender Kookmin Bank, gained 2.58%, Woori Finance rose 3.49%, Shinhan Group rose 3.34% and Hana Financial Group added 1.04%.

In India, the stock market ended in the positive territory on positive global cues and expectations of better monsoons in the western and north-western parts of the country.

The BSE Sensex ended at 13,854, up 453 points or 3.38% from its previous close, and the broader S&P CNX Nifty jumped 137 points or 3.46% to close at 4,111.

All the other major markets open for trading across the region ended in the positive territory . China's Shanghai Composite Index gained 64.60 points or 2.10% at 3,145, Indonesia's Jakarta Composite Index rose 36.44 points, or 1.80% to close at 2,057, Singapore's Strait Times Index advanced 43.91 points or 1.94% to close at 2,311 and Taiwan's Weighted Index surged 108.59 points or 1.66% to close at 6,639.

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