Asia Stocks climbed sharply
SYDNEY (MarketWatch) — Stocks climbed sharply across Asia on Thursday as investors looked for some improvement in the global economy and as technology firms got a boost from U.S. corporate results.
In addition, “the market’s not expensive and offshore leads were positive,” he added, noting equity-market gains on Thursday.
Broadly reassuring comments on the U.S. economy rather than stimulus measures from Federal Reserve Chairman Ben Bernanke, as well as a surge in June housing starts and strong technology-sector earnings pushed U.S. stocks to a higher close on Wednesday.
The recent run of upbeat earnings reports from U.S. technology companies led to a 1.1% rise for the Nasdaq Composite COMP +1.12%overnight and gains for Japanese technology companies on Thursday.
Component maker Renesas Electronics Corp. JP:6723 +7.44% RNECY -4.85% jumped 8.7%, while Hitachi Ltd. JP:6501 +2.42% HTHIF 0.00% added 2.6% and Fujitsu Ltd.JP:6702 +0.58% FJTSY +1.53% improved by 1.2%.
Tech-sector gains also showed up in other markets, with Samsung Electronics Co.SSNLF -0.30% climbing 3.5% in Seoul, while Internet firm Tencent Holdings Ltd.HK:700 +2.61% TCEHY -2.11% rose 2.3% in Hong Kong.
Telecommunications shares were also strong in Hong Kong after suffering recent declines. China Unicom Hong Kong Ltd. HK:762 +5.15% CHU -2.99% rose 3.9%, and rival China Telecom Corp. HK:728 +5.01% CHA -0.29% shot 5% upward.