Market Update
Asian stocks ended broadly higher, following comments from Federal Reserve Chairman Ben Bernanke Friday who said the U.S. central bank was ready to look at policy measures to support the economy.
At close, India's Sensex surged 3.6%, while Japan's Nikkei, Hong Kong's Hang Seng and Australia's All Ordinaries gained 0.6% to 1.5%. Mainland China's Shanghai Composite, however, fell 1.4% on monetary-policy tightening concerns.
Commodity prices rose in the wake of Bernanke's speech at the Jackson Hole conference, who did not immediately announce easing measures but said the central bank was ready to provide policy support to the U.S. economy if the need arose.
Stocks on the Move
In Tokyo, shares rose broadly but automakers were pressured on reports tire shortages. Toyota gained 1.9% while Honda slipped 1.2%. Sony closed 2.8% higher.
Indian stocks, which have underperformed most global peers this year, rose the most, gaining 3.6%. Technology, metal, property and bank stocks climbed. Shares of various Anil Ambani Group companies surged between 5% and 10%.
In Hong Kong, oil firms Sinopec, PetroChina and CNOOC jumped 3% to 6.7% on strong crude prices while realtor Sun Hung Kai Properties was up 1.2%.
Stocks in China underperformed Asian peers. Bank of China, Industrial and Commercial Bank of China and China Construction Bank were down between 1% and 1.7%.
While in Sydney, National Australia Bank, ANZ Bank and Westpac Banking Group rose 1.8% to 2%. Miners BHP Billiton and Rio Tinto gained 1.3% and 2.1%, respectively.