Tokyo - Asia's stock markets surged Tuesday after the governments of the world's leading industrial nations announced plans to solve the global financial crisis. Tokyo's stocks rocketed with the benchmark Nikkei 225 Stock Average posting its largest single-day gain in Japan's postwar history.
After being closed for a holiday Monday, the Nikkei surged 14.15 per cent, or 1.171.14 points to close at 9,447.57.
The broader Topix index of all first-section issues saw a similar jump, surging 115.44 points, or 13.73 per cent, to 956.3.
In efforts to further contain the crisis, Japan's government announced a series of government plans to stabilize the financial markets, including the use of public money to help regional banks.
Hong Kong's Hang Seng Index consolidated large gains by climbing another 3 per cent as markets across the region rallied on optimism over bank bail-out deals.
The blue-chip Hang Seng Index rose 520.4 points, or 3.19 per cent, to close at 16,832.56. However, Hong Kong shares are still off almost 50 per cent from their peak of just below 32,000 in October 2007.
Taiwan's Taiex surged 5.4 per cent to close at 5,291.56 while Sydney's ASX 200 index posted its highest one-day points gain in history. The ASX opened opening 5.8 per cent higher, jumping to 4,423, but succumbed to profit taking near the close at 4,335, up 3.7 per cent.
The lift came as Prime Minister Kevin Rudd announced an economic stimulus package worth 10.4 billion Australian dollars (7.2 billion US dollars) that gave one-off handouts to 4 million Australians, mostly pensioners and low-income families.
New Zealand's NZX 50 finished up 5.65 per cent, up 166.58 points at 2,948.97, after rising by nearly 7 per cent in early trading.
Prices of all leading stocks rose, including banking shares, which continued to benefit from the government's announcement Sunday of a scheme to guarantee all savers' deposits.
Indonesia's stock market surged 6.44 per cent, in line with international market rises. The Indonesian Composite Index closed at 1,555.97, rising 94.09 points.
In Singapore, the Straits Times Index initially joined in the Asian rally, opening 5.19 per cent stronger to close up 2.5 per cent, or 51.96 points at 2,128.31.
Indian equities surged in early trade on top of a strong rally the previous day as investors' sentiments were boosted following sharp gains in global bourses.
The 30-share Sensex of the Bombay Stock Exchange shot up by another 542.06 points, or 4.79 per cent, to 11,851.15 within minutes of trading.
The Sensex was quoted at 11,833.36 points, a gain of 524.27 points or 4.64 per cent at 11.30 am (0600 GMT). Similarly, the broader 50-share Nifty index rose 4.10 per cent to 3,627 up by 136,39 points around the same time.
Thai shares jumped 5.13 per cent in value, but failed to beat analysts expectations, who said investors may be hesitant because of fears of a clash with Cambodia on a simmering land dispute over territory surrounding ancient temples at the Thai-Cambodian border.
The Stock Exchange of Thailand (SET) index ended at 500.71, up 24.44 points or 5.13 per cent.
Shares rallied on the Seoul stock exchange, tracking US gains, with the benchmark Kospi index soaring 79.16 points, or 6.1 per cent, to close at 1,367.69.
The main index of the technology-heavy Kosdaq market rose 7.65 per cent to 396.32.
Bucking the overall Asian trend was China, where stocks plunged despite the rally elsewhere in the region.
The key Shanghai Composite Index, which tracks shares traded in local and foreign currencies on the larger of the mainland exchanges, lost 2.71 per cent to end the day at 2,017.32, down 56.25 points.
The smaller Shenzhen Component Index also lost nearly 2 per cent of its value after both markets made initial gains in the morning session.
Asia's markets followed other international markets upward after key European governments unveiled unprecedented state cash injections Monday to steady their reeling banks and after a weekend Group of Seven meeting at which the leading industrialized nations pledged action to fight the global crisis.
European stocks rose as a result, followed by Wall Street with the Dow Jones Industrial Average seeing its biggest one-day points gain in history, rising 936.42 points, or 11.08 per cent, to 9,387.61.
