Asian markets rise; India stocks gain after attack

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(Agencies)
Updated: 2008-11-28 21:12

Australia's benchmark S&P/ASX200 index surged 4.3 percent, while South Korea's benchmark rose 1.2 percent.

Thai stocks also rose amid speculation that the intensifying political unrest could be resolved over the weekend. Protesters wanting to unseat the prime minister have taken over Bangkok's two main airports, disrupting travel and shipments around the region. The main SET index jumped 3.1 percent to 401.84.

The only major Asian market to decline was Chinese mainland, where the Shanghai Composite index fell 2.4 percent. But the index rose 8.2 percent for the month of November, its biggest one-month gain in 15 months, driven by optimism about the government's stimulus package.

In early European trading, Britain's FTSE 100 index was down 0.3 percent at 4,212.62, while Germany's DAX was down 1.1 percent at 4,614.

The Dow Jones industrial average jumped 2.9 percent Wednesday to 8,726.61, for its first four-day winning streak since April 15-18. The broader Standard & Poor's 500 index advanced 3.5 percent to 887.68, its first four-day advance since May.

The rally came despite further poor news on the American economy. Figures showed durable goods orders in October slumped by a two-year high rate of 6.2 percent, new home sales at a 17-year low and consumer sentiment languishing at a 28-year low.

US stock index futures were lower. Dow futures were down 26 points, or 0.3 percent, at 8,672, while S&P futures were down 2.8 points, or 0.3 percent, at 883.4.

Oil prices fell below $54 a barrel in Asia as investors eyed a possible production cut by OPEC this weekend amid a gloomy global demand outlook. Light, sweet crude for January delivery was down $1.24 to $53.20 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore.

In currencies, the dollar dipped to 95.25 yen, while the euro slipped to $1.2865.

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