Headline shares of the Asia Pacific market ended mostly higher on Monday, April 29, 2013, on the prospect of super easy monetary policies in Europe and continuous bond buying from the US Federal Reserve after stream of poor economic indicators globally, particularly from China, Europe, and the US, to bolster growth.
Buying spree also supported by news that a new government in Italy was ready to take the helm after two months of political deadlock. Italy's new coalition government led by Premier Enrico Letta brings together forces from both the left and the right and will begin its work after a confidence vote later Monday in Parliament.
However, the gains on the upside were limited as investors look ahead to a week that includes Wednesday's policy statement from the U.S. central bank, for further hints regarding the future of the central bank's monetary easing program, and the outcome of the European Central Bank's policy meeting on Thursday, amid growing expectations for a rate cut.
Most Asia Pacific market rose, led by New Zealand's NZX50 which has rose 0.7% to 4580.96 and Australia's S&P/ASX 200 which gained 0.56% to 5,125.80. New Zealand shares rose, pushing the NZX 50 Index to a new high, as the continued shift away from fixed income investments underpinned demand and drove Fonterra Shareholders' Fund, Ryman Healthcare, Diligent Board Member Services and A2 Corp to record highs. The Australian share market rose on the back of solid gains in lenders, healthcare, and retailers led rally, which helped to overshadow fall in mining stocks.
The Sensex in India has climbed 0.52% to 19387.50. The gain in the benchmark led by FMCG and realty stocks amid a firming global trend. International Monetary Fund saying the India's GDP is likely to improve to 5.7 per cent in 2013 and further to 6.2 per cent a year after, also influenced the market sentiment, they added.
The Hong Kong's benchmark Hang Seng Index added 33.06 points, or 0.15%, to finish at 22,580.77, however the Hang Seng China Enterprises Index fell 0.5%, declining for the first time in four days, as slower growth in Chinese industrial companies' profits added to signs the world's No. 2 economy is losing steam.
Elsewhere, stocks in Taiwan, Singapore, and Indonesia rose 0.1%, 0.4%, and 0.4%, respectively. South Korea's Kospi lost 0.2% and Malaysia's KLSE lost 0.2%. Markets in mainland China and Japan were closed for holidays.
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