Asian markets after witnessing a huge fall yesterday, opened on strong note on Tuesday (Apr. 15, 2008). The rise in the market was led by the commodity stocks which rose after the crude oil prices neared record highs; and the Deutsche Bank AG recommended investors to buy shares in Japanese companies.
Mitsubishi, advanced be the most in five months. Korea Electric Power lost the most among utility companies on renewed concerns that higher fuel costs will reduce earnings.
Japanese benchmark index Nikkei rose 125.49 points, or 0.97%, to trade at 13,043.00.
Hong Kong`s index Hang Seng rose 232.69 points, or 0.98%, to trade at 24,043.89.
China`s Shanghai Composite advanced 26.04 points, or 0.79%, to trade at 3,270.63.
Taiwan`s Taiex index rose 45.77points, or 0.51%, to trade at 8,938.45.
South Korea`s KOSPI rose marginally 2.06 points, or 0.12%, to trade at 1,748.77.
Singapore`s Straits Times rose 16.55 points, or 0.54%, to trade at 3,059.51. (8.05 a.m., IST)
Oil surges to USD 111.16 a barrel
Oil prices rose on Monday (April 14) on reports that a US oil pipeline was shut for repairs and as the dollar once again weakened against the other currencies.
Light sweet crude for May delivery rose USD 1.02, to USD 111.16 a barrel on the New York Mercantile Exchange (NYMEX).
Gasoline prices dropped 0.21 cents, to USD 2.8052 a gallon. Heating oil futures rose 0.34 cents, to USD 3.2009 a gallon at the NYMEX.
In London, Brent crude futures rose 44 cents, to USD 109.19 a barrel on the ICE Futures exchange.
Natural gas futures climbed 13.7 cents, to USD 10.038 per 1,000 cubic feet on the NYMEX.