China commits to a 4 billion Yuan project and across the continent markets rally. Only Taipei and Singapore fail to recover.

Hong Kong (AsiaNews) – Asian markets welcomed the Chinese investment plan announced yesterday by China: today Tokyo closed with the Nikkei index up 5.81% and by mid morning all of the main Asian markets were also showing positive gains.

In fact Beijing announced a plan of 4 billion Yuan (circa 585 billion dollars) until 2010 aimed at stimulating internal demand and head of weakening exports.

Beijing’s announcement was greeted by rallies across Chinese markets: Hong Kong is up 3.39% and Shanghai 4.83%. In contrast Taipei was down – 0.23%, the only market together with Singapore (- 0.44%) to register losses.

All the rest registered gains: at the top Bombay, which so far is up 3.09%. To a lesser extent but still up on last week Sydney at 1.43%, Bangkok (0.94%), Seoul (0.43%), Manila (0.92%) and New Zealand (1.64%).

Oil prices were also on the increase, reaching 63.84 dollars a barrel this morning in Asia.

 

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