Asia stocks stage broad rally, but Korea retreats

Marketwatch (11/04) - HONG KONG - Most Asian markets rose Thursday as a record finish for key U.S. indexes and hopes for Japanese central-bank easing lifted sentiment, while Chinese stocks climbed after a boost in bank lending and expectations for lower corporate taxes. 

The Nikkei Stock Average advanced 0.8%, rising further after ending Wednesday at its best level since August 2008. The benchmark stayed on course for its sixth higher finish in seven sessions, with the U.S. dollar remaining just short of the key ¥100 level.

Elsewhere, Australia’s S&P/ASX 200 rose 0.6%, Hong Kong’s Hang Seng Index gained 0.7%, and the Shanghai Composite inched up 0.1%.

South Korea’s Kospi defied the broad Asian rally, slipping 0.1% after the Bank of Korea surprised markets by refraining from a widely expected interest-rate cut.

The broad advances in Asia came after the Dow Jones Industrial Average and the S&P 500 both ended at record levels overnight on Wall Street.


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