Asia Markets Post Big Gains

Global markets enjoyed one of their best days in recent times yesterday, with Asian markets picking up on hopes that the strong medicine prescribed by the IMF would cure the Asian flu and brisk business in pharma stocks boosting European bourses.

The Hang Seng gained 14.33% to close at 10,578.60; Singapore was up 13.74% at 1,432.99; Bang-kok closed up 12.02% at 554.75; Jakarta stocks gained 14.03% to 554.11 and Manila was up 10.15% to 2,145.70. Seoul disappointed, sinking 4.18%.

In Europe, the recovery in Asian equities and talk of the merger of Glaxo Wellcome and SmithKline Beecham set the markets alight. London, Frankfurt and Paris hit new peaks, led by strong gains in pharma stocks.

 

The Footsie reached an early high at 5616.1, 157.6 points above Fridays record close, before slipping back slightly to 5590.3. DAX was up 77.94 points to 4520.47 and CAC 22.39 points to 3194.53.

The Dow jumped more than 100 points shortly after opening.