- POSTED: 23 Dec 2013 17:03
- UPDATED: 23 Dec 2013 19:03
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Asian markets climbed on Monday following a record lead from Wall Street after US economic growth figures came in well above expectations.
HONG KONG: Asian markets climbed on Monday following a record lead from Wall Street after US economic growth figures came in well above expectations.
Chinese shares picked up after the mainland's central bank last week injected funds into financial markets to calm fears of a cash crunch.
Sydney climbed 0.51 per cent, or 26.7 points, to end at 5,291.9 and Seoul rose 0.68 per cent, or 13.54 points, to close at 1,996.89.
Shanghai added 0.24 per cent, or 4.91 points, to end at 2,089.71, the first positive close in 10 sessions. Hong Kong closed 0.48 per cent, or 109.38 points, higher at 22,921.56.
Tokyo was closed for a public holiday.
US shares rallied on Friday after the Commerce Department said the economy grew 4.1 per cent year-on-year in July-September, much faster than estimated and up from 2.5 per cent in the previous three months.
It was the strongest growth in the world's largest economy since the fourth quarter of 2011, when the pace hit 4.9 per cent.
The news came after a decision by the Federal Reserve to trim its stimulus programme by US$10 billion to US$75 billion a month from January, citing a pick-up in the economy and falling unemployment.
On Wall Street on Friday, the Dow added 0.26 per cent and the S&P 500 rose 0.48 per cent - both ending at record highs - while the Nasdaq climbed 1.15 per cent.
Chinese shares rose after suffering a sell-off on Friday on concerns about a cash crunch similar to the one that hit in June.
Dealers welcomed a huge injection of liquidity into financial markets last week by the central People's Bank of China after interbank borrowing rates - which lenders charge each other to borrow cash - shot up.
The bank pumped 300 billion yuan (US$49.4 billion) into the market, sending rates falling from 8.2 per cent on Friday to 5.57 per cent in early trade on Monday.
The turmoil last week came as banks and other investors scrambled for cash as they approach the end of the year, when they typically have to meet regulatory requirements and funding demands from companies.
However, Amy Lin, an analyst at Capital Securities, told Dow Jones Newswires: "The market is clouded by concerns of a liquidity crunch. Sharp rises in stock indexes are unlikely in the coming month.
"All eyes are on the central bank now, with hopes it could continue to inject funds into the market."
In forex trade, the dollar bought 104.00 yen compared with 104.06 yen in New York on Friday. The euro bought US$1.3670 against US$1.3671, while it was at 142.30 yen from 142.31 yen.
Oil prices were lower. New York's main contract, West Texas Intermediate for February delivery, was down 32 cents at US$99.00 in afternoon trade, while Brent North Sea crude for February eased six cents to US$111.71.
Gold fetched US$1,195.04 at 1052 GMT compared with US$1,195.25 late Friday.
In other markets, Taipei rose 0.57 per cent, or 47.93 points, to 8,456.46; Wellington rose 0.89 per cent, or 41.44 points, to 4,722.64; Manila rose 0.34 per cent, or 19.75 points, to 5,854.88; Kuala Lumpur fell 0.28 per cent, or 5.17 points, to 1,832.86; Jakarta ended down 0.14 per cent, or 5.95 points, at 4,189.61; Bangkok lost 1.23 per cent, or 16.58 points, to 1,326.14; and Mumbai rose 0.10 per cent, or 21.31 points, to 21,101.03.