SINGAPORE: Singapore shares opened 2.6 per cent higher Friday after a powerful rally on Wall Street sparked by bargain hunting.

The main Straits Times Index rose 40.19 points to 1,795.66 on a volume of 38.3 million shares. There were 119 gainers and 17 losers.

Japan's Nikkei stock index rose more than five per cent in early trade. The benchmark index shot up 451.21 points, or 5.48 per cent, to 8,689.85 in the first 40 minutes of trading.

Australian share prices rose 3.5 per cent in early trade, with the benchmark S&P/ASX200 gaining 127.8 points to 3,825.1 within 25 minutes of the market opening, while the broader All Ordinaries rose 123.2 points to 3,795.6.

South Korean share prices opened 3.5 per cent higher. The benchmark KOSPI began trading up 38.50 points at 1,126.94.

Taiwan share price opened 2.24 per cent, with the weighted index rising 99.60 points at 4,537.43 after a 3.85 per cent fall Thursday.

US stocks staged a powerful rebound on Thursday in highly volatile trade as traders shook off grim economic news and were buoyed by a successful test of market lows hit last month.

The blue-chip Dow Jones Industrial Average leapt 552.59 points (6.67 per cent) to end at 8,835.25, battling back from intraday losses of more than 300 points.

The Nasdaq vaulted 97.49 points (6.50 per cent) to 1,596.70 and the broad Standard & Poor's 500 index climbed 58.99 points (6.92 per cent) to close at 911.29.

- CNA/yt