Asian stocks hit record highs as nerves subside

The Hang Seng Index was up 95.34 points at 14,883.32. The property sub-index closed up 177.67 points or 1.02 percent at 17,603.35.

Shanghai share prices closed sharply higher, adding 1.98 percent on fresh fund inflows with heavyweight steelmakers and oil refiners snapped up.

Dealers said new cash, or at least the prospect of it, coming from increased quotas for Qualified Foreign Institutional Investors (QFII) was the theme taken up, with many expecting the government to continue its supportive stance for the markets.

The Shanghai A-share Index added 22.76 points to 1,174.08, while the Shenzhen A-share Index was up 6.57 points or 2.38 percent at 282.25. The benchmark Shanghai Composite Index, which covers both A- and B-shares, added 21.69 points or 1.98 percent at 1,117.0.

China's foreign exchange regulator has agreed to boost total QFII quotas from US$6 billion to US$10 billion this year and some foreign houses have recently been given larger fund allocations.

In Sydney share prices closed just off record highs as investors bought resources stocks following further gains in metal prices, especially gold. The S$P/ASX 200 index ended the day up 42.0 points or 0.91 percent at 4,671.1 and was just below the all-time high of 4,671.7 set on Sept. 29.

Singapore share prices closed 1.4 percent higher, boosted by the economy's strong showing in the third quarter with sentiment also buoyed by hefty gains elsewhere in the region. The Straits Times Index gained 31.71 points to 2,293.2.

Malaysian share prices closed 0.83 percent higher on year-end window-dressing by local funds amid strong gains on regional markets and following an improved Wall Street. The Composite Index gained 7.42 points to 901.72.

In Bangkok share prices closed 0.56 percent higher on a technical rebound following selling triggered by the suspension of utility giant EGAT's public listing. The Composite Index rose 3.78 points to 676.41, marking the first increase since Nov. 90.

In Wellington share prices closed flat, ignoring news that the country has won the right to host the 2011 Rugby World Cup which should pump hundreds of millions of dollars into the local economy. The NZSX-50 gross index gained 1.4 points to 3,326.03.

In Mumbai share prices rose for a sixth consecutive day, closing up 0.43 percent, led by fund-based buying by overseas and domestic funds and retail investors.

The SENSEX index rose 37.13 points to 8,686.65.