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Investors optimistic about US stimulus

Asian shares recovered ground yesterday from panic selling as investors pinned their hopes on swift measures to boost the ailing US economy set to be unveiled by US President George W. Bush, dealers said.

The Tokyo Stock Exchange's benchmark Nikkei-225 index ended up 0.56 percent or 77.84 points at 13,861.29 in anticipation of the measures, staging a dramatic late turnaround after tumbling 2.81 percent in the morning.

Hong Kong's Hang Seng index closed up 86.89 points or 0.35 percent at 25,201.87.

China's benchmark Shanghai Composite Index, which covers A and B shares, closed up 28.89 points or 0.56 percent at 5,180.51.

Other bourses also trimmed or reversed their falls, with Seoul closing up 0.6 percent, Sydney down 0.8 percent and Malaysian down 1.5 percent.

Singapore share prices closed 1.13 percent lower.

"Everyone is waiting for the announcement of the US stimulus package. We just have to see how many details President Bush will announce," said Shunichi Umemoto, analyst at Tokai Tokyo Research Center.
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