Asian markets rose Monday, with Hong Kong shares jumping 2.9 percent to a new record, while Chinese stocks also hit a fresh high. India's benchmark index also surged 2.9 percent, according to AP. But trading was light in many regional markets as investors held back to watch Wall Street's moves following the volatility of recent weeks caused by problems in the U.S. subprime mortgage market. In Hong Kong, heavyweight China Mobile lifted the benchmark index to a fresh record close on expectations the market will benefit from a new scheme to allow individual mainland Chinese investors to buy shares in Hong Kong. The blue-chip Hang Seng Index surged 655.84 points, or 2.9 percent, to a record 23,577.73 close, after briefly hitting an intraday record of 23,582.66 moments before trading ended. Analysts said they expect the blue-chip index to rise further in coming sessions thanks to abundant liquidity and strong first-half corporate earnings reports. China Mobile rose 4.4 percent to a record HK$100.60. «The index will likely test 24,000 points this week as the market is flush with funds.» said Ben Kwong, chief operating officer at KGI Asia Ltd. The index has risen 16 percent, or more than 3,000 points, in the six sessions since it fell to 20,387 on Aug. 17. Analysts said they expect individual investors in China to start investing in Hong Kong's stock market in a trial program as early as this week. Ping An Insurance jumped 7.22 percent to HK$79.40. China Life, the largest Chinese insurer by premiums, rose 4.46 percent to HK$35.15, boosted by expectations of strong first-half earnings. Japan's Nikkei 225 index rose modestly, adding 52.42 points, or 0.32 percent, on the Tokyo Stock Exchange to 16,301.39. Real estate stocks rose on news Goldman Sachs is finalizing a deal to buy Tiffany & Co.'s flagship Tokyo property. But trading was light, with the Topix index of all the Tokyo Stock Exchange first section issues totaling just 1.471 billion shares, the lowest since a half-day session Jan. 4. Light trading activity will likely keep the Nikkei 225 tethered between 16,000 and 16,500 until the end of the week, some analysts said. European investors are likely to be particularly quiet due to a holiday weekend in Britain. Activity is unlikely to pick up again until a slew of economic data are released in Japan Friday, including inflation and industrial output figures. Elsewhere: BANGKOK: Thai shares give up early gains to close flat on light volume with blue chip energy stocks main cause of softness. The SET Index ended up 0.45 point at 790.54. JAKARTA: Indonesian share prices ended 1.5 percent up at 2,175.353 in moderate trade amid reviving hopes that the country's central bank won't hike interest rates next month. KUALA LUMPUR: Malaysia shares closed 0.4 percent up at 1,278.27 in heavy volume. Market breadth stayed positive with gainers trumping decliners 531 to 315. MANILA: Philippine markets were closed for a holiday. NEW DELHI: Indian shares climbed sharply, boosted by strong gains in banks and blue chip companies. The Bombay Stock Exchange's 30-share Sensex index moved up 417 points, or 2.9 percent, to end at 14,842 points. On the broader National Stock Exchange, the 50-company S&P Nifty index gained 112 points, or 2.7 percent, to end at 4,303 points. SEOUL: South Korean shares moved higher on robust gains in steelmakers and shipbuilders, with analysts predicting the market will make further modest gains Tuesday. The Korea Composite Stock Price Index, or Kospi, finished 11.7 points, or 0.7 percent, higher at 1,803.03. SHANGHAI: Chinese stocks rose to another record close on strong earnings expectations for financial firms. The Shanghai Composite Index gained 0.8 percent, or 42.45 points, to 5,150.12. The index hit record closes every day last week. SYDNEY: Australian stocks rose to their best level in five weeks, aided by offshore gains and strong corporate earnings. The benchmark S&P/ASX 200 closed up 96.7 points or 1.6 percent at 6,185.2 after earlier reaching a five-week high of 6,203.4. TAIPEI: Taiwan shares rose slightly amid a mixed performance in tech stocks. The Weighted Price Index of the Taiwan Stock Exchange rose 28.22 points, or 0.3 percent, to close at 8,718.31 points. WELLINGTON: New Zealand shares ended higher, but investors remained wary that one positive night on Wall Street doesn't signal an end to the recent market volatility, brokers said. The benchmark NZX-50 index closed up 32 points, or 0.8 percent, at 4,084.44.
