ASIA: Stocks, dollar rise as Obama takes White House
05 Nov 2008 4:58 PMASIA: Stocks, dollar rise as Obama takes White House
Asian stocks and the dollar have climbed as Democrat BARACK OBAMA was elected US president .. raising hopes of fresh action to revive the economy amid the worst financial crisis in decades.
Hong Kong shares jumped 5.7 per cent by midday while Japan's Nikkei stock index was up 2.5 per cent in the afternoon.
Stocks rose 4.4 per cent in Singapore and 2.7 per cent in Sydney on the back of what some analysts describe as an OBAMA rally.
Dealers had said before the vote that a decisive win by either OBAMA or hisRepublican rival JOHN MCCAIN would clear up uncertainty about the leadership of the economy and the handling of the financial crisis. AAP RTV fdfwz =0A