CANBERA (dpa-AFX) - Asian stock moved mostly higher on Thursday following broadly positive cues from global markets overnight amid optimism about the outlook for U.S. interest rates.
Expectations the European Central Bank will announce an interest rate cut later in the day also contributed to the positive sentiment in the region.
Recouping some of the losses in the two previous sessions, Japanese stocks moved to the upside on the day. The Nikkei 225 Index reached a high above the 39,000 level before giving back ground and ending the day up 213.34 points or 0.6 percent at 38,703.51.
Australian stocks also moved notably higher, adding to the gains in the previous session. The benchmark S&P/ASX 200 Index climbed 52.80 points or 0.7 percent to 7,821.80, with gains across most sectors led by gold miners and technology stocks.
Despite paring some gains after a bright start and a subsequent move up north, Indian stocks stayed positive throughout the session to end on a firm note. Strong gains posted by IT majors and PSU heavyweight State Bank of India, contributed significantly to market's firm close.
The BSE benchmark Sensex ended with a gain of 692.27 points or 0.9 percent at 75,074.51, about 225 points off the day's high of 75,297.73. The broader Nifty50 index of the National Stock Exchange advanced 201.05 points or 0.9 percent to 22,821.40.
Hong Kong's Hang Seng Index also rose 51.84 points or 0.3 percent to 18,476.80, while China's Shanghai Composite Index bucked the uptrend in the region and fell 16.61 points or 0.5 percent to 3,048.79. The South Korea market was closed for the Memorial Day holiday.
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