An Indian man speaks on a phone as he walks by stock prices in Mumbai. Photo: AFP Punit Paranjpe

Our favorite stock markets–emerging Asia–rose overnight with the exception of Hong Kong and Malaysia.

  • ICICI Bank led India’s markets, rising more than 9% after it reported a five-fold increase in profits in Q1.
  • Globe Telecom (up 3.8% was the strongest former in the Philippine market, followed by the conglomerate SM Investments.
  • KOSPI was up nearly 1% led by transports, chemicals and machinery.
  • Thailand’s SET index rose on an 18% surge of Thai Airlines (the cause for which remains mysterious, like many things in Thailand).
  • The Hang Seng China Enterprises Index fell mainly due to profit-taking in Tencent, whose stock price has risen from HK 160 a year to HK 244 at present.

All in all, the pattern in Asian equity returns ex-China and ex-Japan is that companies that are broadly representative of the overall economy have led price gains. That’s an encouraging sign.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.