Tuesday, 22 May 2012 10:30
TOKYO; Markets extended gains on Tuesday with investors hunting for bargains after prices reclaimed some ground off 2012 lows, as hopes grew that Europe would embark on fresh action to tackle its debt crisis while promoting growth.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.2 percent, having recovered the previous day from a plunge to a 2012 low on Friday.
Its top performers included the technology, industrials and materials sectors, all of which had been battered in recent sessions by fears over Greece's departure from the euro bloc and global growth slowdown.
Australian shares gained 0.9 percent as investors picked up miners and mining services companies on expectations China will undertake further stimulus as it makes maintaining expansion a priority.
"Last week was quite brutal in terms of the selling ... Was that totally necessary?," said Martin Angel, a dealer at Patersons Securities, adding that BHP, Rio Tinto and gold miners had ...