Asian stocks higher on Greek aid packages

Most Asian stock markets rose Monday after European countries offered a major loan package to Greece, which is struggling to avoid a debt default.

Japan’s Nikkei 225 stock average jumped 1.1 percent to 11,322.52, Indonesia’s benchmark index gained 0.8 percent and Australia rose 0.7 percent.

The finance ministers of the 15 eurozone nations agreed Sunday to offer euro 30 billion ($40 billion) in loans to Greece this year if Athens asks for the money.

The promise — filling in details of a March 25 pledge of joint eurozone-IMF help — was another attempt to calm markets that have been selling off Greek bonds in recent days.

Malaysia rose 0.6 percent, Hong Kong added 0.2 percent while South Korea dropped 0.7 percent and China slid 0.6 percent.

South Korea’s central bank raised its 2010 growth forecast Monday to 5.2 percent from a previous estimate in December of 4.6 percent as exports and domestic demand grow.

“Korea is experiencing a broad-based recovery as companies undertake new investment,” Nomura said in a report.

Thailand’s benchmark index plunged 4.3 percent Monday after 21 people died Saturday in clashes between the army and anti-government protesters.

On Friday, the Dow Jones industrials closed up 0.6 percent to 10,997.35 after briefly crossing the 11,000 level for the first time in 18 months. Investors will be eyeing earnings reports this week from companies such as Alcoa Inc., Intel Corp. and JPMorgan Chase & Co.

In currencies, the dollar was steady at 93.19 yen while the euro gained to $1.3648 on Monday from $1.3622 on Friday.

Benchmark crude for May delivery was up 43 cents to $85.35 a barrel.

Source: AP