By: Mahmoud Gamal
Mubasher: Asian stocks extended their gains on Wednesday, supported by recovering global stock markets and oil, according to analysts.
The benchmark Nikkei advanced 4.1% to the level of 16,746 points, the broader TOPIX Index rose 3.7% to 1,349 points.
Meanwhile, China's Shanghai Index grew 4.26% to 2,849.68 points.
“Asian shares were strongly backed by the recovering oil prices and neighbouring markets as they broke important resistance levels,” markets analyst Mohamed Sonbol told Mubasher.
Brent crude and U.S. crude prices increased yesterday 0.6% and 2% respectively.
The U.S. and European shares also closed Tuesday with a rise of about 2%.
“The Chinese central bank’s decision to cut reserve requirements of commercial banks still helping the country’s markets to stay positive,” Sonbol Explained.
The People's Bank of China reduced reserve requirements of commercial banks by 0.5% point.
Translated by: Elwy el-Manzalawy
