By JERUSALEM POST STAFF
Asian stock markets logged strong gains Monday, cheered by China unveiling a $586 billion stimulus plan over the weekend to counter the effects of a global slowdown on its booming economy.
Tokyo's Nikkei 225 stock average surged 470.90 points, or 5.5 percent, to close the morning session at 9,053.90, buoyed by the news from China and a weakening yen. Hong Kong's Hang Seng Index gained 386.33 points, or 2.7 percent, to 14,629.76, though traded well off its highs.
In mainland China, where shares have been beaten down in recent weeks, the benchmark Shanghai Composite Index soared 5.7 percent by midmorning to 1,846.97. Markets in Australia, Singapore and South Korea joined the region's advance.
China announced Sunday a massive stimulus package in hopes of keeping economic growth from falling too fast. Demand from the US and the country's other vital export markets has been waning as the global financial crisis takes an economic toll.
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