SINGAPORE, February 2: Asian currency and stock markets roared today as the region opened for business in the year of the tiger, with some bourses posting double-digit rises after investors came charging back from holidays.The surge raised hopes that a recovery may have begun exactly eight months after Thailand's de facto devaluation of its currency on July 2 set off Asia's most severe financial crisis in decades. But a sense of caution remained.Asian currencies rose against the US dollar while stocks gained 14.3 per cent in Hong Kong, 14 per cent in Jakarta, 13.7 per cent in Singapore, 12 per cent in Bangkok, 10 per cent in Manila and four per cent in Taipei.Investors were heartened by the restructuring of 24 billion dollars in South Korean commercial debt, Indonesia's efforts to negotiate a similar deal, and Thailand's decision to abolish restrictions on currency trading.Also higher were the Malaysian ringgit at 4.1900 from 4.4300, the South Korean won at 1,556 from 1,675, the Taiwan dollar at33.370 from 33.996, the Philippine peso at 41.33 from 42.89 and the Thai baht at 51.45 from 52.50.The Indonesian rupiah closed firmer at 9.550 from 10,500 at the end of Asian trading last Tuesday, when Jakarta declared what was seen by some analysts as a debt moratorium for its private sector, paving the way for restructuring talks with foreign banks.Thailand on Friday lifted controls on foreign exchange trading, including abolition of separate offshore and domestic exchange rates imposed last year in a failed effort to fend off speculators.Apart from launching debt negotiations, Indonesia also guaranteed deposits and credits of local banks, lifted restrictions on foreign takeovers of banks, and encouraged mergers.In Tokyo, Japanese share prices closed 0.9 per cent up amid expectations of a six-trillion-yen (47-billion-dollar) package to stimulate the economy.But in Seoul, despite last week's debt deal, share prices fell 4.2 per cent on concerns that the IMF would demand high interest rates.
