The Asian markets have gained significantly on the back of rising oil prices and increase in US home sales figures.

The Nikkei has rallied 314 points to 10,552, boosted by hopes for a global economic recovery as US markets also climbed to their calender-year high.

The Hang Seng has rallied 390 points to 20,590, as index heavyweights rose tracking gains in overseas markets and positive earning reports in China.

The Sanghai Composite has advanced 16 points to 2,977, as Sinopec and China Construction registered strong earnings.

The Seoul Composite and the Straits Times have added 32 points and 55 points to 1,613 and 2,600, respectively.

The Taiwan Weighted has surged 183 points to 6,838.