CANBERA (dpa-AFX) - Most Asian market ended higher Thursday, amid thin trading, as traders took positive cues from the overnight gains on Wall Street after the Federal Reserve yesterday indicated they would likely keep interest rates low at near zero through late 2014 as the U.S economy continued to be sluggish with subdued levels of inflation. In the commodities market, the price of crude was steady around the $100-mark, even after an official report revealed unexpected jump in U.S. crude oil inventories last week. Wednesday during trading hours, the EIA said that U.S. crude oil inventories moved up by 3.60 million barrels, while gasoline stocks eased 400,000 barrels in the weekended January 20. Analysts were expecting crude oil inventories gain by 700,000 barrels and gasoline stocks are seen adding 2.2 million barrels last week. Crude for March delivery edged up $0.15 to $99.55 a barrel. The price of gold was steady above the $1,700-mark in Asian trading Thursday as its safe haven appeal increased amid a falling U.S dollar. Gold for February gathered $5.40 to $1,705.50 an ounce. The Japanese market leveled off from its 3-month high, with the Nikkei average easing 34.22 points or 0.39 percent to 8.849.70. Tokyo Electric Power Co. gained over 5 percent amid reports that the company will accept public funds to avoid bankruptcy. The Hong Kong market, which reopened after three day holiday, surged 328.77 points or 1.63 percent to 20.439.14. Energy stocks turned in a strong performance amid a surge in oil prices. China's largest offshore energy company Cnooc gained over 2 percent. China Coal Energy and Yanzhou Coal Mining gathered over 2 percent each. Zhaojin Mining Industry surged close to 10 percent and gold miner Zijin Mining moved up 5 percent. Toys maker Li & Fung Ltd. advanced over 3 percent. South Korea's Kospi average edged up 4.95 points or 0.25 percent to 1,957.18 even after data revealed that the GDP growth fell far short of analyst forecasts to a two-year low. South Korea's largest automaker Hyundai Motor Co eased over 2 percent after reporting quarterly net income of $1.80 billion, that came in below consensus estimates. The New Zealand market edged up for a second session after the Reserve Bank of NZ held its cash rate at a record low 2.5 percent for a seventh consecutive review, citing the uncertain global outlook and moderate local activity. Elsewhere, Singapore and Malaysian stocks were little changed. Markets in India and Australia were closed for a public holiday, while those in China and Taiwan are closed for the whole of this week.
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