The MSCI Asia-Pacific Index gained 1.23, adding to Wednesday’s 3.2%.
Shanghai led the region’s bourses, while Australia also did well as strong commodity prices helped Australia’s miners, energy companies and food producers.
In fact Australia reached a five week high yesterday as the banks and financials surged strongly, along with miners.
Rice prices hit another record and palm oil rose.
The ASX 200.closed 1.9% was higher at 5,608.90. Tokyo’s Nikkei closed 1.5% higher.
In Hong Kong, the Hang Seng index ended 1.6% higher and the sub-index of mainland companies listed in the territory added 2.6%.
The Shanghai composite index rose 2.9% – the biggest gain in the region.
But Indonesian shares dropped sharply as a sudden rise in inflation in March spooked the market which fell 4.5%.
The Australian share market shrugged off a weaker Wall Street and pronouncements that the US could be in a recession to close higher today as the miners and energy companies took heart from a weaker US dollar and better commodity prices overnight.
The benchmark ASX200 rose 1.93% higher and the All Ordinaries gained or 1.82%.
BHP Billiton rose strongly $1.34 to $38.09 and Rio Tinto advanced $4.79 to $130.15.
The major banks had good gains, with the NAB adding $1.42 to $31.92; the ANZ added on 60 cents to $24.14; Commonwealth Bank $1.12 to $45.41 and Westpac 68 cents to $25.60.
Santos added 18 cents to $14.85, Oil Search 21 cents to $4.91 and Woodside a sharp $1.83 to $56.64.
Gold prices were higher, with the Australian spot price yesterday of $US903.10 an ounce, up $US19.25 on Wednesday’s close of $US883.85 an ounce.
Newmont jumped 24 cents to $5.09, Newcrest $1.39 to $33.44, but Lihir could only add 4 cents to $3.41.
APN Property Group shares fell 10 cents, or 10.64%, to 84 cents after it downgraded its net profit forecast for fiscal 2008 because of tougher market conditions; but Leighton Holdings sharpes surged $2.77, or 6.45%, to $45.70 on news it had won two contracts worth $1 billion to run a new open-cut coal mine in India.
Troubled shopping centre group, Centro Properties Group went into a trading halt. Before the halt, shares in Centro, which is looking for a cornerstone investor, soared 21 cents, or 71.19%, to 50.5 cents.
Retailers were mixed, with Woolworths adding 47 cents to $30.31, David Jones 6 cents to $3.78 and Harvey Norman 7 cents to $4.04. But Coles’ owner Wesfarmers eased 31 cents to $39.34.
The media sector was stronger, with Consolidated Media Holdings adding 11 cents to $4.05, as rumours grew that Babcock and Brown could stump up the equity for Lachlan Murdoch to renew the joint bid for Consolidated with James Packer.
