HONG KONG: Asian stock markets rose across the board on Wednesday despite widespread skepticism that a massive overnight rally on Wall Street signaled a sustained turnaround in investor sentiment.Key indexes like the Nikkei 225 and the S&P/ASX 200 in Australia rallied in the wake of a 889.35 point, 10.8 percent, jump in the Dow Jones industrial average and expectations that the Federal Reserve and other central banks will stage yet another cut in interest rates to bolster flagging growth.In Japan, the Nikkei extended its 6.4 percent rally from Tuesday with another 6.4 percent jump by mid-morning on Wednesday. Honda was among the biggest gainers, up 14 percent, as relief over a lull in the yen's strength outweighed a bad set of quarterly results released by the carmaker after the close of trade on Tuesday.The dollar was last trading at ¥97.50, after hitting a 13-year low just on Friday at ¥90.90.The Hang Seng in Hong Kong, which staged an extraordinary 14.35 percent bounce on Tuesday, added another 2 percent on Wednesday. The ASX, Straits Times in Singapore and the Kospi in South Korea were all up about 3 percent.However, observers cautioned that the optimism on Wall Street and across Asia, buoyed also by speculation that the Bank of Japan may join other leading central banks in lowering the cost of borrowing, is likely to be temporary."Given the severe recession into which the global economy is slipping, it is likely that we have not seen the bottom of the stock market yet," said Dariusz Kowalcyzk, chief investment strategist at CFC Seymour in Hong Kong, in a research note.Despite the latest rally, worldwide stock market indexes remain between 30 and 65 percent down on the year so far, while similar bounces in recent weeks have quickly been wiped out again by equally rapid sell-offs.
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