Asian markets trade higher on recovery hopes

Asian stock markets are trading firm on Friday with the overnight sharp rally on Wall Street on the back of some robust economic data from China prompting investors to go in for some hectic buying. The mood across the region is quite bullish on hopes the current financial crisis in Europe may not significantly halt the global economic recovery. Most of the markets in the Asian region are up with notable gains with investors picking up stocks from across various sectors. A fair amount of bargain hunting after recent losses is also contributing to the surge. The benchmark S&P/ASX 200 index, which rose to around 4,507, is currently trading at 4,490, up 54.7 points or 1.2% over its previous close. The broader All Ordinaries index is up 52.6 points or 1.2% at 4,501.