Asian shares rise on US stimulus hopes Thursday 04:10 BST. Asian stocks rose for a second consecutive session, as weaker than estimated growth in the US economy stoked speculation that the Federal Reserve may not rush to roll back its stimulus any time soon. The MSCI Asia Pacific index rose 0.6 per cent with South Korea's Kospi Composite index surging 2.4 per cent, Japan's Nikkei 225 Stock Average up 0.9 per cent and Australia's S&P/ASX 200 index 1.0 per cent higher. Investors remained focused on possible moves by major central banks as first-quarter US economic growth was revised down to 1.8 per cent from an earlier estimate of 2.4 per cent, increasing hopes that the Fed may maintain its stimulus measures. "Disappointing US Q1 GDP data . . . created a perception that the start of tapering off of asset purchases by the Fed may come later than feared," Crédit Agricole said in a research note. Sentiment also improved after European Central Bank President Mario Draghi said the central bank's policy will remain accommodative for the foreseeable future. In New York, the S&P 500 rose 1 per cent to close back above 1,600l, while the CBOE Vix index of implied equity volatility - Wall Street's "fear gauge" - was down 7 per cent. Gold rebounded following Wednesday's drop to its lowest level in nearly three years, risinge 0.49 per cent to $1,235.88 a troy ounce. . In Asia, easing concerns over central banks" future policy direction boosted financial shares across the region. Shinsei Bank rose 1 per cent and Sumitomo Mitsui Financial Group advanced 1.3 per cent in Tokyo while Commonwealth Bank of Australia added 1.3 per cent in Sydney. South Korean shares gained ground as foreign investors turned net buyers for the first time in 14 sessions, driving up market heavyweight Samsung Electronics 4 per cent. Rival LG Display also surged 4.2 per cent. Chinese stocks rebounded from a six-day tumble that pushed the Shanghai Composite index to a four-year low. The index advanced 0.6 per cent on easing concerns about a cash crunch in the banking system after China's central bank said it had provided funds to some institutions and would do so if there was a need. Banking shares were buoyed by bargain-hunting after recent sharp losses, with China Merchants Bank rising 2.2 per cent in Shanghai and Industrial & Commercial Bank of China 2.6 per cent higher in Hong Kong. Hong Kong stocks rose for a third day with the Hang Seng index up 0.7 per cent. Li & Fung, a major supplier to Walmart, rose 2.3 per cent and Luk Fook Holdings International climbed 4.3 per cent after the jeweller's full-year profit beat estimates.