New York  - Major US stock indices fell sharply on Thursday as investors prepared for another dismal jobs report and China dampened speculation of a new stimulus package to boost its export- based economy.

Chinese Premier Wen Jiabao promised to maintain economic growth of about 8 per cent but did not offer additional funds beyond a 586- billion-dollar economic recovery package announced in November as he opened the annual National People's Congress (NPC).

The 30-Share Sensex continued its bearish trend with forceful selling action seen across FMCG and Banking stocks.

Indian equities started the day on a firm note on key rate cuts by the central bank, but failed to maintain the gains and reacted downwards in late morning trade on economic fears.

For the week ended Feb. 21, 2009, inflation fell further by 33 basis points to 3.03%, as against 3.36% during the last week.

Indian stock markets opened strong as the central bank slashed the repo and the reverse repo rate by 50 basis points to 5% and 3.5% on Wednesday.

The 30-share index, BSE Sensex belled the day above 8,500 mark at 8,535.03, up 88.54 points, as against its last closure in which it closed with a gain of 19.20 points (0.23%).

Among sectoral indices, the major gainers list included BSE Realty, Metal and Bankex.

Manila  - Philippine share prices rose 2.03 per cent on Thursday buoyed by increases in Asian stock markets and on Wall Street.

The Philippine Stock Exchange's 30-share composite index jumped 38.38 points to close at 1,924.30, from Wednesday's finish of 1,885.92.

A total of 1.31 billion shares valued at 2.76 billion pesos (56.90 million dollars) were traded.

Gainers outpaced losers 51 to 31, with 39 issues unchanged.

Tokyo  - The Japanese market extended gains Thursday as optimism spread that China's economic stimulus measures may help the world economy to recover.

As the National People's Congress, the nominal parliament of the ruling Communist Party, opened Thursday in Beijing, Japan's benchmark Nikkei 225 Stock Average jumped 196.9 points, or 2.7 per cent, to 7,487.86.

The congress is expected to focus on measures to boost China's economy to overcome the global downturn.

New York - US stocks posted strong gains Wednesday, spurred by a global rally as China prepared to unveil new plans to stimulate its economy.

China's annual National People's Congress opens Thursday. Speculation about a new stimulus package sparked a rise in metals, energy and industrial shares in the United States and across the globe.

Alcoa Inc, Freeport-McMoRan Copper & Gold Inc, and Caterpillar Inc all climbed more than 12 per cent.