HONG KONG: Asian markets rallied Thursday, following big gains on Wall Street, as dealers took a downward revision of US economic growth as a sign the Federal Reserve will not reel in its stimulus programme any time soon.

Receding concerns about a liquidity crisis in China also provided some support, while the dollar and commodities also enjoyed gains as bargain-buyers moved in.

Tokyo added 2.96 percent, or 379.54 points, to 13,213.55 while in the afternoon Hong Kong was 1.01 percent higher.

Shanghai was flat and Seoul surged 2.87 percent, or 51.25 points, to 1,834.70 after data showed South Korea had posted a record current account surplus in May.

And Sydney climbed 1.68 percent, or 79.6 points, to 4,811.3. However, analysts said investors were not moved by news that Julia Gillard had been ousted as prime minister by Kevin Rudd, her predecessor. Rivkin global analyst Tim Radford said dealers were awaiting Rudd's communication on policy.