TOKYO, April 18: Asian share prices were mostly higher on Friday after gains on Wall Street but trading was lacklustre due to holidays in most markets.
Japanese share prices rose 0.67 per cent in quiet Easter holiday trading Friday after gains on Wall Street, dealers said.
The Tokyo Stock Exchange’s Nikkei 225 index gained 52.61 points to close at 7,874.51.
By the close, the Nikkei had barely changed from the end of the morning session, moving in a narrow range for the day of 7,863.92 to 7,899.35. The Topix index of all first section issues ended up 1.22 points, or 0.15 per cent, at 790.72.
Volume was estimated at 888 million shares. Advancers led decliners 770 to 606 with 138 issues unchanged.
“Serious concerns about the future profit performance at US firms slightly receded with the release of better-than-expected results by some influential high-tech firms,” said Yutaka Miura, market analyst at Shinko Securities.
Technology issues were higher, with Rohm gaining 410 yen to 12,000 yen, Advantest up 110 at 4,080, and Nikon up 12 at 815. Microchip issues gained, with Fujitsu up eight yen, or 2.41 per cent, at 340, NEC up four at 351 and Hitachi up nine at 408.
But concerns over selling by pension funds prevented broader gains.
There is hope for the announcement of large-scale share buyback plans by Japan’s leading firms, Miura said. But even if they announce such a plan, the new action may not have the ability to dispel the lingering supply concerns.
Sony dropped 10 to 3,880.
Troubled retailer Daiei rose five yen or 4.0 per cent, to 130 after it announced a return to profitability at net level and a new restructuring plan.
Seiyu rose 28 yen, or 10.89 per cent, to 285 after the company said it was considering implementing a new personnel system to improve efficiency.
Earlier, the Nihon Keizai newspaper reported the firm plans to cut about 2,500 full-time staff, or 40 per cent of the total, over the next three years.
KUALA LUMPUR: Malaysian stocks closed 0.67 per cent higher after strong gains by US tech stocks prompted a rise by their local counterparts.
The Kuala Lumpur Stock Exchange composite index closed up 4.24 points to finish at 635.61.
Select blue chips were higher, with support likely to have been from local funds, but trading was generally quiet amid the closure of some markets for the Easter holidays, dealers said.
The composite index is up but on thin volume.
There is not that much activity in blue chips and the gains are exaggerated. No one wants to build up too much exposure over the Easter break as some major markets are closed, an institutional dealer with a local brokerage said. —AFP
