HONG KONG, March 31: Asian stocks fared better on Thursday after recent losses, posting solid gains as a Wall Street rebound inspired a cautious rally ahead of key US economic data due Friday, dealers said.

They said there was some relief when US data showed fourth quarter growth at 3.8 per cent, unchanged from initial estimates and below forecasts for 4.0 per cent.

The figures were welcome after last week’s inflation warning from the US Federal Reserve, which hit the markets badly, because they suggested that while the US economy is growing strongly, the Fed may be able to keep to its “measured pace” of interest rate hikes rather than speed up, as some feared.

The key test, however, comes Friday with the US March employment report — a very strong showing will likely fan interest rate concerns and put the markets on the defensive once more.

On the day, gains were broad based, with Seoul the best performer among the majors with a gain of 1.07 per cent while Jakarta put on 1.41 per cent and Bangkok 1.29 per cent.

TOKYO: Japanese share prices closed 0.89 per cent higher, getting some support from a strong bounce on Wall Street overnight but trade was cautious ahead of the Bank of Japan’s Tankan business sentiment survey due Friday, dealers said.

They said domestic institutional investors were notably absent from the market as Thursday marks the end of the financial year while broader interest was also muted as the books were closed.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 103.07 points to 11,668.95. The broader TOPIX index of all first section shares rose 13.07 points or 1.12 per cent to 1,182.18.

Advancers led declines 1,377 to 210, with 60 stocks unchanged on volume of 1.19 billion shares, down from 1.60 billion Wednesday.

“Even if the Tankan survey turns out to be a bit worse than expected, the overall view on the economy will not change which is a good reason to buy on dips,” said Fujio Ando, executive manager at Chiba Bank Asset Management.

Selected tech stocks were higher, following positive quarterly results at Micron, the world’s third-largest maker of memory chips.

HONG KONG: Hong Kong share prices closed 0.68 per cent higher, supported by Wall Street’s overnight gains and largely positive earnings announcements by local firms so far this week, dealers said.

The key Hang Seng Index closed up 91.13 points at 13,516.88, off a low of 13,482.49 and high of 13,556.14. Turnover was 15.85 billion Hong Kong dollars (2.03 billion US dollars).

The Hang Seng China Enterprises Index was up 26.80 points or 0.56 per cent at 4,792.77.

SYDNEY: Australian share prices closed 0.36 per cent higher, breaking a five-day losing streak with the help of a strong bounce on Wall Street overnight and fresh interest in the miners, dealers said.

Resource stocks, which took the brunt of the past week’s sell-off, led the market higher helped by a pick-up in metal prices and easing concerns about the outlook for global economic growth.

BHP Billiton ended up 0.19 dollars at 17.87 while Rio Tint added 0.68 to 45.14.

SINGAPORE: Singapore shares closed 0.86 per cent higher as bargain hunters stepped in after heavy losses over the past three days, dealers said.

The Straits Times Index rose 18.27 points to 2,141.43 on volume of 626 million shares worth 690 million Singapore dollars (426 million US). Gainers led losers 251 to 162, with 658 stocks unchanged.

KUALA LUMPUR: Malaysian share prices closed 0.73 per cent lower in listless trade amid light selling in selective blue chips by foreign fund managers, dealers said.

The Kuala Lumpur Composite Index fell 6.40 points to 871.35. Volume was 430.08 million shares worth 862.15 million ringgit (227 million dollars), with 457 losers against 293 gainers.

JAKARTA: Indonesian share prices closed 1.41 per cent higher in a technical rebound after a week-long fall, with sentiment supported by solid 2004 corporate results and gains in regional markets, dealers said.

The Jakarta Stock Exchange composite index composite index closed up 15.038 points at 1,080.165 on volume of 2.26 billion shares worth 2.08 trillion rupiah (233.1 million dollars). Gainers led losers 106 to 40, with 63 stocks unchanged.

WELLINGTON: New Zealand share prices closed flat after a morning rally petered out in afternoon trade, reflecting the market’s recent weaker tone, dealers said.

Volume was 191.4 million dollars (135 million US), of which Telecom accounted for 88.7 million dollars.

Market leader Telecom lost six cents to 6.06 dollars, off a high of 6.16.

MUMBAI: Indian share prices closed 1.75 per cent higher, enjoying a solid rebound in line with the region after recent sustained losses took the market off record highs, dealers said.

The Bombay Stock Exchange’s 30-share Sensex index rose 111.42 points to 6,498.2.—AFP