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HONG KONG, May 30: Asian stocks followed Wall Street’s lead and closed in higher territory on Monday with Hong Kong, Singapore, Japan and South Korea among the best performers.
In the United States on Friday, the Dow closed up a mere 0.05 per cent, with the broader market gauges doing only slightly better. But over that week, the Dow gained 0.7 per cent and the tech-laden Nasdaq climbed 1.4 per cent.
This was enough to offset negative sentiment in the individual markets, bought about by a host of local factors including slower growth numbers in the Philippines, a bombing in Indonesia, and an earnings downgrade in Australia. Only India ended lower amid heavy selling by mutual funds.
TOKYO: Share prices rose 0.66 per cent to a six-week high after investors took heart from a rise on Wall Street last week and the country’s industrial output data rose to expectations.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index rose 74.00 points to 11,266.33.
“Stock prices here rose following gains on Wall Street,” said Hiroyuki Nakai, senior strategist at Tokai Tokyo Research Center.
“The downward revision shows that the Japanese economy will not likely rebound in the middle of the year as some senior government officials had expected earlier,” said Tatsuya Torikoshi, senior economist at Daiwa Institute of Research.
SYDNEY: Share prices closed marginally higher led by energy stocks as international oil prices continued to show strength but Newcrest Mining was sold off after lowering its earnings guidance.
The benchmark SP/ASX 200 index closed up 16.3 points or 0.40 per cent at 4,132.7. The broader All Ordinaries closed up 15.6 points at 4,089.5.
A total of 720.74 million shares worth 2.41 billion dollars (1.83 billion US) were traded.
JAKARTA: Share prices closed 0.14 per cent higher led by index heavyweight Bank Mandiri amid security concerns following the weekend bombing attacks on Sulawesi island.
The blast, which killed 20 people, sparked selling in the morning session but the reaction proved to be temporary, dealers said.
SINGAPORE: Shares closed 0.80 per cent higher on bargain hunting, particularly in blue chips, following last week’s declines.
The Straits Times Index rose 17.22 points to 2,171.92 on volume of 696 million shares worth 558 million Singapore dollars (338 million US).
KUALA LUMPUR: Malaysian share prices closed 0.10 per cent higher due to bargain hunting in select blue chips including Maybank and Genting.
The composite index closed up 0.85 points at 869.96 on volume of 304.45 million shares, worth 345.70 million ringgit (91 million dollars).
WELLINGTON: Share prices closed 0.51 per cent higher but investor interest was muted in light volumes.
The benchmark NZSX-50 gross index rose 15.5 points to 3,042.77 on turnover worth 58.3 million dollars (41.6 million US).
MUMBAI: Indian share prices closed down 0.6 per cent, breaking a seven-day upswing, with selling led by mutual funds and local brokerages in mid-sized company stocks, dealers said.
The Mumbai stock exchange’s 30-share Sensex fell 44.17 points to close below the 6,700 mark at 6,663.55. —AFP
