HONG KONG, May 31: Asian stocks closed mostly higher on Tuesday amid bargain hunting by foreign investors with IT stocks continuing to perform well on the back of the recent Nasdaq rally in New York. But with the US market closed for a public holiday, investors in Asia were largely left to trade on local factors.
The Philippines stood out, rising a sharp 2.27 per cent amid a widespread belief the economy is sound and stocks were undervalued while Malaysia remained in the doldrums amid a spate of weak corporate results. However, profit takers limited gains in Japan, a weakening in business confidence pushed New Zealand into a lower close and Thailand was flat after a mixed day highlighted by a government decision to drop its diesel subsidy.
TOKYO: Prices closed 0.09 per cent higher on a technical rebound after the market shed earlier losses, but trading was cautious after a US market holiday the previous day.
The benchmark Nikkei-225 index gained 10.26 points to 11,276.59 on volume of 1.45 billion shares, up from 1.32 billion the previous day.
Some investors resumed purchasing shares selectively on expectations US share prices will rise later today after the long weekend, said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.
But investor sentiment was also boosted by the release of some encouraging Japanese economic data. The unemployment rate fell to 4.4 per cent in April, the lowest in more than six years, from 4.5 per cent in March.
The value of construction orders in April by Japan’s 50 largest contractors rose 7.5 per cent year on year while housing starts in April rose 0.6 per cent from a year earlier.
Asahi Glass rose 30 yen or 2.6 per cent to 1,176 yen and Nippon Sheet Glass was up by seven or 1.7 per cent at 426. Taiheiyo Cement gained five or 1.8 per cent to 282.
HONG KONG: Share prices closed firmer as select blue chips gained on month-end window-dressing by fund managers.
Dealers said banks and property counters turned lower in late trade on profit-taking, while gains in China Mobile and China Unicom supported the index.
The benchmark Hang Seng Index closed up 21.97 points or 0.16 per cent at 13,867.07. Turnover was 18 billion Hong Kong dollars (2.3 billion dollars).
SYDNEY: Share prices fell 0.64 per cent as investors were rattled by weak economic data and construction giant Multiplex’s troubled Wembley stadium project.
The benchmark SP/ASX 200 closed down 26.3 points at its low for the day of 4,106.4, while the broader All Ordinaries closed down 19.1 points at 4,070.4.
A total of 1.11 billion shares worth 4.58 billion dollars (3.46 billion US) were traded.
JAKARTA: Share prices closed sharply higher, adding 2.37 per cent on a busy trading day led by market heavyweight Unilever Indonesia.
The Jakarta Stock Exchange composite index closed up 25.213 points at 1,088.169 on volume of 2.91 billion shares worth 1.91 trillion rupiah (201.33 million dollars).
SINGAPORE: Prices closed 0.47 per cent lower on profit-taking in select blue chips, with the start of the annual mid-year school holidays dampening general market interest.
The Straits Times Index (STI) fell 10.15 points to 2,161.77 on volume of 734 million shares worth 845 million Singapore dollars (515 million US).
“STI’s immediate range is 2,154-2,166 points, with next resistance at 2,178,” it said.
KUALA LUMPUR: Share prices closed 1.06 per cent lower due to falls in heavyweight blue chips such as Tenaga Nasional, Malayan Banking and Telekom Malaysia.
The Kuala Lumpur Composite Index closed down 9.23 points at 860.73 on volume of 441.97 million shares, worth 705.4 million ringgit (185.6 million dollars).
Malaysian Plantations firmed 0.01 to 2.42 ringgit after announcing a 6.4 per cent rise in net profit for the year to March to 215.05 million ringgit.
WELLINGTON: Share prices closed 0.28 per cent lower following the release of a survey showing weakening business confidence and a slowdown in home building.
The National Bank’s May business outlook showed a net 57 per cent of respondents expected economic conditions to worsen over the next 12 months compared to 48 per cent in April, the most pessimistic result for 17 years.
The benchmark NZSX-50 gross index fell 8.41 points to 3,034.35 on turnover of 124.8 million dollars (88.3 million US).
MUMBAI: Share prices closed up 0.7 per cent as overseas funds bought stocks in the benchmark index, dealers said.
The Mumbai stock exchange’s 30-share benchmark Sensex rose 51.56 points to cross the 6,700 mark and close at 6,715.11. —AFP
