HONG KONG, Sept 28: Asian stocks closed mixed on Wednesday in a virtual repeat of Tuesday’s trade, with Seoul and Mumbai once again setting all-time records while Tokyo extended gains on ever increasing optimism about the Japanese economic outlook, dealers said.
They said investors appear to looking more at the prospects for continued strong growth rather than the negatives of oil prices and inflation, with the underlying tone continuing very positive.
For the moment, neither near-record oil prices and the prospect of higher interest rates to combat inflation have been able to cut across the overall growth story while the return of confidence in Japan is beginning to provide wider support.
TOKYO: Japanese share prices closed at the highest level for over four years on the back of a softer yen and growing confidence in the world’s number two economy, dealers said.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index rose 125.87 points or 0.95 per cent to 13,435.91 on turnover of 3.32 billion shares. It was the highest close since May 30, 2001.
The broader TOPIX index of all first-section shares gained 24.77 points or 1.80 per cent to 1,401.47.
Investors see brighter signs for the Japanese economy, with capital investment rising and consumer spending expanding, which is also supported by an improvement in employment, said Toyo Securities strategist Ryuta Otsuka.
Thanks to stronger domestic demand, the economy can now sustain itself,” in contrast to past recoveries driven by external demand, Otsuka said.
A weaker yen, strong economic data such as the Ministry of Finance’s business sentiment survey and hopes for a strong Tankan business survey next week all helped support the market, dealers said.
A weaker yen against the dollar was behind sharp gains in the Nikkei 225 index, providing a spur to blue-chip exporters such as automakers, said Hideo Mizutani, chief strategist at Sieg Securities.
He said many manufacturers had been expecting the dollar to trade around 103 yen for the fiscal second half, which starts in September, and the current level of about 113 will raise their profits.
HONG KONG: Hong Kong share prices closed 0.21 per cent firmer on a technical rebound in property stocks after Tuesday’s falls as investors assessed the outcome of a government land auction, dealers said.
The key Hang Seng index closed up 31.58 points at 15,221.46, off a low 15,164.86 and high of 15,269.04 on turnover of 17.32 billion Hong Kong dollars (2.2 biillion US dollars).
Cheung Kong was up 0.85 at 86.35.
HSBC was unchanged at 125.40.
SYDNEY: Australian share prices closed flat as investors consolidated, taking some profits after two days of record highs rather than push stocks ahead further following a positive start, dealers said.
The benchmark SP/ASX 200 fell 1.6 points to 4,627.6, off a high of 4,638.5, while the broader All Ordinaries index was down 1.5 points to 4,575.2.
Turnover was 1.33 billion shares worth 4.31 billion dollars (3.28 billion US) as declines led gains 580 to 419 with 332 stocks unchanged.
SINGAPORE: Singapore share prices closed 0.20 per cent lower on losses in property and technology stocks, dealers said.
The Straits Times Index fell 4.66 points to 2,301.84. Volume was 975 million shares valued at 861 million Singapore dollars (509 million US). Losers beat gainers 348 to 144 and 930 stocks were unchanged.
KUALA LUMPUR: Malaysian share prices closed 0.35 per cent lower with investors sidelined ahead of the 2006 budget to be unveiled Friday, dealers said.
The Kuala Lumpur Composite Index shed 3.21 points to 924.50. Volume was 463.29 million shares worth 742.22 million ringgit (197 million dollars) and losers led gainers 342 to 322.
JAKARTA: Indonesian share prices closed 0.94 per cent lower on profit-taking in nervous trade as investors anticipated protests against the planned fuel price hike this weekend, dealers said.
The Jakarta Stock Exchange composite index lost 9.746 points at 1,027.888 on volume of 804.24 million shares worth 1.04 trillion rupiah (100.48 million dollars.) Declines led advances 77 to 27 while 69 stocks were unchanged.
WELLINGTON: New Zealand share prices closed 0.51 per cent higher after leading stocks took the market to a fresh high, dealers said.
The benchmark NZSX-50 index rose 17.49 points to 3,449.41 on turnover of 162.5 million dollars (110.8 million US). Of 157 stocks traded, 62 were higher and 45 fell.
MUMBAI: Indian share prices rose 0.94 per cent, continuing their record breaking run to put perhaps the historic 9,000 points level within sight, dealers said.
The 30-share Sensex index put on 80.51 points to 8,606.03.
