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HONG KONG, Oct 20: Asian stocks closed mixed on Thursday in volatile trade marked by unexpected gains on Wall Street overnight which came on the heels of reassuring Federal Reserve comments on the US economy.
However, dealers said a bounce in some regional markets was purely technical given the steep falls suffered on Wednesday and investors remained anxious over the prospect of inflation fuelling further interest rate hikes in the US.
This would dampen global economic growth and force central banks in the Asia-Pacific region to follow suit, and raise the costs of borrowing.
Seoul, Taipei and Tokyo, which had suffered miserably earlier in the week, were among the biggest gainers while Jakarta and Shanghai were flat.
Manila was lower with profit takers cashing up on gains registered after the courts lifted a freeze on tax reforms while sentiment in Bangkok was undermined after Thailand confirmed its 13th fatality from bird flu.
TOKYO: Share prices edged higher following gains on Wall Street fueled by an upbeat Federal Reserve report on the US economy and solid corporate results.
The Nikkei-225 index climbed 60.97 points or 0.46 per cent to 13,190.46 on turnover of 2.69 billion shares.
However Mizutani said few foreign investors were willing to take large positions ahead of Japan’s upcoming interim corporate results season.
US stocks extended their gains Wednesday following solid results from financial heavyweights such as JP Morgan Chase and Bank of America, as well as an upbeat Beige Book report from the US Federal Reserve.
In the report, the Fed said that the US economy continued to expand despite high fuel costs and the impact of Hurricanes Katrina and Rita.
HONG KONG: Share prices closed 0.25 per cent firmer on a technical rebound following Wall Street’s gains overnight, with investors hunting for bargains after the past week’s sharp falls.
The Hang Seng Index closed up 36.18 points at 14,408.94 on turnover of 18.15 billion Hong Kong dollars.
“Sentiment was supported by gains on Wall Street. Some of the stocks which fell sharply yesterday recovered a bit,” investment manager Jackson Wong at Tanrich Securities said.
SYDNEY: Share prices closed 0.07 per cent higher after volatile trading in which a sharp overnight rise on Wall Street was countered by concerns about lower commodity prices.
The S and P/ASX 200 index gained 2.9 points to 4,380.1 after surging more than 40 points early in the day. A total of 964.7 million shares worth 3.36 billion dollars (2.5 billion US) were traded.
SINGAPORE: Share prices closed 0.39 per cent higher on bargain hunting in selected stocks a day after tumbling to a four-month low.
The Straits Times Index rose 8.75 points to 2,226.88. Volume totalled 901 million shares valued at 876 million Singapore dollars (518 million US).
KUALA LUMPUR: Share prices closed 0.27 per cent lower after the Malaysian Institute of Economic Research (MIER) cut its 2005 economic growth forecast.
The Composite Index was down 2.48 points to 911.69. Volume was 352.97 million shares, worth 761.61 million ringgit (202 million dollars).
Among blue chips, Tenaga Nasional, Telekom Malaysia and Maybank were all flat at 10.50 ringgit, 10.10 and 11.50, respectively.
JAKARTA: Share prices closed flat, failing to match a regional bounce after losses Wednesday as market heavyweight Telkom continued under pressure.
The Composite Index slipped 0.511 points to 1,075.401. Volume was 1.05 billion shares worth 940.19 billion rupiah (92.99 million dollars).
WELLINGTON: Share prices closed 0.38 per cent lower, extending losses as investors contemplated the prospect of higher local interest rates and weakening economic conditions.
The NZSX-50 index fell 12.51 points to 3,288.97 on turnover of US$68.4 million.
MUMBAI: Share prices closed slightly lower on sustained selling of blue-chip companies by foreign funds.
The 30-share Sensex index fell 35.94 points or 0.45 per cent to 7,935.12 on turnover of US$733 million.—AFP
