HONG KONG, Oct 21: Asian stocks closed mixed to firmer on Friday in volatile trade, with some markets pulled down by heavy losses on Wall Street where inflation and likely higher interest rates remained the focus, dealers said.
Elsewhere, as in Seoul which rose 1.83 per cent, investors were confident enough to bounce back as oil prices slipped below 60 dollars and the recent downturn provided an opportunity for bargain-hunting.
Dealers said markets opened lower, in line with Wall Street’s lead, but most then recovered at least some of the lost ground to suggest the region could be stabilising after a very tough October so far.
Much now depends on how the US corporate results season develops — after a strong start, US chip giant Intel disappointed with its guidance and Ford Motor’s report Thursday was not for the faint hearted.
On the day, Seoul outperformed, followed by Singapore, Hong Kong and Bangkok. Sydney shed 0.36 per cent, continuing weaker with the tone uncertain whilst Wellington tumbled 1.48 per cent.
TOKYO: Japanese share prices closed firmer after electronics giant Toshiba raised its first-half profit outlook, sparking hopes other major companies may report upbeat results next week, dealers said.
At the same time they said the mood remained cautious with Japanese corporations including Sony, Fujitsu, Canon, NEC, Nissan Motor, NTT DoCoMo and Toshiba all due to announce results next week.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index climbed 9.49 points or 0.07 per cent to 13,199.95 on turnover of 2.20 billion shares.
The broader TOPIX index of all first-section shares gained 1.42 points or 0.10 per cent to 1,385.37.
Over the week the Nikkei 225 fell 1.6 per cent while the TOPIX shed 0.9 per cent as a pullback that started in early October continued on the back of worries about US inflation and economic growth, dealers said.
The market started the day on a weak note, shrugging off an encouraging tertiary index report as a soft performance by Wall Street dampened the mood.
Toshiba closed up 23 yen or 4.5 per cent at 534 after it raised its net profit forecast for the six months to September to 14.6 billion yen ($127 million) from zero previously thanks to unexpectedly strong chip sales.
HONG KONG: Hong Kong share prices closed 0.55 per cent higher as investors hunted for bargain blue chips following recent losses, dealers said.
They said late interest in large caps Hutchison Whampoa and China Mobile supported the index, with some property shares recovering from earlier falls.
The Hang Seng Index was up 78.91 points at 14,487.85, off a low of 14,308.61 and a high of 14,491.94. Turnover was 19.77 billion Hong Kong dollars (2.53 billion US).
“Some bargain-hunting was apparent in afternoon trade ... valuations of some of the blue chips appeared attractive,” said Kenny Tang, associate director at Tung Tai Securities.
HSBC added 0.50 at 120.90.
SYDNEY: Australian share prices closed down 0.36 per cent but were off early lows sparked by heavy losses overnight on Wall Street amid continuing concerns about the prospects for higher inflation and rising interest rates, dealers said.
The key S and P/ASX 200 index fell 15.8 points at 4,364.3 while the broader All Ordinaries index lost 19.9 points at 4,325.2.
Turnover was 940.1 million shares worth 3.46 billion dollars (2.62 billion US), with 690 stocks down, 324 higher and 314 unchanged.
SINGAPORE: Singapore share prices closed 0.56 per cent higher, supported by gains in property stocks which continue to attract interest on hopes the industry is gaining momentum, dealers said.
The Straits Times Index rose 12.48 points to 2,239.36. Volume was 1.13 billion shares worth 1.12 billion Singapore dollars (660 million US). Gains led losers 303 to 211 with 973 stocks unchanged.
KUALA LUMPUR: Malaysian share prices closed 0.23 per cent Friday on light selling of selected blue chips by foreign funds, dealers said.
The Kuala Lumpur Composite Index was down 2.11 points to 909.58 on volume of 297.13 million shares worth 628.91 million ringgit (166.60 million dollars).
JAKARTA: Indonesian share prices closed little changed on a lack of strong fresh leads, dealers said.
The Jakarta Stock Exchange composite index rose 0.561 points at 1,075.962. Volume was 800.52 million shares worth 770.41 billion rupiah (77 million dollars). Decliners led advancers 57 to 47, with 67 stocks unchanged.
WELLINGTON: New Zealand share prices slumped 1.48 per cent, taking their lead from sharp losses on Wall Street and extending the downturn to a fourth consecutive session, dealers said.
The benchmark NZSX-50 index fell 48.08 points to 3,240.89 on turnover of 110 million dollars (77.4 million US) for an overall loss of 6.6 per cent since its October 4 peak.
MUMBAI: Indian share prices closed 1.69 per cent higher after the government announced it would allow more foreign investment in telecom and media companies, dealers said.
The Mumbai stock exchange’s 30-share Sensex index rose 133.83 points to close at 8,068.95. Turnover was moderate at US$688 million, with 1,233 stocks higher and 1,198 lower.
