HONG KONG, Nov 8: Asian stocks closed mostly higher on Tuesday in response to a better performance by Wall Street and another easing in oil prices which has taken some of the sting out of inflation, dealers said.
Shanghai, Sydney, Manila and Seoul were among the best performers on a day where gains remained capped in many markets due to ongoing fears surrounding a potential spread of bird flu.
Dealers also said the rise was in part technical given modest falls recorded on Monday and that the prospect of further interest rate hikes remain.
However, Bangkok bucked the trend and slumped 0.73 per cent after authorities ordered that shares in Thai Petrochemical, the country’s largest defaulter, could only be acquired in cash, as opposed to cash/loans.
Jakarta was closed.
TOKYO: Share prices closed 0.17 per cent lower as investors took a breather after the market’s rise to a series of four-year highs.
After strong gains on upbeat signs about the Japanese economy, the market switched focus to await key data coming out later this week, including Gross Domestic Product (GDP) for the three months to September.
The Nikkei-225 index fell 24.87 points to 14,036.73 but managed to hold above the symbolic 14,000 mark.
Investors were reluctant to take fresh positions as they await key economic data, such as machinery orders for September on Thursday and September quarter GDP on Friday, said Mitsushige Akino, chief portfolio manager at Ichiyoshi Investment Management.
Economists forecast the GDP data will show the world’s second largest economy is still growing but at a slower pace due to a slowdown in critical domestic demand.
Akino said that optimism over Japan’s economic recovery as well as some positive first half corporate results continued to underpin a broadly upbeat tone in the market.
Shares took a breather but investors remain bullish (positive) on hopes the economy is heading towards sustained growth. This view is supporting the Nikkei index above the 14,000 points mark, Hideo Mizutani, chief strategist at Sieg Securities said.
Oil refiners lost broadly as the benchmark crude oil price remained below 60 dollars a barrel in Asian trade. Nippon Oil lost 45 yen.
The banking sector was also down. Resona Holdings fell 12,000 yen to 386,000 and Mitsubishi UFJ Financial dropped 30,000 yen to 1,620,000.
HONG KONG: Share prices closed 0.26 per cent higher on a technical rebound after Monday’s sharp fall, with overall trade cautious.
Dealers said volume was thin as most investors continued to fret over rising interest rates and recent outbreaks of bird flu.
The Hang Seng Index closed up 37.41 points at 14,403.20. Turnover was 15.35 billion Hong Kong dollars (US$1.97 billion).
“Share prices were higher following the rebound of certain stocks from yesterday’s sell-off. Investors, however, are still cautious about rising interest rates and the bird flu,” said Jackson Wong, investment manager at Tanrich Securities.
SYDNEY: Share prices rose 0.93 per cent on the back of gains in the resources and banking sectors, following overnight gains on Wall Street.
The SP/ASX 200 index closed up 42.0 points at 4,554.5. Turnover was 1.30 billion shares worth 3.71 billion dollars (2.75 billion US).
SINGAPORE: Share prices closed 0.66 per cent higher, lifted by Wall Street’s overnight gains and weaker oil prices.
The Straits Times Index climbed 14.91 points to 2,271.99. Volume reached 848 million shares valued at 703 million Singapore dollars (US$413m).
KUALA LUMPUR: Share prices closed 0.27 per cent lower on Tuesday on concerns about inflation fueling rising interest rates and the spread of bird flu, dealers said.
The Kuala Lumpur Composite Index fell 2.43 points to 909.10 on volume of 215.80 million shares worth 451.19 million ringgit (119.44 million dollars) while losers outnumbered gainers 427 to 206.
WELLINGTON: Share prices closed 0.23 per cent higher but most attention was focussed on a sharp fall in third largest stock Fletcher Building.
The NZSX-50 gross index rose 7.74 points to 3,324.19 on turnover of 102.7 million New Zealand dollars (69.5 million US).
MUMBAI: Share prices closed up 1.35 per cent in volatile trade led by software companies.
The Sensex index rose 110.97 points to 8,317.8 on trading volumes of 28.74 billion rupees (632 million dollars). The markets have now risen for five consecutive trading sessions.—AFP
