May 3, 2006	Wednesday	Rabi-us-Sani 4, 1427

HONG KONG, May 2: Asian stocks closed mostly higher on Tuesday in a technical bounce following a sell-off last week prompted by an unexpected increase in Chinese interest rates. Dealers said the sell-down had been over-done and created buying opportunities with sentiment strong enough to offset the negative impact of overnight falls on Wall Street.

Singapore and Mumbai struck record finishes. A weaker yen spurred Tokyo to a sharply higher close, as sharp gains were notched-up in Seoul, Manila, and Hong Kong. Gains were more modest in Taipei and Kuala Lumpur.

TOKYO: Share prices closed 1.35 per cent higher as a weaker yen, which helps exporters, encouraged buying ahead of a three-day national holiday.

Dealers that the market managed to overcome an early bout of selling sparked by overnight losses on Wall Street and higher oil prices.

The Nikkei-225 index advanced 228.06 points to 17,153.77. Volume was 1.44 million shares, up from 1.32 billion Monday.

Dealers said thin market conditions exaggerated these gains. Many investors are away and Japanese markets were due to close for the ‘Golden Week’ vacation after the end of trading on Tuesday and reopen next Monday.

HONG KONG: Share prices closed 1.24 per cent higher as the property sector received a boost from strong sales of apartments over the three-day weekend.

SYDNEY: Share prices closed down 0.70 per cent as investors sold banking stocks ahead of an announcement from the Reserve Bank of Australia on interest rates.

The central bank met Tuesday to discuss monetary policy and will announce any decision on raising its official cash rate from 5.50 per cent on Wednesday.

The S and P/ASX 200 index shed 37.3 points to 5,273.1.

SINGAPORE: Share prices continued their record-busting run to close 0.85 per cent higher at an all-time high on gains in select blue chip stocks.

KUALA LUMPUR: Share prices closed 0.21 per cent higher buoyed by late buying in blue chips and stronger regional markets.

The composite index gained 2.02 points to 951.25 and volume traded was 1.33 billion shares worth 1.39 billion ringgit (384.51 million dollars).

JAKARTA: Share prices closed flat as early gains were eroded by profit-taking amid fears that foreign fund flows are easing.

WELLINGTON: Share prices closed 0.45 per cent lower, led down by top stock Telecom New Zealand which fell on the release of a report saying some phone costs were too high.

The NZX-50 gross index was down 17.1 points at 3,762.74 on turnover worth 115.85 million New Zealand dollars (72.85 million US).

MUMBAI: Share prices hit a record close as investors focused on higher earnings forecast by a leading generic drug maker.—AFP