May 24, 2006	Wednesday	Rabi-us-Sani 25, 1427

HONG KONG, May 23: Asian stocks closed mostly lower on Tuesday, but the sell-off showed signs of easing after investors rushed for the exits Monday, wiping billions of dollars off regional markets, dealers said.

An overnight rise in commodity prices and Wall Street’s ability to hold together in the face of volatile trade for a slightly lower close helped steady investor nerves with some markets even bouncing to a modestly higher close.

TOKYO: Share prices slumped to a three-month low in tandem with other global markets on concerns about higher interest rates and the negative effect on economic growth.

The Nikkei-225 index dropped 258.67 points or 1.63 per cent to 15,599.20, the lowest closing level since February 20, mirroring falls across much of Asia.

Volume was 2.06 billion shares, up from 1.91 billion Monday.

HONG KONG: Share prices closed 0.37 per cent firmer as gains in China Mobile and a rebound in commodity stocks helped the market reverse early losses.

SYDNEY: Share prices closed 0.34 per cent lower despite commodity prices regaining some ground overnight, with resource and banking stocks ending mixed after a volatile day.

SINGAPORE: Share prices closed 0.53 per cent higher as investors pounced on bargains following recent sharp falls triggered by a global selldown.

KUALA LUMPUR: Share prices closed 0.11 per cent on a technical rebound Tuesday with the central bank’s decision to leave its key rate unchanged providing some encouragement.

JAKARTA: Share prices closed 1.32 per cent higher in a technical rebound with banking and mining stocks leading the local upturn from a three-day fall.

WELLINGTON: Share prices tumbled 1.68 per cent, driven by weak sentiment in global stock markets.

MUMBAI: Share prices closed 3.25 per cent higher, snapping three-days of record falls as domestic mutual funds bought leading index shares.—AFP