June 27, 2006	Tuesday	Jumadi-ul-Awwal 30, 1427

HONG KONG, June 26:Asian stocks were mixed on Monday, finding no lead in a muted Wall Street performance as cautious investors marked time ahead of an expected US interest rate hike later this week, dealers said.

They said virtually everyone agrees the US Federal Reserve will hike rates another 25 basis points to 5.25 per cent so the focus will be on what the Fed has to say about the economic outlook after its Wednesday-Thursday meeting.

TOKYO: Japanese share prices reversed early losses to close slightly higher after bargain hunters stepped in to chase the main Nikkei index back above the key 15,000 points level, dealers said.

They said the mood remained somewhat cautious, however, ahead of an expected US interest rate hike Thursday.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index rose 28.36 points or 0.19 percent to close at 15,152.40, off a low of 14,987.77. The broader TOPIX index of all first-section shares advanced 3.40 points or 0.22 per cent to 1,548.97.

HONG KONG: Hong Kong share prices closed flat as many investors stayed on the sidelines ahead of this week’s US Federal Reserve policy meeting, dealers said.

SINGAPORE: Singapore share prices closed 1.06 per cent higher, supported by selective interest as investors adjusted positions ahead of an expected rate hike at this week’s US Federal Reserve meeting, dealers said.

KUALA LUMPUR: Malaysian share prices closed 0.20 per cent lower on profit-taking with sentiment still generally weighed down by fears that rising interest rates will slow global economic growth, dealers said.

JAKARTA: Indonesian share prices closed 0.49 per cent lower in quiet trade as investors opted to stay on the sidelines ahead of the US Federal Reserve meeting later this week, dealers said.

WELLINGTON: New Zealand share prices closed slightly higher Monday, adding 0.11 per cent in light trade, dealers said.

The benchmark NZSX-50 gross index rose 3.96 points to 3,587.86 on turnover worth 60.2 million New Zealand dollars (36.5 million US). Falls narrowly outweighed rises by 48 to 44 among the 136 stocks traded.

MUMBAI: Indian share prices closed 3.56 per cent lower after a late afternoon sell-off sparked by concerns that global interest rates will be hiked to tame rising inflation, dealers said.—AFP