August 30, 2006	Wednesday	Sha'aban 5, 1427

HONG KONG, Aug 29: Asian stocks closed higher on Tuesday amid solid gains on Wall Street and a fall in oil prices after Hurricane Ernesto, roiling across the Caribbean, was downgraded to a tropical storm.

Wall Street rose as the downgrade eased immediate fears that vital US oil installations in the Gulf of Mexico area would be hit by Ernesto, however, traders warned Iran remains a threat to the cost of crude.

TOKYO: Share prices snapped a four-day losing streak as bargain-hunters emerged, encouraged by overnight gains on Wall Street and a fall in domestic unemployment.

The Nikkei-225 index closed up 127.97 points or 0.81 per cent to 15,890.56. Volume fell to 1.25 billion shares from 1.37 billion on Monday.

Investors stepped into the market to chase bargains after the Nikkei 225 index had fallen for four trading sessions in a row, said Hitoshi Yamamoto, president and chief portfolio manager at Commerz International Capital Management (Japan).

HONG KONG<.b>: Share prices closed 0.95 per cent higher following gains on Wall Street overnight and on activity related to the expiry of August futures contracts Wednesday.

The Hang Seng Index closed up 160.99 points at 17,083.28. Turnover was 22.17 billion Hong Kong dollars (2.84 billion US dollars).

“The market moved in line with Wall Street. I think the focus was on China Mobile and HSBC due to buying interest ahead of the futures expiry,” said Kenny Tang, associate director at Tung Tai Securities.

SYDNEY: Share prices closed 0.86 per cent higher with investor sentiment buoyed by the rise on Wall Street due to falling oil prices and speculation of a takeover bid for Foster's.The SP/ASX 200 rose 43.3 points to 5,067.5. A total of 1.04 billion shares worth 3.65 billion dollars (2.76 billion US) changed hands.

Speculation that SABMiller and the world's largest brewer, InBev, are considering making offers for the stock drove Foster's shares to record highs and added to positive sentiment for the market, they said.

SINGAPORE: Share prices closed 1.17 per cent higher as investor confidence improved after Wall Street's firmer finish on the back of lower oil prices.

The Straits Times Index gained 28.28 points to 2,455.33. Volume totalled 933 million shares worth 879 million Singapore dollars (560 million US).

KUALA LUMPUR: Share prices closed up 0.24 per cent, in lacklustre trade with some support from interest in selected blue-chip stocks.

The composite index added 2.26 points to 953.22. Trading volume totalled 415.02 million shares valued at 680.74 million ringgit (183 million dollars).

JAKARTA: Share prices closed 1.05 per cent higher led by heavyweight Telkom and select banks on positive domestic sentiment after the rupiah strengthened.

The composite index closed up 14.927 points at 1,432.931 on volume of 1.52 billion shares valued at 1.42 trillion rupiah (155.36 million dollars).

WELLINGTON: Share prices closed 0.74 per cent higher, taking their lead from gains in offshore markets.

The NZX-50 gross index rose 26.00 points to 3,496.60 on turnover worth 118.0 million New Zealand dollars (75.5mUS).

MUMBAI: Share prices closed up 0.75 per cent at a more than 14-week high on strong institutional buying amid improved Asian market sentiment driven by lower oil prices.

The 30-share benchmark Sensex index rose 87.33 points to 11,706.85, marking the fourth straight trading session of gains.—AFP