September 05, 2006	Tuesday	Sha'aban 11, 1427

HONG KONG, Sept 4: Asian stocks closed sharply higher on Monday after strong gains on Wall Street and better than expected job numbers painted a brighter picture for world's biggest economy.

Dealers said the 128,000 jobs created by US employers in August meant a soft landing for a slowdown in the US economy appeared more certain, thus the Federal Reserve was in a position to keep interest rates on hold.

Tumbling crude prices also helped with oil falling below 70 US dollars a barrel in the absence of a severe hurricane threat and on expectations that Iran would not face economic sanctions soon.

Tokyo responded with a 1.39 per cent leap, lending further support for markets elsewhere in the region with Jakarta jumping 1.78 per cent, Taipei surging 1.49 per cent and Singapore by 1.16 per cent.

Sharp gains were also registered in Sydney, Bangkok, Kuala Lumpur, Manila, Shanghai and Hong Kong, however profit taking limited gains in Seoul.

TOKYO: share prices raced to their highest level for over three months in the wake of better-than-expected US jobs data and a sharp rise in domestic corporate spending.

The Nikkei-225 index rose 223.82 points to 16,358.07. Volume rose to 1.66 billion shares against 1.50 billion Friday.

HONG KONG: Share prices closed 0.52 per cent higher, the fifth straight day of gains, as investors bought select large-caps, including China Mobile, following gains on Wall Street and in Tokyo.

The Hang Seng index closed up 90.16 points at 17,513.88. Turnover was 28.62 billion Hong Kong dollars (US$3.67 billion).

Many investors placed their bets on momentum players, including China Mobile, HSBC and several other large-cap counters, as the latest data in the US have made many investors believe that the Federal Reserve is unlikely to raise interest rates in the short term, said Brook McConnel, president of South Ocean Management.

SYDNEY: Share prices closed 0.63 per cent higher on a positive lead from Wall Street after the latest US jobs data reassured investors about the economic outlook.

The SP/ASX 200 rose 32.1 points to 5,129.2. Turnover was 962.8 million shares worth 3.64 billion dollars (2.8 billion US).

SINGAPORE: Shares prices closed 1.16 per cent higher, buoyed by gains in regional markets and Wall Street last week due to lower crude oil prices.

The Straits Times Index (STI) rose 28.96 points to 2,520.45. Volume was 898.78 million shares worth 948.73 million Singapore dollars (608.16 US).

KUALA LUMPUR: Share prices closed 0.78 per cent higher in thin trade supported by interest in plantation and mining stocks on hopes of stronger earnings growth next year.

The composite index gained 7.53 points to 968.22 and volume traded was 364.26 million shares valued at 665.94 million ringgit (182 million dollars).

JAKARTA: Share prices closed 1.74 per cent stronger, with sentiment boosted by hopes that Bank Indonesia will further cut the BI policy rate at its upcoming board meeting.

The composite index closed up 25.069 points, at 1,469.559 on volume of 1.57 billion shares valued at 1.68 trillion rupiah (184.92 million dollars).

MUMBAI: Share prices closed up 1.16 per cent on strong local fund buying in benchmark index companies and on lower oil prices. The Sensex rose 136.19 points to 11,914.21.

The global markets sentiment is improving, said Ravi Menon, director of investment banking for HSBC Securities and Capital Markets.—AFP