September 08, 2006	Friday	Sha'aban 14, 1427

HONG KONG, Sept 7: Asian stocks closed mostly lower on Thursday, extending losses after US wage data undercut the widely held view that the US Federal Reserve had no more reason to hike interest rates again, dealers said.

They said US figures showing a much sharper-than-expected rise in wages, to the fastest pace since 1990, and a strong services sector report surprised Wall Street, sparking fresh concerns over the outlook for inlation and rates.

TOKYO: Japanese share prices were down sharply after a soft performance on Wall Street overnight and news Sony is delaying the European launch of the PlayStation 3, dealers said.

HONG KONG: Hong Kong share prices closed 0.94 per cent lower, extending losses for a third day as HSBC and other blue chips and property stocks fell on renewed concerns over US inflation and interest rates, dealers said.

SYDNEY: Australian share prices closed little changed as gains among the major banks largely offset falls in the resources sector, dealers said.

The benchmark SP/ASX 200 ended 5.1 points lower at 5,108.7 while the broader All Ordinaries index fell 2.9 points to 5,075.8.

SINGAPORE: Singapore share prices closed 0.84 per cent lower on renewed worries that the US Federal Reserve will resume its series of interest rate hikes later this month, dealers said.

KUALA LUMPUR: Malaysian share prices closed flat, with early gains in plantation and mining stocks eroded by profit-taking, dealers said.

JAKARTA: Indonesian share prices closed 0.14 per cent lower on a lack of fresh leads, with gains in Astra International, Indosat and Perusahaan Gas Negara (PGN) offsetting the losses in Telkom and select banks, dealers said.

WELLINGTON: New Zealand share prices closed little changed as investors awaited a new direction from overseas markets or local economic data, dealers said.

MUMBAI: Indian share prices closed 0.67 per cent lower Thursday on fresh concerns that inflation pressures in the United States would prompt the US Federal Reserve to resume hiking interest rates, dealers said.—AFP