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HONG KONG, Feb 20: Asian stocks closed mostly higher on Tuesday but gains were less than convincing with investors sidelined ahead of a decision on Japanese interest rates due Wednesday.
Trade was also quiet due to Chinese New Year holidays.
Tokyo and Sydney typified the mood by closing flat while Seoul rose a slight 0.29 per cent and Jakarta gained 0.40 per cent.
Bangkok was up 0.77 per cent but gains were also kept in check by uncertainty over Japanese interest rates while Manila was the stand out with its benchmark rising 1.39 per cent on the back of falling treasury bills.
Wellington was down 0.72 per cent amid disappointing earnings reports while Mumbai slumped 1.04 per cent on interest rate concerns.
Hong Kong, Shanghai, Taipei, Singapore and Kuala Lumpur remained closed for Chinese New Year celebrations.
TOKYO: Share prices ended mixed amid jitters ahead of a Bank of Japan decision on interest rates but the broader TOPIX index briefly hit a 15-year high.
Dealers said trading was sluggish as market participants anxiously looked to a two-day Bank of Japan policy meeting, which began Tuesday afternoon.
The Nikkei-225 index lost 0.97 points to 17,939.12. Volume rose to 2.23 billion shares from 2.09 billion shares the previous day.
The market recovered most of its losses from the morning session but investors refrained from aggressive buying until they know the outcome of the BoJ meeting, dealers said.
Hideo Mizutani, chief strategist at Sieg Securities, said the relatively steady yen provided market players some relief as it showed the currency market leaning against expectations of a rate hike.
Even if the BoJ raises interest rates this time, the risk that the yen would strengthen significantly is seen to be limited, on the view that the BoJ would not increase rates consecutively next month, Mizutani said.
Mazda Motor climbed 14 yen to 708 yen.
SYDNEY: Share prices closed flat as the market struggled for direction during a mixed company reporting season.
The SP/ASX 200 ended down 0.4 points at 5,989.7. A total of 1.43 billion shares worth 4.61 billion US (3.6 billion US) were traded.
Macquarie Equities private client advisor Joseph Youssef said investors were expecting strong earnings results, meaning solid performances such as the interim figures released by Foster's Tuesday failed to impress.
Youssef said the market is struggling to maintain its forward momentum as strong results had already been factored in.
In many cases it seems investors bought on the expectation and sold on the result, Youssef said.
At these levels it is going to take something exceptional, not just results exceeding forecasts, to drive the market higher,” he said.
Foster's reported a 90 per cent rise in interim net profit that was boosted by one-off gains and failed to meet expectations, sending the stock down 0.35 or 4.90 per cent at 6.79 dollars.
With Foster's, it had already had a big run as expectations had run high,Youssef said.
JAKARTA: Share prices closed 0.40 per cent higher, helped by late gains in mining stocks.
The composite index closed up 7.189 points at 1,806.482 on volume of 2.76 billion shares valued at 1.44 trillion rupiah (159 million dollars).
Timah rose 650 rupiah to 9,900, Aneka Tambang was up 200 at 8,850.
WELLINGTON: Share prices closed 0.72 per cent lower as profit-takers moved in amid a slightly disappointing results season.
Dealers said speculation the central bank will raise interest rates next month to 7.50 per cent was also weighing on sentiment.
The NZX-50 index was down 29.74 points at 4,110.48 on turnover worth 70.01 million New Zealand dollars (48.7 million US).
MUMBAI: Share prices closed 1.04 per cent lower as funds sold blue chips and mid-cap stocks on concern about global interest rate trends.
The 30-share BSE Sensex index fell 149.52 points to 14,253.38.—AFP
