March 27, 2007	Tuesday	Rabi-ul-Awwal 7, 1428

HONG KONG, March 26: Asian stocks closed firmer on Monday, building on last week's solid gains as better-than-expected US house sale figures eased some concerns about the US economic outlook, dealers said.

They said that with all eyes on Wall Street for a lead, the US data was well above forecasts, reassuring investors who had been spooked earlier this month by a rise in mortgage defaults as the housing market slowed.

Gains were modest, however, ahead of a series of key indicators -- US fourth quarter growth due Thursday and a Japanese data Friday which will be closely scrutinised for confirmation all is well with the still recovering economy.

TOKYO: Japanese share prices took a breather after last week's rebound as investors awaited an upcoming slew of US and domestic economic data, dealers said.

They said that many of the major players were sitting on the sidelines ahead of the fiscal year-end book closing at the end of this week.

The Tokyo Stock Exchange's benchmark Nikkei-225 index of leading shares rose 41.35 points or 0.24 percent to 17,521.96, rising for a fifth straight trading day. The TOPIX index of all issues on the Tokyo Stock Exchange's first section eased 0.57 points to 1,741.37.

Gainers beat decliners 959 to 618, with 153 stocks flat.

Volume fell to 1.53 billion shares from 1.90 billion shares Friday.

HONG KONG: Hong Kong share prices closed 0.37 per cent higher as index heavyweights HSBC and China Mobile were supported ahead of the expiry of March futures contracts later in the week, dealers said.

The Hang Seng Index was up 73.21 points at 19,765.85, off a low of 19,653.73 and a high of 19,819.04. Turnover was $39.86 billion (US$5.11 billion).

SYDNEY: Australian share prices closed 0.65 per cent higher, buoyed by gains on Wall Street and domestic merger and acquisition activity as investors pushed the market to just short of the historic 6,000 points level, dealers said.

Stocks have now recovered much of the ground lost during the turmoil on the global equity markets seen earlier this month and are now within sight of the record highs reached just before that sell-off.

The benchmark S&P/ASX 200 rose 38.4 points to 5,990.7 while the broader All Ordinaries index climbed 37.4 points to 5,970.5. The S&P/ASX 200 hit a record 6.044.0 points on February 26, just one day before a massive fall in Shanghai sent global markets into a frenzied tailspin.

SINGAPORE: Singapore share prices closed flat as investors consolidated positions in a cautious market, with concerns over a spike in oil prices adding to the weaker tone, dealers said.

The Straits Times Index slipped 1.27 points to 3,204.55 on volume of 1.40 billion shares worth 1.30 billion dollars (860 million US). Gainers led losers 360 to 316, with 730 stocks unchanged.

With the price of oil having spiked up, that's putting a bit of pressure on the market, a dealer with a local brokerage said.

Dealers said concerns over a potential economic slowdown in the US and China also weighed on sentiment ahead of a series of key data later in the week.

KUALA LUMPUR: Malaysian share prices closed 0.70 per cent higher, led by plantation and property stocks which offset profit-taking in other sectors, dealers said.

They said the bourse now appears to be in need of fresh factors going forward after a recent sustained run-up.

The Kuala Lumpur Composite Index was up 8.67 points at 1,244.32 on volume of 1.8 billion shares worth 2.3 billion ringgit (667 million dollars). Gainers led loser 463 to 447.

The market is beginning to look a little lethargic after an extended run,said Cheah King Yoong, head of research at SJ Securities.

The recent run-up had been sentiment-driven ... so the market will need fresh leads going forward,” he said, adding he expects the bourse to “take a breather” soon before it resumes its rally.

Cheah cautioned that much could depend on how Iran and the oil price factors play out.

World oil prices have been driven to their highest levels of the year so far because of heightened geopolitical tensions in the Middle East after 15 sailors from a British warship were seized in the Gulf by Iran.

JAKARTA: Indonesian share prices closed 0.43 per cent higher, with blue-chip gains helping offset losses in the broader market, dealers said.

Miners and plantation stocks posted sharp gains on a steep rise in key commodities.

The Jakarta Stock Exchange composite index rose 7.757 points at 1,813.718 on volume of 1.88 billion shares worth 2.26 trillion rupiah (248 million dollars).

Despite the headline index gain, decliners led advancers 84 to 58, with 54 stocks unchanged.

“The market was trading in a tight range during the day, pretty much in line with other markets in the region,” said Oos Rosady, a dealer with Mandiri Securities.

But some stocks like Indosat, which have lagged gains in recent rallies, advanced,” he said, adding that the market was consolidating in the absence of strong leads.

WELLINGTON: New Zealand share prices closed 1.00 per cent higher as investors welcomed news that market leader Telecom would return capital to shareholders after selling its directories business, dealers said.

The benchmark NZX-50 gross index rose 41.10 points to 4,105.15 on turnover worth 119.5 million dollars (84.9 million US).

Telecom shares rose 11 cents to 4.79 dollars after announcing it would sell its Yellow Pages directories business to a private equity consortium for 2.24 billion dollars.

“People are reasonably happy with the price Telecom got for the Yellow Pages and are looking forward to the sizeable capital return ... hinted at,”said Richard Leggat of UBS.

MUMBAI: Indian share prices closed 1.22 per cent lower as investors locked-in gains after a sharp rally last week, dealers said.

They said the markets could weaken further as investors square positions ahead of the monthly stock futures contract expiry Thursday.

The 30-share Mumbai stock exchange Sensex index fell 161.61 points at 13,124.32, having risen 6.88 percent last week.—AFP