May 03, 2007	Thursday	Rabi-us-Sani 15, 1428

HONG KONG, May 2: Asian stocks closed with solid gains on Wednesday after encouraging US data and another record performance on Wall Street provided further support for markets already at or near record highs, dealers said.

They said positive US manufacturing figures highlighted the underlying strength of the US economy and more than offset weak housing sector news, setting up the region for a strong day.

Trade was somewhat quiet given the many holidays this week while investors were mostly reluctant to be too aggressive ahead the key US employment report due Friday, which will likely set the near-term tone.

TOKYO: Japanese share prices ended with a gain of 0.69 per cent after Wall Street notched up another record finish overnight and the dollar hit a two-month high against the yen, dealers said.

They said, however, that trading was relatively quiet ahead of a four-day holiday weekend in Tokyo with the market to re-open on Monday. The Tokyo Stock Exchange's Nikkei-225 index of leading shares gained 119.94 points at 17,394.92. The broader Topix index of all first-section shares added 10.97 points or 0.65 per cent to 1,704.22.

HONG KONG: Hong Kong share prices closed 0.34 per cent higher, led by index heavyweight HSBC following news that a unit of Dubai International Capital (DIC) has made a substantial investment in the global banking giant, dealers said.

Strong performances on Wall Street and in Tokyo also prompted some bargain-hunting following losses before the Labour Day holiday although trading overall was lacklustre, they said.

The key Hang Seng index closed up 69.51 points at 20,388.49, off a low of 20,351.26 and high of 20,483.24. Turnover was 46.98 billion dollars.

SINGAPORE: Singapore share prices closed 1.68 per cent higher on buoyant sentiment driven by a record finish on Wall Street overnight, dealers said.

Optimism ahead of corporate results due this week also prompted some buying, they said.

The Straits Times Index jumped 56.52 points to 3,417.81 on volume of 3.35 billion shares worth 2.32 billion dollars Gains led declines 491 to 312 with 632 stocks unchanged.

BANGKOK: Thai share prices closed 0.90 per cent higher as investors took heart from an economic stimulus package aimed at helping low-income earners, dealers said.

They said a fresh record high on Wall Street and regional gains provided additional support.

The Stock Exchange of Thailand (SET) composite index rose 6.31 points to 705.47, closing above the key 700-point level for the first time since mid-December, while the blue-chip SET 50 index added 5.49 points to 497.46.

Gainers led losers 231 to 98, with 116 stocks unchanged on turnover of 1.9 billion shares worth 13.13 billion baht.

JAKARTA: Indonesian share prices closed 0.37 per cent higher in volatile trade with late interest in selected large caps helping the main index end in positive territory, dealers said.

The Jakarta Stock Exchange composite index rose 7.381 points at 2,008.559, after an intraday low of 1,987.885 and a high of 2,016.031. Volume was 7.68 billion shares worth 5.72 trillion rupiah. Declines led gainers 114 to 93, with 42 stocks unchanged.

MANILA: Philippine share prices closed flat as last-minute profit-taking in blue chips offset gains in the broader market, dealers said.

Investors turned cautious in the absence of fresh leads and did not sustain the early buy interest, with important elections for Congress due later this month a major concern.

The Philippine Stock Exchange composite index rose 1.26 points at 3,271.99 after trading between 3,270.92 and 3,308.46.

The broader all-share index rose 2.98 points to 2,081.70. Gains led declines 52 to 43 with 63 stocks unchanged.

Volume was 4.59 billion shares worth 3.99 billion pesos.

WELLINGTON: New Zealand share prices closed 0.11 per cent lower as investors focussed on the uncertain prospects for the local economy rather than rises in the US and Australian markets, dealers said.

The NZX-50 gross index fell 4.67 points to 4,186.99 on turnover worth 140.4 million dollars.

Another record finish on Wall Street and strong gains in the Australian market failed to inspire local investors.

Market leader Telecom fell three cents to 4.87 dollars ahead of the company's third quarter results Thursday, with news expected on how much money will be returned to investors from the sale of its Yellow Pages business.

“We'll have a lot more detail and possibly expect some volatility in that share price,” Williamson said.

Shanghai, Kuala Lumpur and Mumbai stock exchanges were closed for public holiday.—AFP