HONG KONG, May 4: Asian stocks rallied sharply higher on Friday with investors following Wall Street’s lead and pushing many regional benchmarks further into record territory.
HONG KONG: Share prices closed at a record high as property stocks gained hopes that a government land auction next week will attract strong bids from major real estate developers and help boost the sector.
Dealers said sentiment was generally positive following Wall Street's record breaking run.
Other China stocks also rose on expectations that mainland bourses will post further gains after resuming trade next week following the Labour Day holidays.
The Hang Seng Index closed up 159.50 points at 20,841.08. Turnover was 63.96 billion Hong Kong dollars.
SYDNEY: Share prices jumped 0.95 per cent to another record close, driven by strength in the resources sector and an easing of the central bank's inflation expectations.
Dealers said the central bank's decision to lower its inflation forecasts gave sentiment a boost, reducing concerns that a robust economy could require more interest rate hikes to keep prices in check.
The miners once again were the main focus, chalking up more gains.
The S&P/ASX 200 ended up 59.3 points at a record 6,304.9. Turnover was 1.59 billion shares worth 5.65 billion dollars.
SINGAPORE: Share prices closed at a record high for the second straight session, closing up 1.01 per cent on expectations of strong corporate earnings.
The Straits Times Index finished 35.12 points up at 3,485.76. Volumes totalled 3.79 billion shares worth 2.35 billion dollars.
The upbeat mood was set when DBS Group, Southeast Asia's largest bank, announced earlier Friday first quarter net profit rose 19 per cent to 617 million dollars on higher interest and fee income, dealers said.
KUALA LUMPUR: Share prices closed up 1.53 per cent, with the benchmark index reaching another new high.
Dealers said gains were supported by positive economic data out of the US and a strong ringgit, with investors also buying in on expectations of further upside to the market spurred by merger and acquisition deals.
The composite index closed up 20.61 points at 1,363.40. Volume traded was 1.533 billion shares worth 2.987 billion ringgit.
BANGKOK: Share prices closed 0.92 per cent higher in line with new peaks on Wall Street and rising regional markets.
Dealers said the market was also supported by buying of energy-linked shares as global oil prices traded firm in Asian trade.
The composite index rose 6.53 points to 716.44 on turnover of 2.7 billion shares worth 19.4 billion baht.
JAKARTA: Share prices closed 0.38 per cent higher with the key index finishing at a new all-time high buoyed by expectations of a further rate cut.Dealers said Wall Street's recent record-breaking runs and a firmer rupiah also added to the market's positive tone.
However, profit-taking in miners and select big-caps in late trade capped the index's rise.
The composite index closed up 7.724 points at 2,033.368. Volume was at 6.79 billion shares valued at 4.78 trillion rupiah.
Astra International led gainers on a report that domestic car sales in April jumped 55 per cent year-on-year after weak first quarter results.
Astra International surged 600 rupiah to 15,700.
MANILA: Share prices closed 0.20 per cent higher, lifted by another record breaking Wall Street performance overnight the release of benign inflation figures for April.
The composite index was up 6.95 points at 3,278.48. Turnover was 1.8 billion shares worth 3.8 billion pesos.
The consumer price index inched up 2.3 per cent year-on-year in April compared to 2.2 per cent in March, well within market expectations, ruling out the possibility of an interest rate hike in the near term.
“There was a recovery in interest rate-sensitive issues such as property and banking stocks which were recently battered over worries that a higher inflation rate could push up interest rates,” said Jose Vistan of AB Capital Securities.
Grace Cerdenia of 2TradeAsia.com, said despite the slight uptick in consumer prices last month, inflation remains benign which is supportive of the central bank's monetary policy.
Ron Rodrigo of Unicapital Securities said he expects the market to retest the 3,300 points resistance and consolidate at that level as soon as jitters over escalating violence in the run-up to the May mid-term elections fade.
WELLINGTON: Share prices closed little changed with little fresh news to drive the market.The NZX-50 gross index rose 3.64 points to 4,206.31 on turnover worth 126.5 million dollars.
ABN Amro Craigs broker Matt Willis said Telecom's results Thursday and an operational update from Contact Energy were in line with expectations, giving little impetus to the market.
Contact Energy fell another 13 cents to 8.75 dollars Friday to add to losses this week following an update on operations.
Trustpower closed up five cents at 8.03 dollars.
MUMBAI: Share prices closed 1.02 per cent lower as software stocks fell on profit taking and as the rupee strengthened against the dollar.
Dealers said investors sold on concern that a stronger rupee will cut earnings for software firms that bill customers abroad in dollars.
The Mumbai 30-share Sensex index fell 143.94 points to 13,934.27.
“This sell-off was due to investors booking profit,” said Hiten Mehta, fund manager with Fortune Financial Services.
Tokyo and Shanghai stock exchanges were closed for public holiday—AFP
