HONG KONG, May 9: Asian stocks higher on Wednesday, riding the momentum and driven by merger and acquisition themes against a backdrop of bouyant investor confidence, dealers said.
They said investors appear increasingly certain that the US economy remains on course, so underpinning demand for the region's exports, and meaning it was unlikely there would be any unpleasant surprises from the US Federal Reserve later in the day on interest rates.
Gains were driven by continued frenzy over merger and acquisitions, with speculation of a potentially massive deal involving two of the world's biggest miners, BHP Billiton and Rio Tinto, pushing Sydney up 0.58 per cent to a record close.
The Chinese markets put in an unprecedented performance as the Shanghai Composite Index rose 1.6 per cent to close above 4,000 points for the first time.
TOKYO: Japanese share prices closed 0.52 per cent higher, helped by a recent softening of the yen and upbeat earning forecasts from domestic shipping firms, dealers said.
The Tokyo Stock Exchange's Nikkei-225 index of leading shares gained 91.28 points to 17,748.12. The broader Topix index of all first-section shares rose 12.38 points or 0.71 per cent to 1,745.01.Gainers outnumbered decliners 874 to 710, with 146 stocks ending flat.
HONG KONG: Hong Kong share prices closed 0.67 per cent higher as investors put aside early hesitation and picked up select blue chips and property stocks in late trade following another record performance on the Shanghai market, dealers said.
The market was subdued initially following a disappointing government land auction Tuesday but began recovering slowly on technical factors before picking up pace in the afternoon after the Shanghai bourse's main index closed above 4,000 points for the first time ever.
SYDNEY: Australian share prices closed in record territory, adding 0.58 per cent amid growing speculation about a merger between the world's two largest mining companies -- BHP Billiton and Rio Tinto, dealers said.
The broader All Ordinaries index gained 37.0 points to end at 6,338.0, also an all-time high.
Turnover was 1.81 billion shares worth 7.20 billion dollars (5.96 billion US), with rises outnumbering falls 646 to 629 and 339 stocks unchanged.
SINGAPORE: Singapore shares closed 0.39 per cent higher, helped by property stocks but the upside was capped by investors seeking to consolidate positions following recent strong gains, dealers said.The Straits Times index (STI) rose 13.51 points to 3,452.72 on volume of 2.42 billion shares worth 2.06 billion dollars (1.36 billion US). Losers led gainers 412 to 366, with 652 stocks unchanged.
KUALA LUMPUR: Malaysian share prices closed 0.28 per cent lower on extended profit-taking with investors adopting a cautious stance ahead of the US Federal Reserve meeting on interest rates later in the day, dealers said.
JAKARTA: Indonesia share prices rose 0.75 per cent for another record finish, supported by gains in banks after the central bank cut interest rates, dealers said.
WELLINGTON: New Zealand share prices rose 0.21 per cent for a second consecutive record finish, sparked by strong gains in Fletcher Building, dealers said.
The NZX-50 gross index added 9.10 points to 4,232.33 on turnover worth 111.5 million dollars (82.1 million US). The market hit a record 4,223.23 points Tuesday.
MUMBAI: Indian share prices closed 0.12 per cent higher to snap three days of losses in cautious trade ahead of a US Federal Reserve meeting on interest rates, dealers said.
The benchmark Mumbai stock exchange 30-share Sensex index rose 16.05 points to 13,781.51.—AFP
