HONG KONG, May 23: Asian stocks closed mostly higher on Wednesday with improved earnings outlooks and the another record finish in China again underpinning gains across the region.
The Shanghai benchmark led the rise with a 1.54 per cent surge and Seoul, Singapore, Jakarta and Wellington also closed at record highs while gains elsewhere in the region were more modest.
A mixed performance by Wall Street overnight and economic talks between the United States and China also held back some trades.
As a result Tokyo was just up 0.14 per cent, Sydney gained 0.26 per cent and Taipei advanced 0.40 per cent, however, Hong Kong eased 0.22 per cent, Kuala Lumpur fell 0.92 per cent and Manila shed 1.1 per cent.
TOKYO: Share prices eked out a third straight daily gain thanks to a weak yen, which lifted exporters, and upbeat earnings forecasts from major banks.
The Nikkei-225 index climbed 25.07 points to 17,705.12. Trading volume was 2.18 billion shares, up from 2.14 billion on Tuesday.
Mizuho Financial Group jumped 44,000 yen or 5.48 per cent to 847,000 after projecting a 20.7 per cent rise in net profit for the year to March 2008.
HONG KONG: Share prices closed 0.22 per cent lower on caution ahead of the two-day economic talks between the United States and China due to start later in the day.
The Hang Seng Index was down 44.95 points at 20,798.97. Turnover was 59.11 billion Hong Kong dollars (7.6 billion US).
SYDNEY: Share prices rose 0.26 per cent as bargain hunters moved in following losses Tuesday.
That was enough to revive speculation about a possible BHP super offer for Rio Tinto, which rose sharply as a result, helping support the key resources sector as a whole despite a drop in metals prices.
The S&P/ASX 200 index closed up 16.3 points at 6,355.1. Turnover was 1.83 billion shares worth 6.37 billion dollars (5.23 billion US).
KUALA LUMPUR: Share prices closed down 0.92 per cent due to profit-taking on selected blue-chips after hitting a new high the previous day.
The market went down on profit-taking in blue-chips, while an impending tax on the palm oil industry dragged plantation counters down, S.Sharath, an analyst at MIDF Sisma said.
The composite index lost 12.53 points to 1,354.98. Trading volume was 1.05 billion shares, valued at 1.94 billion ringgit (571 million dollars).
JAKARTA: Share prices closed 1.23 per cent higher on follow through buying that helped the main index finish at a new all-time high.
Dealers said a strong rebound in index heavyweight Telkom also helped the index reach a new record finishing level.
The composite index closed up 25.492 points at 2,104.246. Volume was 5.97 billion shares worth 5.84 trillion rupiah (670.49 million dollars).
Apart from Telkom's strong rebound, I would say it was a liquidity driven rally today, said Santiko Suherman, head of research at Batavia Prosperindo Asset Management.
WELLINGTON: Share prices rose 0.53 per cent for another record pullback created fresh buying opportunities for bullish investors.
Analysts see the market's initial support level at 3,450 points.
Philippine Long Distance Telephone Co fell 80 pesos to 2,470finish as investors followed gains in the Australian market.
The NZX-50 gross index added 22.98 points to 4,312.57 on turnover of 154.6 million dollars (112.3 million US).
Market-leader Telecom rose nine cents to 4.88 dollars, accounting for more than half of the day's turnover at 82.5 million dollars. Analysts said the results were solid apart from the impact of the strong New Zealand dollar.
MUMBAI: Share prices fell 0.63 per cent, snapping five days of gains, as investors locked in gains.
The 30-share Sensitive Index fell 90.46 points to 14,363.26.
The markets could face resistance ahead but the momentum is strong which could help the indices hit record levels, said S. Naganath, chief investment officer at asset management company DSP Merrill Lynch Fund Managers.—AFP
