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HONG KONG, June 1: Asian stocks closed mostly higher on Friday with investors shrugging off a mixed performance by Wall Street and on-going concerns about a further sell-off in China.
However, fears that Beijing would again move to cool its markets -- after tripling the tax on stock transactions earlier in the week -- resulted in Shanghai falling 2.65 per cent and Hong Kong dropping 0.15 per cent.
Those investor jitters were limited to China and elsewhere the mood was far more buoyant.
Seoul, up 0.90 per cent, and Manila with a gain of 2.09 per cent both closed at record highs while Taipei had its best finish in seven years with a 1.29 per cent rise and Tokyo was at a three month high with a gain of 0.47 per cent.
TOKYO: Share prices ended the week at a fresh three-month high as the weak yen boosted exporters and after the tech-heavy Nasdaq advanced overnight.
Dealers said the market was also feeling relief that this week's beating on the Chinese stock market has had a limited impact in Japan.
The Nikkei-225 index closed up 83.13 points at 17,958.88. Volume rose to 2.49 billion shares from 2.16 billion on Thursday.
HONG KONG: Share prices closed 0.15 per cent weaker, reversing course after the Shanghai bourse finished sharply lower amid worries that China may take additional measures to rein in its markets.The mainland markets saw strong selling pressure in late trade as investors fretted that the government may announce more steps to cool the markets after the hike in stamp duty on securities transactions earlier in the week.
Major local blue chips reversed early gains, but China insurers ended higher on news that China plans to allow insurers to invest in overseas equities.
The Hang Seng Index closed down 31.6 points at 20,602.87. Turnover was 74.76 billion Hong Kong dollars (9.6 billion US).
SYDNEY: Share prices closed 0.32 per cent higher as fears that this week's losses on Chinese markets would spark a global sell-off eased.
Dealers said overnight gains in base metal prices helped the all important resources sector while a steadier performance on the Chinese markets -- at least while Australia was open -- helped sentiment.
The main Chinese benchmark lost 2.6 per cent Friday in continued volatile trade after Beijing hiked stamp duty on stock transactions earlier in the week in an effort to rein in its runaway markets.
SINGAPORE: Share prices closed 1.06 per cent higher on the back of strong gains in banks and other blue chips, with the Straits Times index touching a new intraday high.
Dealers said that investor sentiment was buoyed by comments from analysts at leading financial houses, who said the Chinese economy is likely to hold despite measures by Beijing to cool the market.
KUALA LUMPUR: Share prices closed 0.98 per cent higher on follow-through buying in line with regional gains, dealers said.
The composite index gained 13.18 points to 1,360.07 on volume of 848.418 million shares worth 1.956 billion ringgit (575.46 million dollars).
BANGKOK: Share prices closed up 2.24 per cent at a year high as investors welcomed a court ruling disbanding ousted premier Thaksin Shinawatra's party and barring him from politics. The composite index jumped 16.53 points to 753.93 on turnover of 4.8 billion shares worth 40.2 billion baht (1.2 billion dollars).
“Foreign investors were net buyers as they welcomed the verdict,” said Kanang Duangmanee, an economist at Kasikorn Research Center.
WELLINGTON: Share prices closed 0.14 per cent lower, led downwards by leading stocks Telecom and Fletcher Building.
The NZX-50 gross index fell 5.92 points to 4,296.43 on turnover worth 207.3 million dollars (152.3 million US).
Telecom fell five cents to 4.80 dollars, after the government said Thursday it still intended to force the company to split into three operating units.
“Telecom's still stuck within a trading range of around 4.70 to 4.90 dollars,” Grant Williamson, a partner at Hamilton, Hindin, Greene said.
MUMBAI: Share prices rose 0.18 per cent in choppy trade a day after India's economy grew a faster than expected 9.4 per cent in the year to March.
Dealers said fertiliser stocks rose as the annual monsoon rains, crucial for the country's farmers, advanced north.
The 30-share Sensex rose 26.29 points to 14,570.75.
Sentiment improved as India's wholesale price inflation eased to a 10-month low of 5.06 per cent, led by lower prices for food staples such as cooking oil.—AFP
