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HONG KONG, July 31: Asian stocks closed higher on Tuesday, building on the previous day's recovery after a solid rebound on Wall Street helped ease concerns over problems in the US housing market, dealers said.
They said investors built on Monday's late recovery, focusing on strong quarterly company results which have helped to restore confidence in the region's strong underlying economic fundamentals.
Gains were substantial, paced by another record performance in China where investors showed no signs of unease at another monetary policy tightening, with bargain hunters elsewhere taking quick advantage of last week's heavy losses.
Instead, HSBC reported a sharp increase in profits as it kept the US problems in check and exploited its business in Asia to the maximum effect, giving a boost to banks and other financials as a whole.
TOKYO: Japanese share prices ended narrowly mixed as investors remained cautious after recent heavy losses despite an overnight rally on Wall Street, dealers said. They said buyers were scarce ahead of another raft of company results.
The Tokyo Stock Exchange's benchmark Nikkei-225 index of leading shares dropped 40.41 points or 0.23 per cent to 17,248.89. The broader Topix index of all first-section shares rose 0.47 points to 1,706.18.
Gainers outnumbered decliners 1,045 to 592, with 89 stocks unchanged.
Turnover dropped to 2.1 billion shares from 2.3 billion Monday.
HONG KONG: Hong Kong share prices closed 1.96 per cent higher, extending their recovery from recent heavy losses as global banking giant HSBC garnered support on its better than expected interim results, dealers said.
The Hang Seng index closed up 445.04 points at 23,184.94, off a low of 22,881.97 and a high of 23,199.90. Turnover was 86.19 billion dollars (11.05 billion US).
SYDNEY: Australian share prices closed 0.6 per cent higher after US and European equity markets recovered following last week's selldown, inspiring bargain hunters to step in, dealers said.
They said that investors were reassured by Wall Street's upturn and more confident in the outlook for a strong local economy despite continuing concern over problems in the US sub-prime mortgage market.
The key S&P/ASX 200 added 35.4 points at 6,144.2 while the broader All Ordinaries index rose 41.0 points to 6,187.5.
Volume was 2.0 billion shares worth 6.3 billion dollars (5.4 billion US), with gains leading losers 827 to 474, and 330 stocks unchanged.
SINGAPORE: Singapore share prices closed 0.61 per cent higher, taking their cue to extend gains from Wall Street's firmer finish, dealers said.
The Straits Times Index rose 21.37 points to 3,547.66. Volume was 3.53 billion shares worth 3.67 billion dollars (2.43 billion US).
KUALA LUMPUR: Malaysian share prices closed 1.6 per cent higher on a technical rebound led by mining and industrial-related stocks after Wall Street's overnight recovery, dealers said.
The Kuala Lumpur Composite Index gained 21.3 points to 1,373.71 on volume of 2.12 billion shares worth 2.89 billion ringgit (837.7 million dollars).
Gainers led losers 544 to 393 and 250 stocks were unchanged.
JAKARTA: Indonesian share prices closed sharply higher, led by heavyweight Telkom on the back of strong first half results, with Wall Street's overnight rebound inspiring investors to pick up stocks again following recent sell-offs, dealers said.
The Jakarta Stock Exchange composite index rose 47.12 points or 2.00 per cent to 2,348.67 points on volume of 4.33 billion shares worth 4.19 trillion rupiah (454 million dollars). Gainers led losers 137 to 80, with 54 stocks unchanged.
WELLINGTON: New Zealand share prices closed 0.37 per cent lower, led down by market leader Telecom, dealers said.The benchmark NZX-50 index shed 15.53 points at 4,213.30 on turnover worth 168.1 million dollars (129.2 million US).
A recovery on Wall Street Monday helped steady the local market, following the sharp falls of last week.
MUMBAI: Indian share prices rose 1.9 per cent as investors shrugged off a hike in the amount of cash banks must keep in reserve and focused on strong company earnings, dealers said.
They said the market rose steadily following a short blip intraday after India's central bank hiked its cash reserve ratio for banks by 50 basis points to seven per cent but kept short-term borrowing rates unchanged.
The Mumbai stock exchange benchmark 30-share Sensex index closed up 290.08 points to 15,550.99, its second straight gain.—AFP
