September 05, 2007	Wednesday	Sha'aban 22, 1428

HONG KONG, Sept 4: Asian stocks closed mostly lower on Tuesday with investors adopting a cautious stance ahead of a resumption to trade on Wall Street and any reaction to the subprime troubles in the US.

Markets in New York were closed Monday and investors have been biding their time since Friday when US President George W. Bush and Federal Reserve Chairman Ben Bernanke moved to shore-up confidence in subprime mortgages.

TOKYO: Japanese share prices closed down 0.63 per cent on caution ahead of fresh US economic developments following a three-day holiday weekend on Wall Street.

The Nikkei-225 index closed down 104.46 points at 16,420.47. Traded volume dipped to 1.46 billion shares from 1.52 billion shares on Monday.

HONG KONG: Share prices closed flat in volatile trade as investors locked in profits after the key index hit a new all-time high during the day on the back of gains in China banks and local property developers.

The Hang Seng Index closed down 18.02 points at 23,886.07. Turnover stood at 92.18 billion Hong Kong dollars (11.82 billion US).

China Construction Bank (CCB) was in focus as it gained after news that mainland regulators will review the bank’s A-share IPO application on Friday, while Bank of Communications (BoComm) was up as it will join the Hang Seng Index constituents from next Monday.

SYDNEY: Australian share prices closed up 0.40 per cent on Tuesday after stronger-than-expected second quarter economic data, which also boosted the Australian dollar.

Dealers said with Wall Street closed on Monday for a holiday, a quiet day had been expected and analysts said the modest rise was something of a surprise.

The S&P/ASX 200 index closed up 26.0 points at 6,293.3 on volume of 2.3 billion shares worth 5.1 billion dollars (4.2 billion US).

SINGAPORE: Share prices closed 0.30 per cent lower, as investors remained concerned over whether the US subprime mortgage market crisis will spread to Asia.

Dealers said investors also preferred to stay on the sidelines since US financial markets were closed Monday for the long Labour Day weekend.

The Straits Times Index finished 10.16 points lower at 3,376.06. Volume totalled 1.73 billion shares worth 1.51 billion Singapore dollars (992,000 US).

KUALA LUMPUR: Malaysian share prices closed flat, as investors waited for signs from Wall Street after a three-day weekend in the United States came to an end.

Dealers said shares in property developers were higher, however, on expectations that Malaysia’s 2008 national budget, due to be released Friday, would contain good news for the sector.

JAKARTA: Indonesian share prices closed 0.1 per cent higher, with gains in Telkom and automotive company Astra International offsetting profit-taking in minor stocks.

The Jakarta Stock Exchange composite index closed up 1.54 points at 2,215.12, off a high of 2,226.99 and a low of 2,202.19. Volume was 3.33 billion shares valued at 2.71 trillion rupiah (288.20 million dollars).

WELLINGTON: New Zealand share prices rose 0.60 per cent as the market continued to recover gradually from recent volatility.

The NZX-50 index gained 24.77 points to close at 4,150.53 on turnover worth 101.2 million dollars (US $71.1 million).

Blue chips were mixed, but market leader Telecom underpinned the bourse by rising five cents to $4.43.

That is just a recovery in the share price from an oversold position, that’s been happening for a few days now, Williamson said.

MUMBAI: Indian share prices closed 0.28 per cent higher in choppy trade led by property and drug companies.Dealers said the market, which has clocked eight straight days of gains, could consolidate as worries persist over the extent of the US subprime mortgage problem.—AFP