HONG KONG, Nov 7: Asian stocks closed mostly higher on Wednesday after shrugging off a surge in the price of crude oil to a record level, with Malaysian share prices reaching an all-time high.
The stock market in Kuala Lumpur recorded the day’s biggest rise, 1.80 per cent, helped by plantation stocks on hopes of rising demand for palm oil as an alternative fuel source to pricey oil.
Crude surged past $98 per barrel Wednesday to a record high, taking it within touching distance of the landmark 100-dollar level.
TOKYO: Japanese share prices fell for a fourth straight trading day, hitting a fresh seven-week low on concerns about a stronger yen and the fallout from recent credit market problems, dealers said.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index fell 152.95 points or 0.94 per cent to 16,096.68.
The broader Topix index of all first-section shares declined 17.90 points or 1.14pc to 1,556.69.
HONG KONG: Hong Kong share prices closed 0.92pc higher with property stocks boosted by hopes that excess liquidity in the banking system will prompt interest rate cuts, dealers said.
They said Chinese commodity firms provided additional support amid a spike in oil and gold prices, while Wall Street’s gains overnight helped support overall sentiment.
The Hang Seng index closed up 270.80 points at 29,708.93, off a low of 29,596.18 and a high of 30,195.64. Turnover was 159.56 billion Hong Kong dollars (20.50 billion US).
SYDNEY: Australian stocks closed up 0.97 per cent after the central bank raised interest rates, signalling strong growth in the economy which could mean higher corporate earnings, dealers said.
The benchmark S&P/ASX 200 gained 64.4 points to 6,692.4 while the broader All Ordinaries added 69.0 points to end the day at 6,728.1.
Turnover was 1.9 billion shares worth around 6.6 billion dollars (6.1 billion US), as gainers beat decliners 742 to 561 while 366 stocks closed steady.
SINGAPORE: Singapore share prices closed 0.27 per cent lower on concerns local banks will be affected by the US subprime mortgage crisis, dealers said.
The Straits Times Index dropped 10.09 points to 3,673.01 on volume of 2.17 billion shares worth 2.61 billion Singapore dollars (1.81 billion US).
KUALA LUMPUR: Malaysian share prices rose 1.80 per cent to a record high as index-linked and plantation stocks were buoyed by surging crude oil prices, dealers said.
The Kuala Lumpur Composite Index rose 24.74 points to 1,413.85 in the latest of a series of record-breaking closes this year.
JAKARTA: Indonesian share prices closed 1.2 per cent higher led by mining and energy stocks as commodity prices rallied, with gains in Wall Street overnight further lifting sentiment, dealers said.
The Jakarta Stock Exchange composite index closed up 32.08 points at 2,713.98 on volume of 5.37 billion shares valued at 8.80 trillion rupiah (964.60 million dollars).
WELLINGTON: New Zealand share prices rose 1.70 per cent, beating gains by other national markets having trailed them earlier in the week, dealers said.
The benchmark NZX-50 index closed 70.15 points higher at 4,205.58 on turnover worth 198.7 million dollars (156.2 million US).
MUMBAI: Indian share prices fell 0.57 per cent, the third straight decline linked to an expected hit to software earnings by a stronger rupee against the dollar, dealers said.—AFP
