December 01, 2007	Saturday	Ziqa’ad 20, 1428

HONG KONG, Nov 30: Asian stocks closed mostly up on Friday amid growing hopes of a US interest rate cut, but Shanghai bucked the trend by falling more than two per cent as investors nervously eyed upcoming flotations.

The rally came after investors took comments by US Federal Reserve chief Ben Bernanke to suggest that the US central bank will cut interest rates again next month.

Tokyo was up 1.08 per cent, Hong Kong rose 0.6 per cent, Taipei was up 1.65 per cent, Seoul jumped 1.5 per cent, Sydney ended up 1.4 per cent and Singapore climbed 1.24 per cent.

Bernanke said Thursday that Fed policymakers would need to be “exceptionally alert and flexible” given the increased uncertainty about the US economic outlook.

TOKYO: Japanese share prices closed up more than one per cent as Federal Reserve chief Ben Bernanke cheered markets by hinting at another US interest rate cut next month, dealers said.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 166.93 points or 1.08 per cent to 15,680.67, rising for a second straight day.

The broader Topix index of all first-section shares climbed 17.41 points or 1.15 per cent to 1,531.88.

Gainers outnumbered decliners 1,229 to 406, with 84 issues unchanged.

Turnover rose to 2.62 billion shares from 1.95 billion on Thursday.

HONG KONG: Hong Kong share prices closed 0.6 per cent higher as optimism rose for an interest rate cut next month by the Fed to bolster the US economy, dealers said.

The Hang Seng Index closed up 161.07 points at 28,643.61. The index gained nearly 8.0 per cent this week after tumbling for three successive weeks in November.

SYDNEY: Australian share prices closed up 1.4 per cent amid hopes for another US rate cut despite National Australia Bank losing two per cent on concerns about its takeover of a US bank, dealers said.

The benchmark S&P/ASX 200 index closed up 88.6 points at 6,533.1. It was up 202.9 points or 3.2 pc on last Friday’s close.

The broader All Ordinaries index closed up 1.3 per cent or 86.4 points at 6,593.6.

SINGAPORE: Singapore share prices closed 1.24 per cent higher on increased hopes the US Federal Reserve will cut interest rates, dealers said.

The Straits Times Index added 43.05 points to 3,521.27. Volume totalled 1.99 billion shares worth 3.05 billion Singapore dollars (2.12 billion US).

KUALA LUMPUR: Malaysian share prices closed 1.7 per cent higher after Sime Darby, the world’s largest palm oil grower, was relisted, dealers said.

Sentiment was also bolstered by hopes of a US rate cut, they said.

The Kuala Lumpur Composite Index was up 22.66 points at 1,396.98.

Volume was 970.32 million shares valued at 2.6 billion ringgit (774 million dollars).

JAKARTA: Indonesian share prices closed 0.4 per cent lower as investors opted to lock in gains in late trade ahead of the release of November’s consumer inflation data next week, dealers said.

The Jakarta Stock Exchange composite index closed down 11.49 points at 2,688.33 on volume of 6.53 billion shares worth 6.92 trillion rupiah (739 million dollars).

WELLINGTON: New Zealand share prices were little changed despite a positive lead from overseas markets, dealers said.

The benchmark NZX-50 index fell 3.65 points to close at 4,062.89 on heavy turnover worth 313.5 million dollars (242.5 million US).

Discount retailer The Warehouse rose after Thursday’s court decision overturning a ban on supermarket chains Woolworths and Foodstuffs launching takeover bids.

MUMBAI: Indian share prices closed up 1.89 per cent, buoyed by hopes that the US Federal Reserve will cut interest rates at its next monetary policy meeting, dealers said.

The benchmark 30-share Sensex index closed up 359.93 points or 1.89 pc at 19,363.19.

—AFP