December 04, 2007	Tuesday	Ziqa'ad 23, 1428

HONG KONG, Dec 3: Asian stocks were mixed on Monday as gains driven by hopes for another interest rate cut from the US Federal Reserve came hand-in-hand with profit-taking by wary investors.

Last week’s mini-rally in Tokyo fizzled as the Nikkei shed 0.33 per cent, while Hong Kong firmed 0.10 per cent and Sydney was flat, with many shareholders looking to take a cautious breather.

Kuala Lumpur was up 1.6 per cent while Indonesia and Manila both picked up 1.4 per cent. Bangkok was down 1.8 per cent.

Fed chief Ben Bernanke said last week that policy-makers would need to be “exceptionally alert and flexible” given the outlook in the US, sparking hopes of another rate cut this month.

TOKYO: Japanese share prices closed narrowly mixed as profit-taking emerged following last week’s strong rally, with investors waiting for clues on what lies ahead.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index dropped 51.70 points or 0.33 per cent to 15,628.97. The broader Topix index of all first-section shares edged up 0.28 points or 0.02 per cent to 1,532.16.

HONG KONG: The benchmark Hang Seng Index was up 0.10 per cent, with early gains due to investors taking their pick among property stocks pared back by late selling of blue-chips.

China Unicom was the worst-performing blue-chip, shedding 7.9 per cent.

The Hang Seng was up 14.81 points at 28,658.42.

SYDNEY: Australian shares were flat after a volatile session, with the benchmark S&P/ASX 200 up 0.40 points at 6,533.5. The broader All Ordinaries edged up 3.3 points or 0.1 per cent to 6,596.9.

The narrow trading band made it difficult to identify a theme, said Sekely, with the key indexes bobbing in and out of positive territory.

SINGAPORE: Singapore shares closed flat on lower trading volumes. Early gains on hopes of another US interest rate cut were given up by the end of the session.

The main Straits Times Index barely moved, up 0.29 points at 3,521.56. The index had surged 150 points in the previous two sessions.

KUALA LUMPUR: Malaysian share prices closed 1.6 per cent higher as investors bought into plantations stocks, including newly re-listed giant Sime Darby.

Market sentiment remains soft despite the rise in the key index, said Phua Kwee Hock of SJ Securities.

Among index heavyweights, state-run Telekom Malaysia was up 50 sen at 11.30 ringgit, while national power company Tenaga added 45 sen to 9.70.

JAKARTA: Indonesian shares hit a new high, up 1.4 per cent with the Jakarta composite index up 38.59 points at 2,726.93 in the first day of trading on the new Indonesian Stock Exchange that merged the Jakarta and Surabaya bourses.

Indonesia’s consumer price index (CPI) rose 0.18 per cent in November from October and was up 6.71 per cent from a year earlier -- much lower than analyst expectations.

WELLINGTON: New Zealand shares were flat, with the benchmark NZX-50 index off 2.88 points at 4,060.01.

“During the course of the day it’s been fairly light on the market and kind of directionless,” said ABN Amro Craigs broker Bryon Burke.

Market leader Telecom gained six cents to 4.38 dollars, Contact fell 15 cents to 8.55 and Fletcher Building slid 20 cents to 11.65.

MUMBAI: Indian share prices closed up 1.24 per cent, driven by strong interest small- and mid-cap issues. Metals, property and consumer durables all rose.

The benchmark 30-share Sensex index rose 240.22 points to 19,603.41. Capital flows to emerging markets may pick up if the Federal Reserve cuts rates, he said.—AFP