January 01, 2008	Tuesday	Zilhaj 21, 1428

HONG KONG, Dec 31: Asian stocks closed mostly up on Monday, capping a turbulent year of sharp gains despite a US financial crisis and concerns that share prices had become too expensive.

Hong Kong jumped 1.62 per cent in the last trading day before the New Year holiday, with most regional bourses shut on Tuesday.

The smaller Malaysian and New Zealand markets both edged down. Other bourses around Asia were shut.

The majority of the region’s indices posted sharp gains in 2007, although they were hit periodically by sharp sell-offs.

China and India led the pack, rising some 93 per cent and 47 per cent respectively over the year. But the key Tokyo bourse fell around 11 per cent.

Many experts are optimistic for 2008, but say more uncertainty than usual shrouds stock market prospects.

HONG KONG: Hong Kong share prices closed up 1.62 per cent in a half-day session with the key index up more than 39 per cent for the year, dealers said.

The Hang Seng index closed up 442.05 points at 27,812.65. Turnover was 43.36 billion Hong Kong dollars (5.56 billion US).

The index rose 39.3 per cent in 2007, after rising 34 per cent in 2006.

SYDNEY: Australian stocks closed little changed in a shortened last session of the year, dealers said.

The benchmark S&P/ASX 200 dropped 0.1 points to end 2007 at 6,339.8. The broader All Ordinaries lost 2.7 points on New Year’s Eve to close at 6,421.0.

Turnover was about 696 million shares worth 1.8 billion dollars (1.55 billion US), with 617 stocks higher, 425 lower and 377 unchanged.

Expectedly, it’s a pretty quiet day, Macquarie Private Wealth associate director David Halliday said.

The benchmark index ended the year up 11.8 per cent, compared with a 19 per cent gain over 2006.

SINGAPORE: Singapore shares closed up 1.06 per cent, leaving the main index 16.63 per cent higher for the year, dealers said.

The Straits Times index closed up 36.48 points at 3,482.30 on volume of 911 million shares worth 1.53 billion dollars (1.06 billion US).

Najeeb Jarhom, head of research for retail clients at Fraser Securities, said the Singapore market still offered good buying opportunities.

KUALA LUMPUR: Malaysian share prices closed little changed in quiet trading ahead of the New Year holiday, dealers said.

The Kuala Lumpur Composite Index (KLCI) closed down 0.1 per cent or 2.01 points at 1,445.03, off an all-time intra-day high of 1,452.57 points.

Trading volume was 812.59 million shares valued at 1.39 billion ringgit (421 million dollars).

For the year, the KLCI was up 32 per cent.

WELLINGTON: New Zealand share prices closed 0.13 per cent higher ahead of the New Year break, dealers said.The benchmark NZX-50 index rose 5.37 points to 4,041.38 on turnover worth 48.26 million dollars (37.07 million US). The index was down 0.3 per cent for the year.

Telecom dominated trading and ended the day down three cents at 4.35 dollars. Air New Zealand slumped 14 cents to 1.88.

The second most traded stock, Goodman Property Trust, closed five cents up at 1.45, while Sky City rose seven cents to 4.60.

MUMBAI: Indian share prices closed 0.40 per cent higher led by local fund buying, dealers said.

They said the stock market ended the year up 47.1 per cent on record overseas investment of nearly 17 billion dollars, compared to 7.99 billion dollars in 2006.

The 30-share Mumbai stock exchange Sensex index rose 80.04 points to 20,286.99.

We expect the Indian market to consolidate at current levels in the new year as concerns of a slowdown in US economic growth persist, said Apurva Shah, the head of research at broker Prabhudas Lilladher.

—Reuters