April 18, 2008	Friday	Rabi-us-Sani 11, 1429

HONG KONG, April 17: Asian stocks closed mostly up on Thursday after a Wall Street rally triggered by lifting gloom about US corporate profits and as resources shares rallied on another record for oil prices.

The Japanese market closed up nearly two per cent and Hong Kong rose 1.59 per cent as investors took the better earnings as a hopeful sign that a US economic slowdown following the financial crisis may not be as deep as feared.

Most major Asian markets finished higher, including Australia, Taiwan, South Korea and Singapore, with many oil stocks rising after crude hit a record of $115.45 per barrel on a sliding greenback and fears of tight supply.

Earning results from US firms including JPMorgan Chase, Coca-Cola and Intel topped forecasts, sending Wall Street up more than two per cent Wednesday and encouraging many Asian investors.

Figures showing a relatively modest rise in US inflation also stoked hopes of more American interest rate cuts following the default crisis on subprime, or riskier, US mortgages.

TOKYO: Japanese share prices rose for a third straight day, ending sharply higher after strong gains on Wall Street as worries about the outlook for US corporate profits eased, dealers said.

The benchmark Nikkei-225 index climbed 252.17 points or 1.92 per cent to 13,398.30. The broader Topix index of all first-section shares climbed 21.44 points or 1.69 per cent to 1,293.32.

Decliners outnumbered gainers 1,255 to 339, with 128 issues unchanged. Volume rose to 1.86 billion shares from 1.79 billion Wednesday.

HONG KONG: Hong Kong share prices closed up 1.59 per cent, dealers said.

The Hang Seng index closed up 380.61 points at 24,258.96. Turnover was 72.66 billion Hong Kong dollars (9.32 billion US dollars).

Howard Gorges at South China Securities said Beijing’s decision to raise banks’ reserve ratio requirement had “temporarily eased fears” of a slew of steps to cool the still rapidly growing Chinese economy.

SYDNEY: Australian shares closed up 0.9 per cent, dealers said.

The benchmark S&P/ASX 200 closed up 48.7 points at 5,519, while the broader All Ordinaries index gained 52.7 points or 1.0 per cent to close at 5,587.3.

Market volume was 1.4 billion shares worth 5.3 billion dollars (4.9 billion US).

SINGAPORE: Singapore share prices closed 1.26 per cent higher, dealers said.

The blue chip Straits Times Index gained 38.81 points to 3,126.30. Trading volume was 1.77 billion dollars (1.3 billion US).

KUALA LUMPUR: Malaysian shares closed up 0.2 per cent, dealers said. The Kuala Lumpur Composite Index (KLCI) closed up 2.9 points at 1,256.54.

A lot of the bad news is already in the price. In an illiquid market like Malaysia, we urge investors to start positioning, Citigroup said in a note.

JAKARTA: Indonesian share prices closed 0.2 per cent higher, dealers said.

The Jakarta composite index closed up 3.86 points at 2,341.78.

The volatility shows that investor confidence has not recovered as yet.

WELLINGTON: New Zealand share prices closed 1.49 per cent higher, dealers said. The NZX-50 gross index rose 52.26 points to 3,568.93.

ASB Securities broker Stephen Wright said sentiment improved with a growing feeling in the US that the worst of the financial crisis might be over.

MUMBAI: Indian share prices closed up 1.46 per cent, dealers said.

The benchmark Mumbai Sensex rose 237.01 points to 16,481.2.

Earnings data optimism is pushing indices up. The easing of inflation also boosted sentiment, said Advait Date, dealer with brokerage BHH Securities.—AFP