May 15, 2008	Thursday	Jamadi-ul-Awwal 9, 1429

HONG KONG, May 14: Asian stocks closed mostly up on Wednesday as investors set aside jitters about the US economy, with the Chinese market rallying despite shock at the devastation caused by the Sichuan earthquake.

China’s bourse rose more than 2.5 per cent on hopes that Monday’s 7.9-magnitude quake will not cause major economic damage despite killing tens of thousands of people and reportedly razing some towns to the ground.

Experts said Chinese economic growth could edge back in the temblor’s wake before accelerating as reconstruction work begins. Investors pushed up shares in firms like cement and construction companies, expecting they would benefit.

Japanese and Indian shares were up smartly too, rising more than one per cent. Taiwan edged up but Hong Kong and South Korea closed little changed, with Singapore ending in the red.

Asian markets were generally higher despite another record high for oil prices Tuesday of nearly 127 dollars per barrel.

TOKYO: Japanese share prices closed up 1.18 per cent at a four-month high as the Shanghai market rebounded despite worries about the massive earthquake in southwest China, dealers said.

The benchmark Nikkei-225 index gained 164.82 points to close at 14,118.55, the best finish since January 11. The broader Topix index of all first-section shares added 12.99 points or 0.96 per cent to 1,373.04.

Volume rose to 2.21 billion shares from 1.91 billion shares on Tuesday.

HONG KONG: Hong Kong share prices closed little changed, dealers said.

The Hang Seng index closed down 19.29 points, or 0.08 per cent, at 25,533.48. Turnover was 67.92 billion Hong Kong dollars (8.71 billion US dollars).

The earthquake did not change the uptrend of the market, which received sustained support from regulators, said Jin Hongming, an analyst at Guotai Junan Securities.

SYDNEY: Australian shares closed up 1.0 per cent, dealers said.

The benchmark S&P/ASX 200 ended the day 60.0 points higher at 5,872.7, its highest close in four months. The broader All Ordinaries index rose 57.1 points to 5,940.3.

Turnover was 2.0 billion shares worth 6.8 billion dollars (6.35 billion US).

BHP Billiton closed up 6.1 per cent at 48.56 dollars after hitting a record high of 48.90 dollars on talk of Chinese investment.

SINGAPORE: Singapore share prices closed down 0.15 per cent, dealers said.

The blue chip Straits Times Index slipped 4.91 points to 3,198.51 on volume of 1.38 billion shares worth 1.50 billion Singapore dollars (1.09 billion US).

DBS Group fell 14 cents to 20.02 Singapore dollars. CapitaLand slid six cents to 6.62. Singapore Airlines gained two cents to 15.78.

KUALA LUMPUR: Malaysian share prices closed little changed, dealers said.

The Kuala Lumpur Composite Index (KLCI) was up 1.2 points at 1,287.74.

The market remains flat and political concerns have a lot to do with it, aid Mohd Azriq, an analyst at Amanah Raya-JMF.

JAKARTA: Indonesian shares closed 1.3 per cent higher, dealers said.

The Jakarta Composite Index closed up 30.44 points at 2,449.34.

PGN rose 4.2 per cent to 14,750 rupiah. Medco Energi gained 10.5 per cent to 5,000 rupiah. Astra International rose 2.6 per cent to 21,500 rupiah.

WELLINGTON: New Zealand share prices closed 0.68 per cent lower, dealers said.

The NZX-50 gross index fell 24.75 points to 3,628.56.

Contact Energy fell nine cents to 8.91 dollars and market leader Telecom was down five cents at 3.89.

Fletcher Building fell 13 cents to 8.22 dollars on robust volume.

MUMBAI: Indian share prices closed up 1.35 per cent, dealers said.

The benchmark Mumbai 30-share Sensex rose 225.49 points to 16,978.35 points.—AFP