May 17, 2008	Saturday	Jamadi-ul-Awwal 11, 1429

HONG KONG, May 16: Asian stocks closed mostly higher on Friday as official figures showed robust economic growth in Japan and Hong Kong despite the fallout from the global financial crisis.

Japan’s economy, the world’s second biggest, grew at a faster-than-expected 3.3 per cent annualised pace in the first quarter of 2008, although the Tokyo bourse edged back 0.23 per cent amid warnings economic growth could yet slow.

Hong Kong also released key economic numbers Friday showing a 7.1-per cent annual expansion in the first quarter, above expectations of around six per cent. The territory’s stock market had earlier risen by 0.41 per cent.

Australia, Taiwan, South Korea and India also rose, but their gains were under one per cent. Singapore managed to rise 1.06 per cent.

TOKYO: Japanese share prices closed narrowly mixed as investors locked in gains after the benchmark index hit a four-month high a day earlier in tandem with recent gains on Wall Street, dealers said.

The benchmark Nikkei-225 index fell 32.26 points or 0.23 per cent to end at 14,219.48, but the broader Topix index of all first-section shares gained 3.00 points or 0.22 per cent to 1,395.87.

Shares in Mizuho Financial Group Inc. advanced 2.2 per cent to 549,000 yen.

Sony Corp. shed 2.1 per cent to 5,160 yen. Canon declined 0.4 per cent to 5,570 yen.

HONG KONG: Hong Kong share prices closed up 0.41 per cent, dealers said.

The Hang Seng index closed up 105.15 points at 25,618.86. Turnover was 79.65 billion Hong Kong dollars (10.21 billion US).

PetroChina surged nearly 3.8 per cent. China Petroleum and Chemical Corp.

(Sinopec) rose more than three per cent.

Sun Hung Kai Properties fell 1.69 per cent to 133.80. HSBC rose 0.45 per cent at 135.40. China Mobile was 1.36 per cent higher at 133.90. China Life was up 0.61 per cent at 33.05. PetroChina surged 3.41 per cent to 11.52.

SYDNEY: The Australian share market rose 0.7 per cent, dealers said.

The benchmark SP/ASX 200 gained 40.3 points to close at 5,931, while the broader All Ordinaries climbed 41.2 points to 6,006.1.

Turnover was 1.8 billion shares worth 6.3 billion dollars (5.9 billion US).

SINGAPORE: Singapore share prices closed 1.06 per cent higher, dealers said.

The blue-chip Straits Times Index rose 34.06 points to 3,241.49. Volume was 1.9 billion dollars (1.38 billion US).

KUALA LUMPUR: Malaysian share prices closed 0.5 per cent higher, dealers said.

The Kuala Lumpur Composite Index was up 6.52 points at 1,300.67.

With the market managing to stay positive, the key index will likely trade in the 1,300-1,320-point range next week, said Tee Sze Chiah at Aseambankers.

JAKARTA: Indonesian share prices closed 0.8 per cent higher, dealers said.

The Jakarta composite index closed up 19.03 points at 2,468.84.

Our market ended firmer today thanks to strong buying interest in miners and palm oil stocks, said Christine Salim at Samuel Sekuritas.

WELLINGTON: New Zealand share prices closed 1.19 per cent higher, dealers said.

The NZX-50 gross index rose 42.96 points to 3,657.20.

An extremely good end to the week, and closing like that at the end of the week, Monday should be reasonably positive, said Hamilton Hindin Greene partner Grant Williamson.

MUMBAI: Indian share prices closed up 0.47 per cent, dealers said.

The benchmark Mumbai 30-share Sensex rose 81.4 points to 17,434.9.

India’s inflation could cool off after a few weeks. The markets are beginning to live with a scenario of slowing growth and rising inflation, said Advait Date, dealer with brokerage BHH Securities.—AFP