May 23, 2008	Friday	Jamadi-ul-Awwal 17, 1429

HONG KONG, May 22: Asian stocks closed mostly down on Thursday as crude oil rocketed past $135 per barrel for the first time, stoking concerns that rising prices will hit consumers and squeeze business profits.

The Hong Kong, Chinese and Indian bourses led the decliners, sliding more than 1.5 per cent, as fears grew that already high inflation in Asia could worsen, leading to slower economic growth and further share price falls.

Singapore closed down a little more than one per cent, while South Korea ended 0.7 per cent lower. But Japan recovered after tumbling into the red early on to close up 0.37 per cent, while Taiwan and Australia ended flat.

Investors fear surging fuel and food costs will bleed cash from consumers’ wallets and force some countries to hike interest rates in a bid to tame inflation by slowing economic growth.

They also worry about the impact on Asia of the ailing US economy, which is battling a slowdown after a house price downturn and default crisis among subprime — or riskier — mortgages.

TOKYO: Japanese share prices closed in positive territory as bargain hunters emerged a day after heavy losses, encouraged by a more stable yen, dealers said.

The benchmark Nikkei-225 index gained 52.16 points or 0.37 per cent to end at 13,978.46, after losing more than 340 points over the previous two days.

The broader Topix index of all first-section shares firmed 9.58 points or 0.70 per cent to 1,379.67.

Volume dipped to 2.32 billion shares from 2.36 billion shares on Wednesday.

HONG KONG: Hong Kong share prices closed down 1.64 per cent, dealers said.

The Hang Seng index closed down 417.17 points at 25,043.12. Turnover was 81.1 billion Hong Kong dollars (10.4 billion US).

Slower global economic growth is the major concern. We are not out of the woods yet. Although we made it through the worst of the credit crisis, there are still problems out there like rising oil prices and inflation, said Howard Gorges, vice chairman at South China Securities.

SYDNEY: Australian shares closed little changed, dealers said.

The benchmark S&P/ASX 200 closed up 3.5 points at 5,826.9, while the broader All Ordinaries closed up 3.6 points at 5,920.0. Volume was around 7.1 billion dollars (6.8 billion US).

Oil stocks gained ground as oil prices rose while miners also advanced, offsetting weakness in the rest of the market, said Ric Klusman at Aequs Securities.

SINGAPORE: Singapore share prices closed 42.66. Macquarie Group fell 1.2 per cent to 57.82.

1.1 per cent lower, dealers said.

The blue-chip Straits Times Index fell 36.04 points to 3,160.86 on volume of 1.80 billion shares worth 1.94 billion Singapore dollars (1.44 billion US).

KUALA LUMPUR: Malaysian share prices closed 0.3 per cent lower, dealers said.

The Kuala Lumpur Composite Index declined 3.63 points to 1,277.57.

JAKARTA: Indonesian share prices closed 0.4 per cent higher, dealers said.

The Jakarta Composite Index closed up 9.24 points at 2,503.95.

Bumi Resources added 0.6 per centto 8,300 rupiah. Telkom rose 1.2 per cent to 8,650 rupiah. Bank Mandiri lost 1.7 per cent at 2,875 rupiah. Astra International dropped 2.8 per cent to finish at 21,150 rupiah.

WELLINGTON: New Zealand share prices closed 0.56 per cent, dealers said.

The NZX-50 gross index fell 20.38 points to 3,591.34.

First NZ Capital director Philip Hunter said that we’re following offshore trends really.

MUMBAI: Indian share prices closed 1.95 per cent lower, dealers said.

The benchmark Mumbai 30-share Sensex fell 336.05 points to 16,907.11.—AFP