June 14, 2008	Saturday	Jamadi-us-Sani 09, 1429

HONG KONG, June 13: Asian stocks were mixed on Friday in cautious trade ahead of the release of key US inflation data and a crucial G8 meeting thought likely to deliver a boost to the dollar.

Tokyo’s main bourse finished 0.61 per cent up as finance ministers from the world’s richest nations met in Osaka, aiming for consensus on how to tackle soaring crude oil and food prices worldwide.

The benchmark Nikkei-225 index gained 85.13 points to close at 13,973.73.

The Shanghai Composite Index closed down 88.73 points at 2,868.8.

In Hong Kong the Hang Seng Index lost a heavy 1.87 per cent in thin trading amid concern that the US Federal Reserve would soon hike interest rates, seen as making equities less attractive for investors, dealers said.

TOKYO: Japanese share prices gained 0.61 per cent as the market welcomed a rise in the dollar, dealers said.

The benchmark Nikkei-225 index gained 85.13 points to close at 13,973.73.

The broader Topix index of all first-section shares rose 8.43 points or 0.62 per cent to finish at 1,371.57.

The dollar was buoyed overnight by stronger than expected US retail sales.

HONG KONG: Hong Kong share prices closed down 1.87 per cent, dealers said.

The Hang Seng Index dropped 431.56 points to 22,592.30, off a low of 22,592.30 and a high of 22,984.09.

The global stock market will continue to be overshadowed by concerns over inflation and a (US) rate hike in the short term, ” Ernie Hon, an analyst at ICEA Securities, told Dow Jones Newswires.

Bank of East Asia fell 2.9 per cent to 44 dollars and Hang Seng Bank slid 0.4 per cent to 156.9 dollars.

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

The benchmark SP/ASX200 closed up 48.9 points at 5,378.1, while the broader All Ordinaries gained 46.4 points to 5,479.6.

Traders said Wall Street’s rise overnight gave the market a boost but there were sharp falls in some financials, including investment manager Babcock & Brown.

SINGAPORE: Singapore share prices ended 1.34 per cent lower, closing below the psychologically important 3,000 points level for the first time since March.

The blue chip Straits Times Index finished 40.59 points lower at 2,979.56 on volume of 1.58 billion shares worth 1.22 billion dollars (886 million US).

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

The Kuala Lumpur Composite Index rose 3.81 points to 1229.35.

Gains on Wall Street overnight triggered some buying interest in early trade but profit-taking ahead of the weekend capped gains, a dealer told Dow Jones Newswires.

JAKARTA: Indonesian shares closed 0.4 per cent lower on swift profit taking after yesterday’s rise, dealers said.

The Jakarta Composite Index ended down 10.59 points at 2,398.42 on volume of 3.35 billion shares worth 4.9 trillion rupiah (534.1 million dollars).

WELLINGTON: New Zealand share prices closed 0.68 per cent lower amid concerns about the gloomy prospects for the local economy, dealers said.

The NZX-50 gross index fell 23.22 points to 3,416.00 on turnover worth $119.6 million (89.7 million US).

Third-ranked Fletcher Building fell 28 cents to 6.72 dollars to hit its lowest level for three years.

MUMBAI: Indian shares closed 0.4 per cent lower, dealers said.

The benchmark Mumbai 30-share Sensex index fell 60.58 points to 15,189.62.

Aggressive measures to control inflation cannot be ruled out even as oil prices impact fundamentals, said a dealer at brokerage Jamnadas Morarjee.—AFP