June 19, 2008	Thursday	Jamadi-us-Sani 14, 1429

HONG KONG, June 18: Asian stocks closed mostly up on Wednesday with Chinese stocks surging amid speculation Beijing will try to boost share prices following a plunge since last year.

The Chinese bourse closed 5.24 per cent higher amid market talk that the authorities would step in to shore up share prices with the key Shanghai index languishing below the psychologically significant 3,000 level.

The index has tumbled nearly 20 per cent since the start of the month, continuing a deep plunge that began last year.

Elsewhere in Asia, Japanese shares ended 0.73 per cent higher despite a fall on Wall Street on Tuesday. Concern about inflation and the struggling American housing market had weighed on US share prices.

Hong Kong and South Korea closed up more than one per cent, while Australia, Taiwan and Singapore also ended in the black. But India tumbled nearly two per cent.

TOKYO: Japanese share prices closed up 0.73 per cent as a weaker yen boosted exporters, helping the market to overcome a negative lead from Wall Street, dealers said.

The benchmark Nikkei-225 index climbed 104.45 points to end at 14,452.82.

The broader Topix index of all first-section shares advanced 7.66 points or 0.55 per cent to 1,409.64.

Goldman (Sach’s) better-than-expected earnings raised hopes that Morgan Stanley’s earnings may not be bad either, JPMorgan strategist Masaru Ohnishi told Dow Jones Newswires.

Olympus rose 3.3 per cent to 3,750 yen. Mitsubishi Estate added 2.8 per cent to 2,740 yen. Hitachi shares rose 1.8 per cent to 796 yen.

HONG KONG: Hong Kong share prices closed up 1.16 per cent, dealers said.

The Hang Seng Index closed up 267.81 points at 23,325.80. Turnover remained light at 71.21 billion Hong Kong dollars (9.13 billion US).

Sinopec rose 7.8 per cent to $8.32, while PetroChina gained 3.5 per cent to $10.66.

SYDNEY: Australian share prices closed up 0.38 per cent, dealers said.

The benchmark S&P/ASX 200 index closed up 20.5 points at 5,443.2, while the broader All Ordinaries gained 24.4 points to 5,550.3.

Market turnover was 1.99 billion shares, worth 7.03 billion dollars (6.61 billion US).

The resource sector is really where the strength is, MF Global senior trader Anthony Anderson said.

The real driver that has accounted almost entirely for all the up movement on the index is Fortescue, Rio Tinto and BHP Billiton.

SINGAPORE: Singapore share prices closed up 0.39 per cent, dealers said.

The blue-chip Straits Times Index rose 11.85 points to 3,040.09 on volume of 1.63 billion shares worth 1.63 billion Singapore dollars (1.20 billion US).

DBS Group rose 12 cents to $19.54. CapitaLand gained 12 cents to 5.84. Singapore Airlines advanced four cents to 15.10.

KUALA LUMPUR: Malaysian share prices closed 1.2 per cent lower, dealers said.

The Kuala Lumpur Composite Index dropped 15.17 points to 1,212.59.

Utility giant Telekom Malaysia lost 0.63 per cent to 3.14 ringgit and Genting shed 4.5 per cent to 5.30 ringgit.

JAKARTA: Indonesian shares closed 0.6 per cent lower, dealers said.

The Jakarta Composite Index dropped 13.39 points to 2,364.58.

Gas Negara ended down 2.8 per cent at 13,900 rupiah and bellwether coal miner Bumi Resources fell 0.6 per cent at 8,050 on profit taking.

WELLINGTON: New Zealand share prices fell 0.38 per cent, dealers said.

The NZX-50 gross index fell 12.94 points to 3,391.63.

Fletcher Building rose nine cents to $6.84. Telecom dropped four cents to $3.80. Contact Energy rose six cents to $8.44.

MUMBAI: Indian shares closed 1.75 per cent lower, dealers said. The benchmark Mumbai 30-share Sensex index fell 274.59 points to 15,422.31.

Global clues remain uncertain. Investors preferred to book profits ahead of Friday’s inflation data, said a dealer at brokerage ULJK Securities.—AFP