HONG KONG, July 28: Asian shares closed mostly up Monday following better news about the ailing US economy, but investors were cautious over worries about the credit crunch and corporate profits data due this week.

China led the gainers among bigger markets, rising more than one percent with less than two weeks to go to the start of the Olympic Games in Beijing.

Investors took the view that recent official comments indicated the Chinese authorities were increasingly concerned about boosting economic growth rather than curbing inflation.

Analysts have also been expecting a “feel-good factor” to push up China’s stock market in the run up to the Games.

Australia, Singapore and Hong Kong ended lower. South Korea closed little changed, but India ended up 0.52 per cent ahead of a central bank meeting Tuesday that is expected to hike interest rates to fight high inflation.

Sydney fell nearly one percent, with the Australian government insisting Monday that the country’s banks are sound after news that major lender ANZ had increased provisions for bad debts led to a plunge in bank stocks.

Investors were braced for a slew of earnings results due this week, and key data about the US economy amid tentative hopes that the worst impact of the subprime financial crisis may be over.

TOKYO: Japanese share prices ended slightly higher, dealers said.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index added 19.02 points or 0.14 per cent to close at 13,353.78. The broader Topix index of all first-section shares firmed 2.51 points or 0.19 per cent to 1,300.79.

Although US stocks may have bottomed out, the fact that gains were capped in Friday’s session leaves investors wondering whether the market really has found the floor, Masatoshi Sato, a senior strategist at Mizuho Investors Securities, told Dow Jones Newswires.

HONG KONG: Hong Kong share prices closed down 0.2 per cent, dealers said.

The benchmark Hang Seng Index dropped 53.5 points at 22,687.21. Turnover was light at 41.47 billion Hong Kong dollars (5.32 billion US).

Cheung Kong ended down 0.7 percent and Sun Hung Kai Properties slipped 0.6 per cent.

Bad news from the Australian banking sector dragged down financial stocks.

We think the GDP figure may offer some stimulation, with the market expecting annualised growth of 2.3 per cent, up from one percent in the first quarter, Ernie Hon, an analyst at ICEA Securities, told Dow Jones Newswires.

SYDNEY: Australian share prices closed down 0.97 per cent, dealers said.

The benchmark S&P/ASX 200 index fell 48.4 points to 4,922.1, while the broader All Ordinaries dropped 39 points to 4,989.9.

A total of 1.1 billion shares worth 5.5 billion Australian dollars (5.2 billion US) were traded.

The bank earlier announced a 1.2 billion dollar second-half provision for losses, against 980 million dollars in the first half and warned annual profit could fall by 25 percent.

SINGAPORE: Singapore shares closed 0.43 per cent lower, dealers said.

The blue-chip Straits Times Index closed 12.55 points lower at 2,910.36 on thin volume of 748.93 million shares worth 792.65 million Singapore dollars (581 million US).

Earnings results are due this week, starting with Singapore Airlines, which said its net profit in the first quarter fell 15.4 percent compared with the same period last year as higher fuel costs cut into rising revenues.

KUALA LUMPUR: Malaysian share prices closed 1.1 percent higher, dealers said.

The Kuala Lumpur Composite Index gained 12.34 points to 1,154.09.

Stocks rose across all sectors today, partly triggered by gains on Wall Street. In particular, oversold blue-chips and plantation stocks gained the most as local funds bargain hunted, a dealer told Dow Jones Newswires.

JAKARTA: Indonesian shares closed 1.4 per cent higher, dealers said.

The Jakarta Composite Index rose 30.33 points to 2,275.67.

“I expect bargain buying to continue tomorrow amid hopes inflation in July will be lower than in June,” a trader told Dow Jones Newswires.

Tin miner Timah rose 3.2 percent to 31,050 rupiah and heavyweight Telkom rose 3.2 percent to 8,000 rupiah.

WELLINGTON: New Zealand share prices closed little changed, dealers said.

The benchmark NZX-50 index closed 2.41 points higher at 3,256.57.

Auckland International Airport fell six cents to $1.86 after news the company was in dispute with unsuccessful Canadian bidder Canada Pension Fund Investment Board over unpaid expenses related to the bid.

MUMBAI: Indian share prices closed 0.52 per cent higher, dealers said.

The markets were cautious, anticipating the RBI to hike rates tomorrow, said a dealer with brokerage Jamnadas Morarjee, referring to the Reserve Bank of India. Economists expect the RBI Tuesday to hike the repo rate by 25 basis points to 8.75 per cent and the cash reserve requirement by 25 basis points to nine per cent.—AFP