HONG KONG, Aug 11: Asian shares closed mostly higher on Monday after a Wall Street rally sparked by lower oil prices, but a plunge of more than five percent in the ailing Chinese stock market took centre stage.

The key index in Shanghai plummetted 5.21 per cent as hopes of an Olympic rally disintegrated. The slide leaves the Chinese bourse languishing nearly 60 per cent off its high in October last year.

China is battling both slowing economic growth and high inflation, a challenge underscored by data Monday showing a falling trade surplus and factory gate inflation at a 12-year high.

Japan led the gainers among the region’s major markets, rising around two percent.

Taiwan was up more than 1.5 percent, while Australia, South Korea and Singapore also ended in the black.

TOKYO: Japanese share prices closed up 1.99 per cent, supported by gains on Wall Street, a fresh fall in the cost of crude oil and a weaker yen, which is good for exporters, dealers said.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index rose 262.50 points to end at 13,430.91.

Investors are now watching how far crude prices will fall, Kenji Shiomura, market analyst at Daiwa Securities, told Dow Jones Newswires.

HONG KONG: Hong Kong share prices closed down 0.12 per cent, dealers said.

The benchmark Hang Seng Index dropped 25.87 points at 21,859.34. Turnover was 57.59 billion Hong Kong dollars (7.38 billion US).

Investors are worried Beijing may soon roll out more macro-economic control measures, said Francis Lun, general manager at Fulbright Securities.

Chinese offshore oil producer CNOOC tumbled 3.2 per cent as crude oil prices softened. Shenhua Energy fell 3.8 per cent.

SYDNEY: Australian share prices closed up 0.8 per cent, dealers said.

The benchmark S&P/ASX 200 index closed up 39.9 points at 5,026.1, while the broader All Ordinaries index climbed 31.7 points to 5,069.3.

SINGAPORE: Singapore shares closed 0.64 per cent higher, dealers said.

The Straits Times Index added 17.85 points to 2,825.39. Volume traded totalled one billion shares worth 1.12 billion Singapore dollars (817 million US).

KUALA LUMPUR: Malaysian share prices closed 0.6 per cent higher, dealers said.

The Kuala Lumpur Composite Index added 7.15 points to close at 1,127.46.

Tenaga Nasional rose 1.2 per cent to 8.50 ringgit. Palm oil giant Sime Darby lost 1.4 per cent to 6.90 ringgit.

JAKARTA: Indonesian shares closed down 2.8 per cent, dealers said.

The Jakarta Composite Index slipped 62.01 points to 2,133.92.

Currently, commodity-related stocks account for almost 40 per cent of the main index, a trader told Dow Jones Newswires.

WELLINGTON: New Zealand shares closed up 0.37 per cent, dealers said.

The benchmark NZX-50 index rose 12.37 points to 3,370.19.

Market leader Telecom went against the broader trend, declining four cents to 3.36 dollars. Fletcher Building fell 12 cents to 6.57 dollars.

MUMBAI: Indian shares closed 2.22 per cent higher, dealers said.

The benchmark 30-share Sensex index rose 336.1 points to 15,503.92.—AFP