HONG KONG, May 2: Most Asian markets were closed on Monday for the May Day public holiday but those that were open, firmed in thin trade while showing little inclination to do more than mark time despite a strong Wall Street lead after a sharp fall in oil prices, dealers said. They said participants were unwilling to take any aggressive positions ahead of the US Federal Reserve meeting Tuesday when the Fed is widely expected to hike interest rates by another 0.25 points to 3.00 per cent.
The main focus will be on what the US central bank says on its commitment to raise interest rates at a “measured pace” after last week’s first quarter data showed the US economy had run into a soft patch even as inflation picked up. Inflation pressures may ease if oil prices below the key $50 a barrel level can be sustained but a lot of price pressure has already been put into the system and the Fed will want to tackle that sooner rather than later.
TOKYO: Japanese share prices closed flat in thin trade at the start of a holiday-shortened week, with a drop in oil prices offsetting concern about the yen’s appreciation against the dollar, dealers said.
Trade was thin due to the Golden Week holidays. Markets here will be closed from Tuesday through Thursday and re-open Friday.
Participants were also sidelined ahead of a key policy-setting meeting by the US Federal Reserve Tuesday, dealers said.
SYDNEY: Australian share prices, which suffered heavy losses last week, closed 0.7 per cent higher following gains on Wall Street Friday as oil prices eased sharply, dealers said.
They said that with many markets closed for the May Day holiday, trade was quiet but the Wall Street lead was enough to support a bounce back.
Turnover was light at 649 million shares worth 2.2 billion dollars (1.7 billion US dollars).
JAKARTA: Indonesian share prices closed 0.30 per cent lower in quiet trade on expectations of another interest rate hike by the US Federal Reserve and with profit-taking capping morning gains, dealers said.
The Jakarta Stock Exchange composite index was down 3.091 points at 1,026.522, off an intraday high of 1,032.929 on volume of 730.4 million shares worth 668.53 billion rupiah (69.93 million dollars.)
WELLINGTON: New Zealand share prices closed 0.56 per cent higher, supported by solid gains Friday on Wall Street as oil prices fell and a strong performance by market leader Telecom, dealers said.
The benchmark NZSX-50 gross index rose 16.59 points at 2,999.24 on turnover worth a relatively low 72.16 million NZ dollars (52.6 million US). There were 74 rises and 36 falls among the 154 stocks traded.
MUMBAI: Indian share prices closed 0.66 per cent higher in moderate trade, recovering some of the ground lost Friday in a technical rebound, dealers said.
The Bombay Stock Exchange’s 30-share benchmark Sensex index rose 40.71 points to 6,195.15.—AFP
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